Auditing firm BDO USA has laid off employees as part of cost-reduction efforts due to a debt arrangement with Apollo Global Management, which provided a $1.3bn loan facility for an ESOP. The firm has faced financial pressure from the high-interest debt, impacting various departments. Despite challenges, BDO maintains stable finances and is evaluating operations for efficiency. Apollo has not commented on the matter. BDO reported $2.89bn in revenue for the fiscal year ending 31 December. The bankruptcy of First Brands Group, previously audited by BDO, led to substantial losses and debts exceeding $10bn. BDO intends to hire over 1,300 individuals from HORNE.

Read more at Yahoo Finance: BDO USA lays off employees amid Apollo’s debt repayment