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Business Events Business Failures

  • Bankruptcy Judge Kathy Surratt-States of St. Louis to reject a request by an official committee of creditors to hire an expert to review pre-bankruptcy transactions. Creditors have said in court filings that San Francisco private equity funds Golden Gate Capital and Blum Capital, which together hold 98.5 percent of the company and control its board,...

  • CRANBERRY, Pa.— Pennsylvania- based teen clothing retailer rue21 is restructuring and filing for Chapter 11 bankruptcy protection about a month after announcing it would close roughly 400 stores to focus more on online sales. The company based in Cranberry, north of Pittsburgh, announced Tuesday that its bankruptcy filing accompanies agreements with...

  • 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,...

  • WHEATON, Ill., May 11- German grocery chain Aldi Inc is trying to beat the world's biggest retailer at its own game: low prices. Already with 1,600 U.S. stores, Aldis internal studies show its prices are 21 percent lower than its lowest-priced rivals, including Wal-Mart Stores Inc, according to Chief Executive Jason Hart. Hart's plan calls for spending $1.6 billion to...

  • WHEATON, Ill., May 11- German grocery chain Aldi Inc is trying to beat the world's biggest retailer at its own game: low prices. Already with 1,600 U.S. stores, Aldis internal studies show its prices are 21 percent lower than its lowest-priced rivals, including Wal-Mart Stores Inc, according to Chief Executive Jason Hart. Hart's plan calls for spending $1.6 billion to...

  • WHEATON, Ill., May 11- German grocery chain Aldi Inc is trying to beat the world's biggest retailer at its own game: low prices. Already with 1,600 U.S. stores, Aldi has set a minimum target of selling groceries at a 21 percent discount to its U.S. rivals, including Wal-Mart Stores Inc, Chief Executive Jason Hart told Reuters. Hart's plan calls for spending $1.6 billion to...

  • HOFFMAN ESTATES, Ill., May 10- Sears Holdings Corp Chief Executive Officer Edward Lampert blasted the media on Wednesday for "unfairly singling out" the company over the past decade and blamed "irresponsible" coverage for the retailer's woes. Lampert, a hedge fund investor who is rarely seen in public, kicked off his appearance at an annual shareholders' meeting at...

  • FRANKFURT, May 9- Energy groups E.ON and EnBW are tearing down their nuclear plants at massive cost following Germany's decision to abandon nuclear power by 2022, but they are seeking to turn a burden into business by exporting their newfound dismantling skills. Germany is the only country in the world to dump the technology as a direct consequence of Japan's...

  • 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,...

  • NEW YORK, April 28- Puerto Rico's financial oversight board on Friday approved fiscal plans for four public agencies, including a liquidation of the island's Government Development Bank, as the struggling U.S. territory stares down a potential bankruptcy filing next week. The oversight board, appointed under the Puerto Rico rescue law known as PROMESA,...

  • President Donald Trump ordered the Treasury Department on Friday to examine two powers given to regulators to police large financial companies following the 2008 financial crisis, Treasury Secretary Steven Mnuchin said. In his first visit to the Treasury building, Trump signed two memos that analysts view as largely affirming existing priorities he has...

  • President Donald Trump will order the Treasury Department on Friday to examine two powers given to regulators to police large financial companies after the 2008 financial crisis, Treasury Secretary Steven Mnuchin said. In his first visit to the Treasury building, Trump will sign two memos that analysts view as largely affirming existing priorities he has...

  • A White House official said on Thursday that Trump will issue an executive order directing the Treasury on the tax issues. He will also issue two memoranda asking for reviews of two parts of the 2010 Dodd-Frank Wall Street reform law- the Orderly Liquidation Authority that sets out how big banks can wind down during a crisis and the Financial Stability...

  • SEOUL, April 17- South Korea's Daewoo Shipbuilding& Marine Engineering Co Ltd on Monday won near unanimous approval for a debt-to-equity swap plan in the first three of five bondholder meetings, as the world's largest shipbuilder battles to stay afloat. That move made it likely other bondholders would follow suit, creditor bank officials said, allowing the...

  • SEOUL, April 17- South Korea's Daewoo Shipbuilding& Marine Engineering Co Ltd on Monday won near unanimous approval for a debt-to-equity swap plan in the first two of five bondholder meetings, as the world's largest shipbuilder battles to stay afloat. That move made it likely other bondholders would follow suit, creditor bank officials said, allowing the...

  • TOKYO, April 11- Toshiba Corp filed twice-delayed business results on Tuesday without an endorsement from its auditor and warned its very survival was in doubt, deepening a prolonged crisis at the Japanese conglomerate. The filing carried a disclaimer from auditor PricewaterhouseCoopers Aarata LLC that it was unable to form an opinion of the results,...

  • LONDON, April 11- OPEC appears to be slowly winning the battle against a global overhang of crude and oil products as inventories in onshore and floating storage decline. The Organization of the Petroleum Exporting Countries explicitly said a joint deal with non- OPEC producers to cut some 1.8 million bpd in the first half of 2017 was aimed at slashing an excess...

  • TOKYO, April 11- Toshiba Corp filed twice-delayed business results on Tuesday without an endorsement from its auditor and warned its very survival was in doubt, deepening a prolonged crisis at the Japanese conglomerate. The filing carried a disclaimer from auditor PricewaterhouseCoopers Aarata LLC that it was unable to form an opinion of the results,...