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Greenhill slashes dividend as part of recapitalization plan

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Greenhill slashes dividend as part of recapitalization plan

Greenhill & Co. Inc.'s board cut its dividend payment to 5 cents per share from 45 cents per share.

The board decreased the dividend to improve tax efficiency and accelerate debt payment related to its recapitalization plan.

The dividend will be paid Dec. 20 to common stockholders of record as of Dec. 6.

For the third quarter, the company reported a net loss allocated to common stockholders of $5.9 million, or a loss of 18 cents per share, compared with net income of $13.1 million, or 41 cents per share, in the year-ago period.