Regus set to emerge from Chapter 11

Link: UK-listed Regus files for Chapter 11

Founder and chief executive Mark Dixon, has implemented a year-long restructuring program during which the US division has renegotiated expensive leases taken during the IT boom, the Financial Times reported.

Too rapid expansion in the US, after it floated in the UK in September 2000, resulted in over-capacity leading to financial problems and a £103.5m operating loss in the fourth quarter of 2002.

In April this year, the group said it was trading close to break-even.

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