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Business Events Bankruptcy

  • SAN JUAN, Puerto Rico— Puerto Rico's development bank has entered into a deal with financial creditors that would allow it to avoid a lengthy bankruptcy proceeding, the leader of the debt-swamped U.S. island announced Monday. Puerto Rico is mired in a decade-long recession. Rafael Rojo, a spokesman for Puerto Rico creditor group Bonistas del Patio, said in the...

  • NEW YORK, May 15- Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a so-called Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico,...

  • NEW YORK, May 15- Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a so-called Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico,...

  • NEW YORK, May 15- Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a so-called Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico,...

  • BAKU, May 13- International Bank of Azerbaijan, the energy exporting country's biggest lender, said on Saturday a U.S. court had supported its petition to prevent creditors from pursuing legal action in the United States, giving it time to restructure $3.3 billion debt. Such a petition is not a bankruptcy filing but stops creditors from pursuing legal actions in...

  • NEW YORK, May 11- Hedge fund Elliott Management Corp filed a lawsuit against Energy Future Holdings Corp on Thursday, claiming that the bankrupt power company has prevented it from pursuing better options for it as its $18.7 billion deal with NextEra Energy Inc falters. Elliott, Energy Future's largest creditor, wants to lay the groundwork for a plan of...

  • *Shares in Frankfurt- listed shares down 82 pct. FRANKFURT, May 10- Germany's SolarWorld, once Europe's biggest solar power equipment group, said on Wednesday it would file for insolvency, overwhelmed by Chinese rivals who had long been a thorn in the side of founder and CEO Frank Asbeck, once known as "the Sun King". Frankfurt- listed shares in the group last traded down...

  • NEW YORK, May 8- Florida utility company NextEra Energy Inc asked Texas regulators on Monday to reconsider a decision that threatens to kill its roughly $18 billion bid to acquire bankrupt Energy Future Holding Corp, the majority owner of Oncor, Texas' largest power network. The three-member Public Utility Commission of Texas has until June 7 to respond to...

  • SAN FRANCISCO, May 5- Puerto Rico's federally appointed financial oversight and management board on Friday filed for Title III bankruptcy protection for debt backed by sales tax revenues on the U.S. commonwealth, otherwise known as COFINA. Title III is an in-court debt restructuring process akin to U.S. bankruptcy that was part of the Puerto Rico rescue law...

  • PUERTO RICO'S FEDERAL OVERSIGHT BOARD FILES FOR BANKRUPTCY PROTECTION UNDER TITLE III OF PROMESA LAW FOR PUERTO RICO SALES TAX FINANCING CORPORATION.

  • People walk through a nearly empty shopping mall on March 28, 2017 in Waterbury, Connecticut. As consumers buying habits change and more people prefer to spend money on technology and experiences like vacations over apparel, shopping malls across the country are suffering.

    The inability to pay looming, massive debt bills is dealing the final death blow to many retailers, but only after years of decline.

  • CHICAGO, May 4- Central Grocers Inc, a wholesale grocery cooperative in the Chicago area, filed for bankruptcy on Thursday as it tried to close or sell businesses after struggling to adapt to consumer shifts to online and gourmet shopping and "big box" stores. Central Grocers, with about $2 billion in annual sales, said it had a plan to close its distribution business,...

  • The federal financial oversight board for Puerto Rico on Wednesday pushed the U.S. commonwealth into a court-sanctioned restructuring process akin to U.S. bankruptcy, known as Title III. Puerto Rico will use the court processes to restructure much of its $70 billion debt load and $49 billion in pension liabilities. Among those settlements, Harrisburg,...

  • May 4- IHeartMedia Inc, the largest owner of U.S. radio stations, said there is substantial doubt about its ability to continue as a going concern. IHeartMedia, which says it has more than a quarter of a billion monthly radio listeners in the United States, is struggling to find a solution that would significantly slash its debt pile outside of bankruptcy court.

  • A person carries a Puerto Rican national flag during a protest against the government's austerity measures as Puerto Rico faces a deadline on Monday to restructure its $70 billion debt load or open itself up to lawsuits from creditors, in San Juan, Puerto Rico May 1, 2017.

    Gov. Ricardo Rossello announced that he had requested that the federally appointed Oversight Board trigger Title III of the Promesa Act.

  • The request came under Title III of the PROMESA law is an in-court debt restructuring process akin to U.S. bankruptcy protection, as Puerto Rico is barred from traditional bankruptcy because it is a U.S. territory. The case was filed in U.S. District Court in Puerto Rico. "The governor needed to show that his primary allegiance lies with the citizens of Puerto Rico,...

  • Demonstrators and police clash during a protest against the government's austerity measures as Puerto Rico faces a deadline on Monday to restructure its $70 billion debt load or open itself up to lawsuits from creditors, in San Juan, Puerto Rico May 1, 2017.

    CNBC's Leslie Picker reports that Puerto Rico has announced intent to trigger restructuring of the territory's debt to bondholders.

  • NEW YORK, May 2- Puerto Rico and its federal financial oversight board faced a handful of lawsuits from stakeholders on Tuesday, which could ultimately push the ailing U.S. territory into bankruptcy, and more are expected in the coming days. The law was designed to encourage Puerto Rico and its federal financial oversight board to negotiate debt-cutting...

  • *Rome grants 600 mln euro bridge loan for six months. ROME/ MILAN, May 2- Alitalia filed to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up. Rome also threw the airline a short-term lifeline by guaranteeing a bridge loan of 600...

  • ROME, May 2- Alitalia has decided to ask the government to place it under special administration, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up altogether. James Hogan, the CEO of Etihad Airways, which bought into Alitalia during the latest restructuring in 2014, said the Italian airline required "...