Latest news with #RSA

The Irish Sun

15 hours ago

Automotive
The Irish Sun

Irish car owners of popular motor brand warned to ‘stop driving their vehicle' as major recall issued over airbag risk

IRISH car owners of a popular motor brand have been warned to "stop driving their vehicle" - as a major recall has been issued. Citroen C3 and DS 3 3 Citroën has issued a recall notice of its C3 and DS 3 models Credit: Citroën 3 Both models have safety issues surrounding their air bags Credit: Citroën The Road Safety Authority shared the warning on The recall affects certain Citroen C3, C-Zero and DS 3 models as their Takata airbags could burst with excessive force if they deploy in a crash. The RSA said: 'Important notice for owners of a Citroen C3 and DS 3. 'Citroen/DS Ireland have asked vehicle owners of certain Citroen C3 and DS 3 models to stop driving their vehicle until the airbags have been replaced by a dealership.' READ MORE IN MOTORS This deterioration could make the inflator explode more violently than intended, leading to pieces of metal striking the driver or passengers. The RSA said this fault can cause serious or even They said: 'Takata airbags may deteriorate over time, particularly in warm, humid climates. Most read in The Irish Sun 'This could cause the airbag to burst with too much force in the event of an accident, which could lead to serious or even fatal injuries in the worst-case scenario.' Citroen Ireland confirmed that all 1,162 Citroen vehicles produced between 2008 and 2017 are impacted by this I'm an Irish driving instructor and here's how to avoid getting marked for incorrect positioning during the test DS Ireland also said there are 707 DS 3 cars affected, which were built between 2016 and 2019. Both companies have requested that all owners stop driving these vehicles immediately and arrange for the airbags to be replaced by an authorised dealership. The recall applies only to specific models and years, so drivers should check carefully using their Vehicle Identification Number. Anyone who has already replaced their airbags in the past should still confirm that their car is safe to drive as the RSA said it should not be ignored under any circumstances. Safety bosses have warned that even if a car seems to be working fine, the airbags could fail unpredictably if there is an impact. Citroen and DS owners are now advising Anyone who thinks their car might be included in the recall can phone DS Automobiles Ireland on Gowan Distributors will also be sending letters directly to owners with details on how to book a free repair appointment. The RSA added: 'Gowan Distributors Limited (DS Automobiles Ireland) will be writing directly to those consumers affected by this recall. 'If you believe your vehicle may be affected by this recall, you can contact DS Automobiles Ireland on 3 An urgent recall alert has been issued to Irish drivers Credit: Getty Images - Getty

Del Monte Foods Announces Strategic Action to Strengthen Financial Position and Pursue a Value-Maximizing Sale

Yahoo

a day ago

Business
Yahoo

Del Monte Foods Announces Strategic Action to Strengthen Financial Position and Pursue a Value-Maximizing Sale

