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  • Puerto Rico's PREPA, creditors revive restructuring deal Thursday, 28 Jan 2016 | 12:54 AM ET

    SAN JUAN, Jan 28- A deal to restructure Puerto Rico's debt-laden power utility, PREPA, received new life late on Wednesday after the agency and bondholders agreed to extend a crucial deadline. Righting PREPA's ship is seen as a key step in fixing Puerto Rico, which faces $70 billion of debt, a 45 percent poverty rate and a shrinking tax base as residents increasingly...

  • SAN JUAN, Jan 27- U.S. Senate Democrats, in a letter to Majority Leader Mitch McConnell, on Wednesday called for congressional action on Puerto Rico, demanding that legislation to resolve the island's financial crisis include tools to restructure debt. Republican Senators Orrin Hatch of Utah, Lisa Murkowski of Alaska and Chuck Grassley of Iowa last month...

  • SAN JUAN, Jan 27- U.S. Senate Democrats, in a letter to Majority Leader Mitch McConnell, on Wednesday called for congressional action on Puerto Rico, demanding that legislation to resolve the island's financial crisis include tools to restructure debt. Republican Senators Orrin Hatch of Utah, Lisa Murkowski of Alaska and Chuck Grassley of Iowa last month...

  • Puerto Rico creditor talks expected Friday -source Tuesday, 26 Jan 2016 | 3:29 PM ET

    NEW YORK, Jan 26- Puerto Rico's advisors are expected to meet with creditors on Friday as the island continues to try and negotiate a debt restructuring deal, according to a source familiar with the situation. Facing $70 billion in debt and a 45 percent poverty rate, Puerto Rico is trying to solve an economic crisis before it hits substantial debt payments in May...

  • The company forecast full year operating earnings of $2.95- $3.10 per share, including an expected benefit of 64 cents per share from its cost cutting and restructuring plan. DuPont and Dow Chemical Co are in the process of a merger that would create a company with an estimated combined market capitalization of about $130 billion as of Dec. 11, when the deal was...

  • Jan 25- SandRidge Energy Inc is exploring debt restructuring options, according to people familiar with the matter, as the heavily indebted U.S. oil and gas exploration and production company struggles with the fallout from plunging energy prices. Debtwire had reported on Jan. 13, also citing unnamed sources, that SandRidge- which produces oil and gas from shale...

  • NEW YORK/ SAN JUAN, Jan 24- Puerto Rico's struggling power utility PREPA said on Sunday it had reached a deal with some lenders that protects it from litigation through Feb. 12, but the agency's future remains uncertain after the collapse of a restructuring plan on Friday. Fixing PREPA, which is hamstrung by inefficient governance and out-of-date plants, is a key...

  • NEW YORK/ SAN JUAN, Jan 24- Puerto Rico's struggling utility PREPA said on Sunday it had extended a restructuring deal with its lenders, although bondholders were left out as it continues to negotiate with them after an impasse late on Friday. After months of negotiations PREPA in December agreed to a restructuring deal with creditors, an agreement which would...

  • Puerto Rico power debt relief deal falls apart Saturday, 23 Jan 2016 | 6:30 PM ET
    Cars pass a construction site in Fajardo, near San Juan, Puerto Rico, on Dec. 1, 2015.

    A deal to restructure $8.2 billion in Puerto Rican utility debt collapsed, after lawmakers missed a deadline to approve conditions for the bond swap.

  • NEW YORK, Jan 22- The Association of Financial Guaranty Insurers said on Friday that granting bankruptcy protections to the government of Puerto Rico, which is struggling to pay its debts, would jeopardize its ability to reach a consensual debt restructuring. While pointing out that Lew did not explicitly join Puerto Rico's call for bankruptcy protection,...

  • Jan 22- Standard and Poor's raised Greece's rating to "B minus" from "CCC plus", saying the country is broadly in compliance with the terms of its 86 billion euro financial support program after recapitalizing its banks and taking budgetary steps. Despite various shocks, Greece's economy had proved to be more resilient than expected, the ratings agency said on...

  • WILMINGTON, Del., Jan 21- Dov Charney, the founder of American Apparel, told a U.S. judge on Thursday the board threatened "character assassination" if he fought his removal as chief executive in 2014, in testimony that could determine control of the bankrupt teen retailer. American Apparel wants Bankruptcy Judge Brendan Shannon in Wilmington, Delaware, to approve...

  • LONDON, Jan 21- Britain's Pearson said it would cut 10 percent of its workforce and restructure once again to tackle a storm it is facing in markets from North America to South Africa after focusing on educational publishing. Chief Executive John Fallon said problems in its markets, such as fewer people in the United States going to college, had been more...

  • "I had made a mistake in denying the motion," Sontchi said, adding the matter would go forward at a hearing on Friday morning in Bankruptcy Court in Delaware. Concerned about leaks from confidential mediation in Molycorp's Chapter 11 bankruptcy, Sontchi last week ordered 123 people to disclose their contacts with Bloomberg reporters over the prior 60 days.

  • CHICAGO, Jan 20- A U.S. judge on Wednesday opened the door to dismissing the $18 billion Caesars bankruptcy case unless parties find a way to make public results of a probe into whether the casino operator transferred its most profitable properties to new owners before filing to reorganize under Chapter 11.. Bankruptcy Judge Benjamin Goldgar said he might...

  • NEW YORK, Jan 18- Puerto Rico, struggling to make its debt payments, outlined an increase in its financing gap on Monday, saying it now projects a $16.06 billion hole to fill, cumulatively, over the next five years, an increase of $2.1 billion from a September projection. The Government Development Bank said in an updated Fiscal and Economic Growth Plan released on...

  • NEW YORK, Jan 15- Puerto Rico is talking to creditors on Friday to discuss adjusting its long-anticipated restructuring plan unveiled in September, its Government Development Bank president Melba Acosta said in a statement. Facing $70 billion in debt and a 45 percent poverty rate, Puerto Rico is trying to solve an economic crisis before it hits substantial...

  • NEW YORK, Jan 15- Puerto Rico is talking to creditors on Friday to discuss adjusting its long-anticipated restructuring plan which was unveiled in September, its Government Development Bank president Melba Acosta said in a statement. Puerto Rico officials in September proposed cuts to teacher pensions, a new financial control board and restructuring $18...

  • Jan 15- Billionaire Ron Perelman, the majority owner of Revlon Inc, said he would seek strategic alternatives for the cosmetics maker. New York- based Revlon, whose sales have stagnated in the last three quarters, announced a restructuring plan in September to cut costs. Avon said in December Cerberus Capital Management LP would take a 16.6 percent stake in the...

  • SHANGHAI, Jan 14- Just how worried should the commodity sector be about China? The threat of the yuan dropping more than 10 percent to above 7 to the dollar and concern that there will be little progress in restructuring zombie state-owned companies in the mining, steel, aluminium and industrial sectors were the top two concerns among investors at the UBS Greater...