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Leadership Business Events

  • *Liberty produced in Frankfurt and Mobile, Alabama. FRANKFURT, May 8- Bayer has agreed to sell its Liberty herbicide and LibertyLink-branded seeds businesses to win antitrust approval for its acquisition of Monsanto, it said on Monday. The divestment of the two global brands, a requirement imposed by South Africa's Competition Commission on Sunday, will...

  • DUBAI, May 7- Shares of Dubai builder Drake& Scull slumped to a 14- month low in heavy trade on Sunday as investors reacted to the company's revised capital restructuring plan, while last week's fall in oil prices knocked down oil-sensitive shares. "The new news from the meeting is the 722 million dirhams additional write off from potentially unrecoverable...

  • 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.

  • BRASILIA, May 5- The Brazilian Treasury has told Banco do Brasil SA subsidiary BB DTVM to redeem shares in the Investment and Stabilization Fund, which will require selling the shares over 24 months, the bank said on Friday. The sole shareholder of the FFIE is the Brazil Sovereign Fund. Separately, the Finance Ministry said the recommendation was in line with its...

  • 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,...

  • May 4- Kraft Heinz Co said on Thursday it would cut about 13 percent of its workforce, close factories and consolidate its distribution network as part of its efforts to merge Kraft Foods and H.J. Heinz. Kraft Heinz said it would incur pre-tax costs of $2 billion related to the elimination of 5,150 positions, the shutting of six factories and the streamlining of its...

  • 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,...

  • COPENHAGEN, May 4- DONG Energy said it has reached a settlement with Daewoo Shipbuilding& Marine Engineering and Technip over who bears responsibility for construction errors concerning an offshore platform for the idled Hejre field. The settlement clears a major hurdle for the Danish company's plans to divest its oil and gas unit to focus on its growing...

  • First Horizon's offer price of $40.83 per share represents a discount of about 3 percent to Capital Bank's Wednesday closing. The combined company will have $40 billion in assets and $32 billion in deposits and will operate more than 300 branches across the Southeast, including Tennessee, South Carolina, Florida and Virginia. First Horizon will offer 1.750...

  • May 4- TransCanada Corp said on Thursday it would sell its remaining 49.3 percent interest in Iroquois Gas Transmission System LP and an 11.8 percent stake in Portland Natural Gas Transmission System for $765 million. The deal value comprises $597 million in cash and the assumption of $168 million in proportionate debt at Iroquois and PNGTS, Transcanada said.

  • 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.

  • May 3- Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market. The move comes a day after several major creditors sued Puerto Rico over defaults its bonds. The debt restructuring petition was filed by Puerto Rico's financial oversight...

  • PARIS, May 3- Finland's Nokia plans to sell its undersea cables unit, a business that underpins the global Internet, two union sources and a French government source told Reuters. The division, valued at about 800 million euros, is one of the top suppliers of undersea cable networks in the world and was bought by the telecom equipment maker last year as part its 15.6...

  • 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,...

  • BOARD SAYS IT INTENDS TO NEGOTIATE A COMPREHENSIVE DEBT RESTRUCTURING WITH CREDITORS THROUGH A TITLE III "PLAN OF ADJUSTMENT"-- COURT FILING.

  • May 2- Etsy Inc, an e-commerce site for handmade goods, on Tuesday said its chief executive would step down as it reported first-quarter profit below expectations and faced investor pressure to change course. Etsy said Chief Executive Chad Dickerson, who shepherded the company through its initial public offering two years ago, would be replaced by board member...

  • Joey Levin, chief executive officer of IAC/InterActiveCorp, left, speaks as Barry Diller, chairman of IAC/InterActiveCorp, listens during a conference in New York on Tuesday, Dec. 6, 2016.

    The merger of Angie's List and IAC's HomeAdvisor may be just the beginning of IAC's expansion into the space, CEO Joey Levin said.

  • HOUSTON/ SAO PAULO, May 2- Oil's lackluster price performance this year is unlikely to hamper Petróleo Brasileiro SA's plan to divest up to $21 billion worth of assets or find partners for exploration and refining by the end of next year, Chief Executive Officer Pedro Parente said on Tuesday. Speaking at the Offshore Technology Conference in Houston, Parente...

  • *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...