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  • Governor Alejandro Garcia Padilla of Puerto Rico dropped a bombshell on debt holders a week ago by saying he wanted to restructure debt and postpone bond payments. He urged changes to U.S. bankruptcy laws that currently exclude Puerto Rico. Like U.S. states, Puerto Rico cannot file for bankruptcy protection.

  • July 7- The Chinese construction company building the bankrupt $3.5 billion Baha Mar resort in the Bahamas on Tuesday broke its silence and accused the developer of mismanaging the project's design and not securing adequate financing. Construction delays, funding squabbles, lagging inspections and faulty work at the Nassau resort have led to finger...

  • SYDNEY, July 7- Australian chemical maker Orica Ltd said it would curb output and cut staff at a site in the state of Queensland, hit by faltering demand for explosives from the mining industry. Orica said it would lower production of ammonium nitrate as supply outstrips demand, while 10 percent of the 220 staff employed at the Yarwun site are expected to lose their...

  • July 6- Struggling teen clothing retailer American Apparel Inc launched a restructuring plan to cut costs but warned it may not be enough to meet funding requirements in the next 12 months. American Apparel said there could be no guarantee that even after the restructuring it would have sufficient funds in the next 12 months unless it raised additional...

  • July 6- Struggling teen clothing retailer American Apparel Inc said it may need to raise more capital in the next 12 months as part of a new restructuring plan aimed at cutting costs.

  • JAKARTA, July 3- Indonesia's communications ministry has appealed to the country's Supreme Court against PT Bakrie Telecom Tbk's debt restructuring, a minister told Reuters on Friday. Bakrie Telecom, part of the heavily indebted Bakrie Group, held a creditors' vote last year on its restructuring proposal, which was then validated by a Jakarta court.

  • July 2- Rare earths miner Molycorp Inc said it received U.S. bankruptcy court approval for interim financing of $22 million to support its operations. The court has approved the $22 million financing only on an interim basis, and has scheduled a final hearing on the debtor-in-possession financing for July 20, 2015, Molycorp said on Thursday.

  • July 2- Rare earths miner Molycorp Inc said it received U.S. bankruptcy court approval for interim financing of $22 million to support its operations. On June 25, the only U.S. supplier of rare earths filed for Chapter 11 bankruptcy protection along with its subsidiaries in North America, to restructure $1.7 billion of debt in its U.S. and Canadian operations.

  • *Glencore takeover risk rises as shares fall. LONDON, July 2- Anglo American is planning to cut between 5 and 20 percent of staff at head offices around the world, sources close to the matter said, in an effort to keep shareholders on side and respond to a commodity price rout that has hit profits. Anglo American declined to comment.

  • *Glencore takeover risk rises as shares fall. LONDON, July 2- Anglo American is planning to cut between 5 and 20 percent of staff at head offices around the world, sources close to the matter said, in an effort to keep shareholders on side and respond to a commodity price rout that has hit profits. Anglo American declined to comment.

  • State banks Banco do Brasil SA and Caixa Econômica Federal, as well as private-sector lenders Itaú Unibanco Holding SA, Banco Santander Brasil SA and Banco Bradesco SA waived immediate repayment to allow Sete to continue with a reorganization program, said the sources, who requested anonymity due to legal restrictions on discussing the issue publicly.

  • BERLIN, July 2- The German government decided on Thursday to order the shutdown of several coal-fired plants in order to reach its ambitious climate goals by 2020, government sources told Reuters. Chancellor Angela Merkel and the leaders of her two junior coalition parties also settled a dispute over high-voltage power lines which are planned to carry green...

  • ArcelorMittal Mexico unit to slash 2,800 jobs Wednesday, 1 Jul 2015 | 8:41 PM ET

    MONTERREY, July 1- ArcelorMittal, the world's largest producer of steel, will cut 2,800 jobs at its Mexico unit as global prices slump, it said in a joint statement with local competitors on Wednesday, while accusing Russia, China and Turkey of dumping steel on markets at levels below production costs. Altos Hornos de Mexico, DeAcero and ArcelorMittal warned in the...

  • July 1- Moody's Investors Service on Wednesday downgraded Puerto Rico's general obligation and guaranteed bonds further into junk territory, citing Governor Alejandro García Padilla's declaration that the commonwealth cannot pay its debt. Moody's said the commonwealth's decision to devise broad restructuring plans were "clear signs that holders of...

  • WILMINGTON, Delaware, July 1- The bankrupt $3.5 billion Baha Mar mega resort in the Bahamas secured up to $30 billion in interim financing on Wednesday, but it was unclear when construction on the stalled project would resume. Baha Mar's developer, Sarkis Izmirlian, the son of Armenian billionaire Dikran Izmirlian, has agreed to arrange the funding.

  • BANKRUPT BAHA MAR BAHAMAS RESORT IS 8-12 WEEKS AWAY FROM COMPLETION ONCE CONSTRUCTION RESUMES-LAWYER TELLS BANKRUPTCY JUDGE.

  • July 1- Puerto Rico's distressed power authority, PREPA, avoided default on Wednesday by making a $415 million bond payment, but creditors cautioned if restructuring negotiations with the utility over its $9 billion debt deteriorate it would take legal action. Puerto Rico's governor, Alejandro Garcia Padilla, said on Monday he wanted to restructure the debt...

  • MOSCOW, July 1- Russian state lender Sberbank intends to begin bankruptcy proceedings against three subsidiaries of indebted miner Mechel, a bank official said on Wednesday. After months of discussions with lenders and government officials to restructure its $6.6 billion net debt, Mechel has reached agreements with all of its creditors except Sberbank,...

  • IMF urges Ukraine, creditors to reach agreement Tuesday, 30 Jun 2015 | 6:45 PM ET

    WASHINGTON, June 30- The International Monetary Fund on Tuesday urged Ukraine and its creditors to reach an agreement over debt restructuring after meeting with both sides in Washington. Agreeing on a debt restructuring is one of the conditions Kiev must meet under the IMF's $17.5 billion bailout program. "The Fund encourages Ukraine and its creditors to...

  • *Greece submits new aid proposal to creditors. *Malta PM: Greece willing to suspend referendum if talks resume- report. Greece, hours from missing a 1.6 billion euro payment due to the International Monetary Fund, submitted a new aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens to resolve its impasse...