Enters into Restructuring Support Agreement with Key Financial Stakeholders Initiates Voluntary Chapter 11 Proceedings to Implement Terms of the Agreement Secures Commitment for $912.5 Million in Debtor-in-Possession Financing to Support Ongoing Operations Company Intends to Continue Serving Customers with High-Quality Food Products on an Uninterrupted Basis WALNUT CREEK, Calif., July 1, 2025 /PRNewswire/ -- Del Monte Foods Corporation II Inc. (the "Company" or "Del Monte Foods"), one of the country's largest producers, distributors and marketers of premium quality, branded food products, today announced that it is pursuing a value-maximizing sale process as part of an overall strategic balance-sheet restructuring. To facilitate this process, the Company and certain of its affiliates and subsidiaries commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of New Jersey (the "Court"). The Company has entered into a restructuring support agreement ("RSA") with a group of its lenders holding certain of the Company's term loan indebtedness. The RSA contemplates the Company undertaking a going-concern sale process for all or substantially all of the Company's assets, with the support of the lender group under the RSA, which is targeted at obtaining the highest or best offer to maximize value for all stakeholders. "This is a strategic step forward for Del Monte Foods. After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods. With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success," said Greg Longstreet, President and CEO of Del Monte Foods. To support the Company's strategic transactions and fund its ongoing operations, the Company has secured a commitment for $912.5 million in debtor-in-possession financing, inclusive of $165 million in new funding, from certain of its existing lenders, subject to Court approval. This financing, along with cash from ongoing operations, is expected to provide sufficient liquidity during the sale process and fund the Company's ongoing operations in the ordinary course, including the Company's pack season that is presently underway. Mr. Longstreet continued, "While we have faced challenges intensified by a dynamic macroeconomic environment, Del Monte Foods has nourished families for nearly 140 years, and we remain committed to our mission of expanding access to nutritious, great-tasting food for all. I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders for their support in helping us achieve our long-term goals." To further enable the Company's smooth transition into Chapter 11, the Company has filed a number of customary "first day" motions that, upon Court approval, will enable it to continue business operations in the ordinary course and on an uninterrupted basis, including delivering high-quality food products that are healthy, delicious, and convenient. Certain of the Company's non-U.S. subsidiaries are not included in the Chapter 11 proceedings and continue to operate as usual. Additional information, including court filings and other documents related to the proceedings, are available on a website administered by the Company's Claims Agent, Stretto, at or by contacting Stretto representatives Claims by email, at DelMonteInquiries@ or by phone, by calling toll-free 833-228-5497 (or 714-263-3709 for calls originating outside of the U.S.). AdvisorsHerbert Smith Freehills Kramer (US) LLP and Cole Schotz P.C. are serving as legal counsel, Alvarez & Marsal North America, LLC is serving as financial advisor, and PJT Partners is serving as investment banker to the Company. About Del Monte FoodsFor nearly 140 years, Del Monte Foods has been driven by our mission to nourish families with earth's goodness. As the original plant-based food company, we're always innovating to make nutritious and delicious foods more accessible to consumers across our portfolio of beloved brands, including Del Monte®, Contadina®, College Inn®, Kitchen Basics®, JOYBA®, Take Root Organics® and S&W®. We believe that everyone deserves great tasting food they can feel good about, which is why we responsibly source and produce food for a healthier tomorrow. For more information about Del Monte Foods and our products, please visit or The Del Monte Foods entities are the U.S. indirect subsidiaries of Del Monte Pacific Limited (Bloomberg: DELM SP, DELM PM) and are not affiliated with certain other Del Monte companies around the world, including Fresh Del Monte Produce Inc., Del Monte Canada, Del Monte Asia Pte. Ltd., Conagra/Productos Del Monte, or Del Monte Panamerican. Media Contact Edelman SmithfieldNoelle Amos / Jordan Fisherdelmontefoods@ View original content to download multimedia: SOURCE Del Monte Foods

Otago Daily Times

a day ago

Sport
Otago Daily Times

Helping veterans' health off the break

Ernie McManus, the instigator of the format of the snooker tournament, is still a crack shot on the table at 96 years old. PHOTOS: GERRIT DOPPENBERG What could be better than a day of snooker at the local RSA tournament for a few hours? The answer — raising money for veterans struggling with mental health while doing so. The New Zealand VC Heroes tournament was held on Saturday at the Gore RSA, with 24 snooker players going head-to-head. It was a full-on day, with frames of snooker played throughout the day, with a quick break for lunch inbetween. Money raised in the tournament will be donated to help mental health in military personnel, to the tune of over $1100. Gore RSA snooker section chairman Evan Fricker said after the day's success, they will be looking to keep them going. Overall winner Kevin Wright, who lives in Gore, had a good day at the table to come away with a win at the New Zealand VC Heroes tournament. "Basically the tournament ran like clockwork. It was very successful, people were very happy. "We'll be doing it next year, for sure," he said. The top division was won by local player Kevin Wright, with Dunedin-based player Ali Kapo in second and Mr Fricker coming in third. Division two was won by Invercargill-based player Brian Frye. Mr Fricker said it was a hell of a day, and it was good to see some money raised for veterans. "We raised $1150, with 24 players. We're pretty happy with that," he said.

