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  • SAN JUAN, April 5- Bondholders with nearly a third of Puerto Rico's $17 billion outstanding General Obligation bonds on Tuesday unveiled a proposal for a debt restructuring they claim would help the island avoid outright default. "Incurring additional debt at a higher cost is not the answer to the Commonwealth's fiscal issues," Melba Acosta, president of Puerto...

  • SAN JUAN, April 5- Puerto Rico's House of Representatives on Tuesday debated a bill to halt debt payments, while a government official fired back at creditors who suggested the U.S. territory was shirking efforts to hold restructuring talks. Burdened by a $70 billion debt load it says it cannot pay and a 45 percent poverty rate that has led to a steady exodus of its...

  • SAN JUAN, April 5- Bondholders with nearly a third of Puerto Rico's $17 billion outstanding General Obligation bonds on Tuesday unveiled a proposal for a debt restructuring they claim would help the island avoid outright default. These bondholders earlier criticized legislation being rushed through Puerto Rico's Senate and House on Tuesday that would...

  • Bondholders represented by law firm Paul Weiss Rifkind Wharton& Garrison issued the statement ahead of an expected vote by Puerto Rico's House of Representatives on a bill that would let Governor Alejandro Garcia Padilla declare a debt moratorium. Puerto Rico, which is not covered by U.S. municipal bankruptcy law, faces a debt of around $70 billion that Garcia...

  • April 5- Struggling surfwear chain Pacific Sunwear of California Inc is preparing to file for bankruptcy, Bloomberg reported late on Monday, citing people with knowledge of the situation. The Chapter 11 filing could come as soon as next week, Bloomberg said, citing one of the people. A sluggish retail spending environment and increasing competition from fast...

  • By Georgina Prodhan and Tatiana Bautzer. FRANKFURT/ SAO PAULO, April 5- Vale SA has agreed to hand its stake in Brazil's CSA steel plant to majority owner Thyssenkrupp for a token sum, allowing the German company to contemplate relaunching a sale process and Vale to focus on its core mining business. Chief Executive Officer Murilo Ferreira said in February the...

  • DUBAI, April 5- Al Jaber Group missed a March repayment on its $4.5 billion restructuring, three sources aware of the matter told Reuters on Tuesday, adding pressure on the Abu Dhabi- based conglomerate to quickly secure a new debt deal to save it from collapse. A spokesman for Al Jaber declined to comment. Al Jaber began speaking to creditors last year about...

  • *Sale will allow Vale to focus on core mining businesses. SAO PAULO/ FRANKFURT, April 5- Brazilian miner Vale SA has agreed to sell its 27 percent stake in the struggling CSA steel plant to Germany's Thyssenkrupp for a token sum, the two parties said, confirming a Reuters report from Friday. Thyssenkrupp will become the 100 percent owner and have a free hand to do what...

  • MUMBAI, April 4- Blackstone Group LP is buying Indian IT outsourcing services provider MphasiS Ltd from Hewlett Packard Enterprise Co, in a deal that could cost the U.S. asset manager up to $1.1 billion and be its biggest in the country. In December, Blackstone announced the purchase of a minority stake in India's IBS Software for $170 million.

  • BEIJING, April 3- Creditors in China's Bohai Steel Group have agreed to extend the maturity of their loans and lower the interest rates under a second restructuring plan for the troubled steelmaker, according to financial magazine Caixin on Sunday. China's steelmakers are in the eye of a storm as Beijing moves to slim down bloated industries, including steel...

  • BUCHAREST, April 3- Romanian state-owned power producer Hidroelectrica expects to finally exit its insolvency process by next month, and aims to sell a minority stake in an initial public offering by November, its manager told Reuters on Sunday. Romania's largest and cheapest power producer has been run by a court-appointed manager after it became insolvent...

  • LOS ANGELES, April 3- Nine months into a minimum wage hike at some Los Angeles hotels, city leaders and other backers of the move are claiming victory, saying doomsday forecasts from hoteliers have proven unfounded. "There have not been the wholesale layoffs or cutbacks that we were told would occur," said Los Angeles City Councilman Curren Price, who co-authored...

  • April 1- SunEdison Inc is planning to file for bankruptcy protection in the coming weeks, The Wall Street Journal reported on Friday, citing people familiar with the matter. The company's creditors are likely to take control of the company and its portfolio of power projects, The Wall Street Journal reported, citing the sources. A spokesperson for Belmont,...

  • NEW YORK/ SAO PAULO, April 1- Brazilian iron ore miner Vale SA is finalizing a proposal to sell its 26.87 percent stake in a steel slab plant that cost nearly $10 billion to build to Germany's Thyssenkrupp for $1 plus the assumption of some debt, a source close to the deal said. The plant, Brazil's most costly foreign investment project ever, reported 2.6 billion euros...

  • RIO DE JANEIRO, April 1- Brazil's embattled state-run oil company Petroleo Brasileiro SA said on Friday it will launch a voluntary layoff program to cut an estimated 12,000 jobs in a bid to save up to 33 billion reais by 2020.. Under the plan, employees will be offered between around 212,000 reais and 706,000 reais to take redundancy, Deyvid Bacelar, the Petrobras...

  • *Poland's Alior Bank buys GE's BPH for $329 mln. WARSAW, April 1- Poland's Alior Bank has agreed to buy Bank BPH from General Electric for 1.225 billion zloty and said it will look to make another acquisition this year after moving into the country's top 10.. PZU plans to build Poland's fifth-largest bank through Alior, which will raise its assets to 60 billion...

  • BRASILIA, April 1- Executives of Brazil's state-run oil producer Petroleo Brasileiro SA approved a voluntary layoff program to cut about 12,000 jobs and save 33 billion reais by 2020, the company said in a statement on Friday. Petrobras plans to slash its five-year investment plan by about one-fifth to about $80 billion in the 2016-20 period, an average of...

  • April 1- An extra-marital affair of a restructuring adviser working for the bankrupt unit of Caesars Entertainment Corp has cost the casino operator a team of key advisers just as the unit faces a Monday deadline to submit a plan to end its $18 billion bankruptcy. In a little-noticed ruling from the bench in Chicago on March 16, a judge said that Knoll's team's...

  • With U.S. oil prices now trading below $40 a barrel, the corporate casualties are already mounting. Texas- based Magnum Hunter Resources, the second-largest producer among publicly-traded companies that have filed for bankruptcy, is a case in point. Once in Chapter 11, its CEO Gary Evans said the bankruptcy, which injected new funds to ensure it would stay...

  • PORT LOUIS, March 31- Mauritius has agreed to sell a near 25 percent stake in Kenyan insurer British-American Investments Co, after seizing it from a disgraced tycoon, to the existing shareholders, the government said on Thursday. The Indian Ocean island seized the assets of Dawood Rawat, a Mauritius citizen, in April 2015 after accusing him of running a...