Fidelity & Guaranty Life layoffs, on the record

Job cuts, severance and restructuring

1. Our summarySalus eliminated its loan origination function in a business restructuring, which led to preferred equity other-than-temporary impairment.

   Word for word“The preferred equity OTTI primarily F-25 Table of Contents related to business restructuring at Salus which eliminated the loan origination function lowering the expected future fee income to be earned by Salus.” 10-K for 2015

2. Our summarySalus initiated a restructuring of the Salus CLOs through a special redemption of outstanding debt tranches to reduce leverage and borrowing costs. During the third quarter of 2015

   Word for word“During the third quarter of 2015, Salus initiated a restructuring of the Salus CLOs pursuant a special redemption of outstanding debt tranches with the intent of reducing the CLO's outstanding leverage and borrowing costs.” 10-K for 2015

3. Our summaryThe filing describes a business restructuring at Salus which eliminated the loan origination function, and it records an other-than-temporary impairment on preferred equity tied to that restructuring.

   Word for word“The preferred equity OTTI primarily related to business restructuring at Salus which eliminated the loan origination function lowering the expected future fee income to be earned by Salus.” 10-K for 2016

Fidelity & Guaranty Life has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.

Read from Fidelity & Guaranty Life’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2017-11-16. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.