Business Wire

2 days ago

Business
Business Wire

Wolfspeed Takes Next Step to Implement Restructuring Support Agreement and Proactively Strengthen Capital Structure

DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technologies, today announced that it has taken the next step to implement its previously announced Restructuring Support Agreement ('RSA') with key lenders, including (i) holders of more than 97% of its senior secured notes, (ii) Renesas Electronics Corporation's wholly owned U.S. subsidiary and (iii) convertible debtholders holding more than 67% of the outstanding convertible notes. Upon emergence from the process, the Company expects to have reduced its overall debt by approximately 70%, representing a reduction of approximately $4.6 billion and a reduction of its annual total cash interest payments by approximately 60%. By taking this proactive step, the Company expects to be better positioned to execute on its long-term growth strategy and accelerate its path to profitability. Wolfspeed is continuing to operate as usual throughout the process, including delivering silicon carbide materials and devices to its customers and paying its vendors in the ordinary course. To implement the prepackaged plan, the Company has voluntarily filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Wolfspeed expects to move through the process expeditiously and emerge by the end of the third quarter calendar year 2025. 'We are continuing to move forward with our accelerated restructuring process to strengthen our capital structure and fuel our next phase of growth,' said Robert Feurle, Wolfspeed's Chief Executive Officer. 'With a stronger financial foundation, Wolfspeed will be better positioned to move faster on our strategic priorities and maintain our position as a global leader in the silicon carbide market. The strong support of our lenders is a testament to their belief in our business and our ability to capitalize on the opportunities ahead, driven by our exceptional, purpose-built, fully automated 200mm manufacturing footprint.' He continued, 'Looking ahead, we remain laser-focused on delivering cutting-edge products to our customers and working with our vendors in the normal course. I'd also like to thank our employees for their hard work and continued commitment to driving the business forward. I am confident that taking this action will better position Wolfspeed to meet the growing demands of the semiconductor market.' Wolfspeed has filed a number of customary motions with the Court to support ordinary-course operations, including, but not limited to, continuing employee compensation and benefits programs. The Company is continuing to pay vendors in the ordinary course of business for goods and services delivered throughout the restructuring process via an All-Trade Motion. Vendors are expected to be unimpaired in the process. The Company expects to receive court approval for these requests shortly. For additional information regarding the restructuring, please visit Wolfspeed's dedicated microsite at Information about Wolfspeed's Chapter 11 case can be found at or by contacting Epiq, the Company's claims agent, at (888) 818-4267 (for toll-free U.S. calls) or +1 (971) 606-5246 (for tolled international calls). Advisors Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. About Wolfspeed, Inc. Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world's most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Real. TM Learn more at Forward-Looking Statements: This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Wolfspeed's actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, including estimates, forecasts, and projections about possible or assumed future results of Wolfspeed's business, financial condition, liquidity, results of operations, plans, and objectives and Wolfspeed's industry and market growth. Words such as 'could,' 'will,' 'may,' 'assume,' 'forecast,' 'position,' 'predict,' 'strategy,' 'expect,' 'intend,' 'plan,' 'estimate,' 'anticipate,' 'believe,' 'project,' 'budget,' 'potential,' 'forward' or 'continue' and similar expressions are used to identify forward-looking statements. All statements in this press release that are not historical are forward-looking statements, including statements regarding the timing and implementation of the transactions contemplated by the RSA and Wolfspeed's chapter 11 plan of reorganization (the 'Plan'), Wolfspeed's ability to continue operating in the ordinary course, including continuing to serve customers and pay vendors and employees in the ordinary course, the potential benefits of the transactions contemplated by the RSA and the Plan, and the potential effects of such transactions on Wolfspeed's financial position, capital structure, outstanding debt, interest expense, profitability, and growth. Actual results could differ materially due to a number of factors, including but not limited to, risks and uncertainties associated with voluntary petitions filed by Wolfspeed under Chapter 11 of the U.S. Bankruptcy Code (the 'Chapter 11 Cases') in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the 'Court'); the effects of the Chapter 11 Cases on Wolfspeed and Wolfspeed's relationship with its various stakeholders, including vendors and customers; Wolfspeed's ability to develop and implement the transactions contemplated by the Plan and whether the Plan will be approved by the Court and the ultimate outcome of the Chapter 11 Cases in general; the length of time Wolfspeed will operate under the Chapter 11 Cases; the potential adverse effects of the Chapter 11 Cases on Wolfspeed's liquidity and results of operations; Wolfspeed's ability to confirm and consummate the Plan; the timing or amount of recovery, if any, to Wolfspeed's stakeholders; uncertainty regarding Wolfspeed's ability to retain key personnel; the diversion of management's attention as a result of the Chapter 11 Cases; increased administrative and legal costs related to the Chapter 11 Cases; changes in Wolfspeed's ability to meet its financial obligations during the Chapter 11 Cases and to maintain contracts that are critical to its operations; the