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Business Events Business Failures

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  • WILMINGTON, Del., July 20- The Chinese company building the $3.5 billion Baha Mar resort in the Bahamas plans to file a motion to dismiss the bankruptcy case related to the project, which is nearly complete and seen as vital to the former British colony's fragile economy. A completed resort would employ more than 5,000 people in the Bahamas, where the unemployment...

  • July 17- Bahamas Prime Minister Perry Christie plans to take control of an unfinished $3.5 billion mega resort, currently tied up in a corporate bankruptcy process, and push it through to completion to help bolster his country's fragile economy. Talks this week in Beijing between the project's main lender, China's export import bank, and the developer, Sarkis...

  • July 17- Bahamas Prime Minister Perry Christie is moving to take control of an unfinished $3.5 billion mega resort that is weighing down his country's fragile economy. Talks this week in Beijing between the project's main lender, China's export import bank, and the developer, Sarkis Izmirlian, ended without resolving how to complete the resort, Christie said.

  • July 17- Bahamas Prime Minister Perry Christie has called for liquidators to take control of an unfinished $3.5 billion resort largely bankrolled and built by the Chinese, after talks broke down in Beijing about how to complete the rest of the project. Christie said in a speech Thursday night that talks between the resort's developer, Sarkis Izmirlian, and...

  • July 16- Shares of U.S. deep discount retailer Ollie's Bargain Outlet Holdings Inc, known for the catch phrase "good stuff cheap," rose as much as 43.7 percent in their debut, valuing the company at up to $1.31 billion. The stock was priced at $16 per share, above the top end of the expected price range of $13- $15. Private equity firm CCMP Capital Advisors LLC holds about 61...

  • *UK banks still' too big to fail', says Carney. LONDON, July 14- Almost seven years after the collapse of Lehman Brothers sparked mayhem in markets, regulators are still years away from being able to wind down a major failed bank at no cost to taxpayers, the Bank of England said on Tuesday. "We have many more options in terms of what would happen were an institution to fail,...

  • DUBAI, July 14- Arcapita, the Bahrain- based investment management firm, has acquired part of Saadiyat Beach Residences, a residential real estate complex in Abu Dhabi, the company said on Tuesday. Arcapita bought the asset from Mubadala Development, an Abu Dhabi state-owned fund with a mandate to develop the emirate's economy, Arcapita said in a statement.

  • Lehman creditors' recovery may soon reach $7.8 billion Monday, 13 Jul 2015 | 12:52 PM ET

    NEW YORK, July 13- The trustee liquidating Lehman Brothers Holdings Inc's brokerage unit on Monday asked a federal bankruptcy judge for permission to distribute another $1.89 billion to unsecured creditors, boosting their total recovery to $7.78 billion. James Giddens, the trustee, said the creditors will have recouped 35 cents on the dollar, up from 27 cents...

  • July 9- The U.S. government has agreed to take no near-term legal action against 40,000 former students of the bankrupt Corinthian Colleges Inc who have defaulted on federal loans, according to a lawyer representing students. Under Thursday's agreement, the Department of Education will suspend judicial debt collection efforts for 120 days against former...

  • 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.

  • June 25- Texas' largest power company, Energy Future Holdings Corp, has scrapped a bankruptcy exit plan centered on the sale of its multibillion dollar power line stake and instead will pursue a reorganization, the company said in an internal memo on Thursday. The Luminant power generating business and its TXU retail utility would be spun off to the senior...

  • WINDSOR, Ontario, June 25- The Bank of Canada, frustrated by unilateral U.S. moves which regulate Canadian banks with U.S. subsidiaries, called on Thursday for the possible adoption of a bilateral agreement to clarify responsibilities in winding up failed banks. Deputy Governor Lawrence Schembri took aim at the U.S. financial reforms under the Dodd-Frank Act of...

  • NEW YORK, June 24- When U.S. companies go bust, bankruptcy laws ensure workers are among the first to get paid. A federal appeals court in Philadelphia last month endorsed an agreement among stakeholders of Jevic Transportation Inc to toss the trucking company's bankruptcy case out of court before a formal Chapter 11 exit plan was approved.

  • HEDGE FUND RESEARCH SAYS 217 HEDGE FUNDS WENT OUT OF BUSINESS IN Q1, HIGHEST NUMBER SINCE EARLY 2014.

  • LONDON, June 10- Global regulators have yet to agree on who would pay the trillions of dollars that would be needed to bail out any failed clearing house for derivatives, a senior European Commission official said on Friday. While policymakers don't want taxpayers to rescue clearers, central banks like the Bank of England and European Central Bank have said they...

  • WASHINGTON, May 21- Two U.S. Louisiana Senator David Vitter withdrew a proposed amendment to the financial regulatory bill that aimed to end "too big to fail" by requiring certain mega banks to face new 10 percent capital levels. Pennsylvania's Pat Toomey withdrew another proposed change that would have repealed a major provision of the Dodd-Frank Wall Street...

  • Last month, solar producer Baoding Tianwei Baobian Electric became China's first ever state-owned company to default on a bond coupon payment, showing Beijing's increasing willingness to let companies go bust in a bid to reform its corporate market. Although onshore and offshore bondholders have equal standing in China's bankruptcy law, lawyers and...

  • WILMINGTON, Del, May 12- The Canadian and U.S. judges charged with dividing the $7.3 billion from the liquidation of Nortel Networks rejected proposals from former regional businesses and opted for a pro rata split of the money in long-awaited rulings on Tuesday. Judges on the U.S. Bankruptcy Court in Wilmington, Delaware and Ontario Superior Court of Justice...

  • *SEC says company hid information from investors, auditor. In a complaint filed in the federal court in Indianapolis, the SEC accused ITT, Chief Executive Kevin Modany and CFO Daniel Fitzpatrick of hiding how ITT expected to owe hundreds of millions of dollars because its underlying loans had performed "abysmally," with "extremely high" default rates.

  • NEW YORK, April 15- Ernst& Young LLP will pay $10 million to settle a New York lawsuit accusing the accounting firm of helping Lehman Brothers Holdings Inc deceive investors in the years leading up to its 2008 collapse, the New York attorney general said on Wednesday. While the $10 million was much smaller than what the attorney general's office had sought, Ernst&...