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  • NEW YORK, July 13- A U.S. appeals court on Wednesday reversed part of a bankruptcy court ruling that protects General Motors Co from some legal claims involving a defective ignition switch that prompted the recall of 2.6 million vehicles in 2014.. The 2nd U.S. Circuit Court of Appeals in Manhattan said that GM must face some claims from certain groups of car owners...

  • SAO PAULO, July 12- On Christmas Day 2014, in an empty São Paulo office building, four senior executives at engineering firm Grupo OAS SA set in motion a corporate bankruptcy that is helping reshape Brazil Inc.. Over the previous decade, Brazil's ruling Workers Party had built national champions using cheap state credit and contracts with state firms.

  • SAO PAULO, July 11- Holders of about $210 million in credit default swaps issued to insure against the bankruptcy of Brazilian phone operator Oi SA are likely to get paid later this month after an industry group scheduled a July 21 auction of the securities. Earlier this month the New York- based International Swaps and Derivatives Association declared a "credit...

  • SAO PAULO, July 8- A minority investor in Oi SA, Brazil's largest fixed-line phone carrier, has called for the replacement of most of its board after the company filed for the country's biggest-ever bankruptcy protection. Battle lines on the board remain from an ill-fated 2013 merger with Portugal Telecom, pitched as a lifeline for Brazil's struggling national...

  • SAO PAULO, July 8- A minority investor in Oi SA, Brazil's largest fixed-line phone carrier, has called for the replacement of most of its board after the company filed for the country's biggest-ever bankruptcy protection. Battle lines on the board remain from an ill-fated 2013 merger with Portugal Telecom, pitched as a lifeline for Brazil's struggling national...

  • NEW YORK, July 7- Gawker Media LLC won approval from a U.S. bankruptcy court judge on Thursday to begin a process to sell itself, allowing the online publishing pioneer to begin an auction that is expected to attract several bidders. Gawkerdbt filed for bankruptcy last month with an offer from media publisher Ziff Davis LLC to buy the company for $90 million,...

  • July 7- The U.S. government agreed to a mine clean-up deal that allows coal producer Alpha Natural Resources to exit bankruptcy, despite concerns that Alpha will be unable to fund $400 million in commitments, a government lawyer told a court on Thursday. Alpha had about $676 million in self-bonded mine clean-up costs, mostly in Wyoming and West Virginia, when weak...

  • WILMINGTON, Del./ WASHINGTON, July 6- Alpha Natural Resources said on Wednesday it expects to reach a deal with the U.S. government over responsibility for the cost of cleaning up mining sites, removing one of the most significant hurdles to the coal company's exiting bankruptcy. On Wednesday, Alpha said it anticipated reaching a deal by Thursday with the U.S....

  • NEW YORK, July 6- Bankrupt renewable power plant developer SunEdison Inc has asked a U.S. bankruptcy court judge to approve the sale of its stake in a California solar project to an affiliate of hedge fund D.E. Shaw. In an auction, D.E. Shaw has offered to pay $10 million less for the stake in the plant, according to the papers. Before SunEdison filed for bankruptcy, D.E....

  • The Puerto Rican flag flies near the Capitol building. US Treasury Secretary Jack Lew warned on Monday that time was running out to address the spiraling crisis in Puerto Rico a week after the island suffered a dramatic default.

    Puerto Rico is set to register its largest default to date on Friday as $2 billion in debt payments are due to its creditors.

  • Governor Alejandro Garcia Padilla of Puerto Rico

    Puerto Rico’s governor says the commonwealth has no choice but to default on more than $1 billion in debt on Friday—and the fallout will be severe.

  • Forever 21 sales decline drastically

    Shipping firm EZ Worldwide Express cut ties with the fast-fashion retailer due to slowing sales.

  • FRANKFURT, June 28- German real estate group IVG is launching a 3 billion euro asset sale as its hedge fund owners hope to lock in high prices in the country's buoyant property market, three people familiar with the matter said. IVG, which went through insolvency proceedings in 2013 after cost overruns at its landmark Squaire building at Frankfurt airport made...

  • SAO PAULO, June 27- A unit of distressed debt firm Aurelius Capital Management LP asked a Dutch court on Monday to start bankruptcy proceedings against a Netherlands subsidiary of phone company Oi SA, which last week filed Brazil's largest-ever bankruptcy protection request. Aurelius unit Syzygy Capital Management Ltd owns bonds sold by Oi Brasil Holdings...

  • SAO PAULO, June 27- A unit of distressed debt firm Aurelius Capital Management LP is asking a Dutch court to start bankruptcy proceedings against a Netherlands- based subsidiary of phone carrier Oi SA, which last week filed for Brazil's largest-ever such plan. The Syzygy Capital Management Ltd subsidiary owns bonds of Oi's Oi Brasil Holdings Coöperatief UA,...

  • Hulk Hogan

    Hulk Hogan, whose lawsuit against Gawker Media precipitated its bankruptcy, will serve on the committee of unsecured creditors.

  • NEW YORK, June 24- Former professional wrestler Hulk Hogan, whose lawsuit against Gawker Media LLC precipitated its bankruptcy, will serve on the committee of unsecured creditors, according to a court filing. Hogan won a $140 million judgment against Gawker in a lawsuit after the gossip website published an excerpt from a sex tape in which he appeared.

  • SAO PAULO, June 23- Brazil's biggest bankruptcy filing ever is sending shockwaves far beyond the recession-hit country's borders as operator Oi SA seeks creditor protection from global telecoms suppliers and export banks around the world. The biggest Brazilian fixed-line carrier also owes about $1 billion to foreign development banks in China, Finland,...

  • SAO PAULO, June 23- A group representing holders of Oi SA's bonds not guaranteed by unit Telemar Norte Leste SA is growing, two sources familiar with the matter said, underscoring the challenges facing Brazil's largest fixed-line phone carrier as it enters bankruptcy protection proceedings. New York- based investment bank Houlihan Lokey Inc and Metrica...

  • SAO PAULO, June 23- A group representing holders of Oi SA's bonds not guaranteed by unit Telemar Norte Leste SA is growing, two sources familiar with the matter said, underscoring the challenges facing Brazil's largest fixed-line phone carrier as it enters bankruptcy protection proceedings. New York- based investment bank Houlihan Lokey Inc and Metrica...