effectiveness of the overall restructuring activities pursuant to the Chapter 11 Cases and any additional strategies that Wolfspeed may employ to address its liquidity and capital resources and achieve its stated goals; the actions and decisions of equity holders, creditors, regulators, and other third parties that have an interest in the Chapter 11 Cases, which may interfere with the ability to confirm and consummate the Plan; risks relating to the potential delisting of Wolfspeed's common stock from the New York Stock Exchange and future quotation of the common stock; ongoing uncertainty in global economic and geopolitical conditions, such as the ongoing military conflict between Russia and Ukraine and the ongoing conflicts in the Middle East; changes in progress on infrastructure development or changes in customer or industrial demand that could negatively affect product demand, including as a result of an economic slowdown or recession, collectability of receivables and other related matters if consumers and businesses defer purchases or payments, or default on payments; risks associated with Wolfspeed's expansion plans, including design and construction delays, cost overruns, the timing and amount of government incentives actually received, including, among other things, any direct grants and tax credits, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control, and potential increases to Wolfspeed's restructuring costs; Wolfspeed's ability to obtain additional funding, including, among other things, from government funding, public or private equity offerings, or debt financings, on favorable terms and on a timely basis, if at all; Wolfspeed's ability to take certain actions with respect to its capital and debt structure; the risk that Wolfspeed does not meet its production commitments to those customers who provide Wolfspeed with capacity reservation deposits or similar payments; the risk that Wolfspeed may experience production difficulties that preclude it from shipping sufficient quantities to meet customer orders or that result in higher production costs, lower yields and lower margins; Wolfspeed's ability to lower costs; the risk that Wolfspeed's results will suffer if it is unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand or scaling back its manufacturing expenses or overhead costs quickly enough to correspond to lower than expected demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; product mix; risks associated with the ramp-up of production of Wolfspeed's new products, and Wolfspeed's entry into new business channels different from those in which it has historically operated; Wolfspeed's ability to convert customer design-ins to design-wins and sales of significant volume, and, if customer design-in activity does result in such sales, when such sales will ultimately occur and what the amount of such sales will be; the risk that the markets for Wolfspeed's products will not develop as it expects, including the adoption of Wolfspeed's products by electric vehicle manufacturers and the overall adoption of electric vehicles; the risk that the economic and political uncertainty caused by the tariffs imposed or announced by the United States on imported goods, and corresponding tariffs and other retaliatory measures imposed by other countries (including China) in response, may continue to negatively impact demand for Wolfspeed's products; the risk that Wolfspeed or its channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, including production and product mix, which can result in increased inventory and reduced orders as Wolfspeed experiences wide fluctuations in supply and demand; risks related to international sales and purchases; risks resulting from the concentration of Wolfspeed's business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that Wolfspeed's investments may experience periods of significant market value and interest rate volatility causing it to recognize fair value losses on Wolfspeed's investment; the risk posed by managing an increasingly complex supply chain (including managing the impacts of supply constraints in the semiconductor industry and meeting purchase commitments under take-or-pay arrangements with certain suppliers) that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; risks relating to outbreaks of infectious diseases or similar public health events, including the risk of disruptions to Wolfspeed's operations, supply chain, including its contract manufacturers, or customer demand; the risk Wolfspeed may be required to record a significant charge to earnings if its remaining goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; Wolfspeed's ability to complete development and commercialization of products under development; the rapid development of new technology and competing products that may impair demand or render Wolfspeed's products obsolete; the potential lack of customer acceptance for Wolfspeed's products; risks associated with ongoing litigation; the risk that customers do not maintain their favorable perception of Wolfspeed's brand and products, resulting in lower demand for its products; the risk that Wolfspeed's products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs; risks associated with strategic transactions; the risk that Wolfspeed is not able to successfully execute or achieve the potential benefits of Wolfspeed's efforts to enhance its value; the substantial doubt about Wolfspeed's ability to continue as a going concern; and other factors discussed in Wolfspeed's filings with the Securities and Exchange Commission (the 'SEC'), including Wolfspeed's report on Form 10-K for the fiscal year ended June 30, 2024, and subsequent reports filed with the SEC. These forward-looking statements represent Wolfspeed's judgment as of the date of this press release. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Wolfspeed disclaims any intent or obligation to update any forward-looking statements after the date of this press release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.

‘DA won't stand for ANC corruption': Party to open case against Minister Nobuhle Nkabane

News24