Electronic Arts will reduce 5% of its workforce as part of a restructuring plan that includes a reduction in real estate. The company expects charges of $125-165 million. Sony, Microsoft, and Tencent-owned Riot Games have also laid off employees. CEO Andrew Wilson assures employees that the impact on teams was deeply considered. The plan is expected to be completed by the end of the year.
State Bank of India (SBI) and IL&FS have different views on debt restructuring at ITPCL, the bankrupt financier’s power joint venture entity. SBI wants an assessment of the liquidation value before signing on the proposal, while IL&FS, as part of its resolution framework, is not obligated to undertake a liquidation assessment for this asset. Last month, lenders approved a restructuring plan for ITPCL, with 59% of its debt classified as sustainable and the remaining 41% converted into non-convertible debentures. ITPCL operates a 1,200-MW power plant in Tamil Nadu.
