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Business Events Business Failures

  • Wells Fargo was one of five banks to fail an initial assessment in April. On Tuesday, regulators determined that Wells Fargo's living wills fell short and that the San Francisco- based bank would be sanctioned, the Federal Deposit Insurance Corporation said in a statement. Wells Fargo may submit an amended living will by March 31 and regulators may lift...

  • NEW YORK, Dec 9- The Beechwood group of reinsurance companies is in talks to sell most or all of itself after a backlash from some clients due to its relationship with troubled hedge fund manager Platinum Partners, according to a person familiar with the situation. The Bermuda-, Grand Cayman- and New York- based firm has been working to sever its links with Platinum...

  • CHICAGO, Dec 2- U.S. coal producer Peabody Energy Corp said it would seek court approval to repay a $500 million term loan ahead of schedule because it has enough cash to operate in bankruptcy thanks to a rise in coal prices. The financing included a $500 million term loan, which the company is planning to repay, along with a $200 million bonding accommodation...

  • Nov 23- At Global Geophysical Services LLC headquarters in a Houston suburb, a few employees are winding down what is left of an oil and gas industry data provider that only three years ago had a staff of more than 1,000 and offices around the world. In Global Geophysical's first bankruptcy, a fight among creditors was in part to blame for leaving it with more than...

  • Nov 23- At Global Geophysical Services LLC headquarters in a Houston suburb, a few employees are winding down what is left of an oil and gas industry data provider that only three years ago had a staff of more than 1,000 and offices around the world. In Global Geophysical's first bankruptcy, a fight among creditors was in part to blame for leaving it with more than...

  • BRUSSELS, Nov 18- Euro zone banks could be forced by watchdogs to suspend their payments to some creditors for a maximum of five days if there are risks of bank failure, a draft EU law said, granting regulators power to intervene early to prevent crisis. The draft law, expected to be published by the European Commission next week, gives regulators the extra power to...

  • Nov 8- American Apparel LLC has resumed talks with at least two potential bidders for the U.S. teen clothing retailer, after bankruptcy sale negotiations with brand licensor Authentic Brands Group LLC stalled earlier this week, a source close to the company said on Tuesday. Declaring bankruptcy would allow any buyer of the Los Angeles company to avoid tens of...

  • Oct 28- The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme. A separate $15 million fund will pay claims by California investors, resolving litigation by that...

  • Oct 28- The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme. Picard also said a $15 million restitution fund supervised by the office of California Attorney...

  • CHICAGO, Oct 18- A leading bankrupt subsidiary of Abengoa SA won U.S. court approval on Wednesday to join a $10 billion debt-restructuring agreement in Spain, a week before a deadline for the renewable energy firm to secure creditor support for the plan. Abengoa, with a global renewable energy footprint, filed for pre-bankruptcy in November in Spain, and will...

  • CHICAGO, Oct 18- A leading bankrupt subsidiary of Abengoa SA won U.S. court approval on Wednesday to join a $10 billion debt-restructuring agreement in Spain, a week before a deadline for the renewable energy firm to secure creditor support for the plan. Abengoa, with a global renewable energy footprint, filed for pre-bankruptcy in November in Spain, and will...

  • Oct 12- Former telecommunications equipment company Nortel Networks Ltd reached an agreement with their various business units on Wednesday to divvy up the $7.3 billion raised from liquidating the failed company, paving the way for pensioners and creditors to get paid after a seven-year wait. According to the agreement, Nortel's former U.S. business unit...

  • SHANGHAI, Oct 12- The key to successful deleveraging of corporate debt is a clear line between the government and the marketplace, a commentary in the People's Daily, the official newspaper of the ruling Chinese Communist Party, said Wednesday. China's formal bankruptcy process remains largely untested, but the recent case of Guangxi Nonferrous Metals Group...

  • SHANGHAI, Oct 10- Dongbei Special Steel Group Co Ltd has formally entered into a bankruptcy restructuring process following a court filing by one of its creditors, official news agency Xinhua reported on Monday. Dongbei, owned by the Liaoning provincial government in the country's "rustbelt" northeast, has been at the heart of troubles in China's debt market...

  • SAN FRANCISCO, Oct 7- Units of former telecommunications equipment giant Nortel Networks said on Friday they need more time for talks to try to reach deal on divvying up $7.3 billion raised from liquidating the failed company. Former Nortel business units in Canada, the United States and Europe have been pushing differing proposals for splitting the money.

  • Oct 5- U.S. natural gas producer Chesapeake Energy Corp closed a private placement of $1.25 billion of debt on Wednesday, shoring up capital for debt repayment 10 months after it said it had no plans to file for bankruptcy. "These transactions represent major steps toward reaching our financial goals of $2- 3 billion of debt reduction and growing production...

  • **Britain's Barclays has completed the sale of its Egyptian business to Morocco's Attijariwafa Bank as part of its shift towards focusing on the United States and Britain. **U.S. rail equipment maker Wabtec Corp secured EU antitrust approval for its $1.8 billion buy of Faiveley Transport after agreeing to sell the French company's sintered friction material...

  • **Britain's Barclays has completed the sale of its Egyptian business to Morocco's Attijariwafa Bank as part of its shift towards focusing on the United States and Britain. **U.S. rail equipment maker Wabtec Corp secured EU antitrust approval for its $1.8 billion buy of Faiveley Transport after agreeing to sell the French company's sintered friction material...

  • ROME, Oct 4- The Bank of Italy is confident there are alternatives to liquidation for four Italian banks rescued from bankruptcy last year if their planned sale falls through, its Director General Salvatore Rossi said on Tuesday. A European Union deadline of Sept. 30 for the sale of the troubled banks was extended last week, but UBI Banca's move to buy three of them...

  • The company said it had entered into a non-binding agreement with lenders AB Opportunity Fund LLC, AB Value Partners LP and affiliates of Milfam II LP under which these lenders have offered to buy Cosi's assets and serve as a "stalking horse" bidder in a sale process. The company said it had net sales of $22.3 million, with net losses of about $3.1 million and cash on...