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Business Events Corporate Restructuring

  • SAO PAULO, March 31- Odebrecht Ôleo& Gás SA, the offshore oil drilling company owned by Brazil's Odebrecht SA, has won a temporary relief from a relevant group of bondholders that will help it pay for operational and capital expenses, signaling progress in talks aimed at restructuring $5 billion in debt. In a Friday statement, the company known as OOG said...

  • MOSCOW, March 31- Russian banks are yet to sign a "standstill agreement" with Croatia's Agrokor as part of debt restructuring talks, but they plan to do so in the near future, two Russian sources close to the talks said on Friday. Media reports earlier on Friday said heavily indebted Agrokor had signed a deal with creditors overnight to restructure its debt.

  • NEW YORK, March 29- Westinghouse Electric Co's financial distress sparked a feeding frenzy among Wall Street lenders keen to give the nuclear developer a lifeline while it reorganizes in bankruptcy, according to court papers and people familiar with the matter. Westinghouse, the nuclear arm of Japanese conglomerate Toshiba, filed for Chapter 11 bankruptcy...

  • March 29- Amazon.com Inc plans to cut 263 jobs at its money-losing parenting products unit Quidsi this summer as part of a business restructuring, it said in a notice filed with New Jersey on Wednesday. The New Jersey- based subsidiary operates Diapers.com, Soap.com and other websites. Amazon's stock briefly hit a record high of $876.44 before closing at $874.32.

  • March 29- Amazon.com Inc plans mass layoffs at its money-losing parenting products subsidiary Quidsi as part of a business restructuring, the company said in a document filed with the state of New Jersey on Wednesday. The e-commerce giant plans to terminate 263 employees in New Jersey this summer, according to a notice filed with the state's Department of...

  • NEW YORK, March 29- Creditors of Puerto Rico's struggling power authority, PREPA, have presented the island's government with a counter-offer to restructure the utility's $8.9 billion of debt, two people familiar with discussions said on Wednesday. While details of the offer remain confidential, the revelation that the parties involved are working on a deal...

  • NEW YORK, March 28- A congressional subcommittee on Tuesday urged Puerto Rico Governor Ricardo Rossello to finalize an $8.9 billion debt restructuring at the island's power utility, PREPA, before a deadline to close the deal expires on Friday. In a letter to Rossello, California Republican Doug LaMalfa, who chairs the U.S. House Subcommittee on Indian, Insular...

  • March 28- A congressional subcommittee on Tuesday urged Puerto Rico Governor Ricardo Rossello to finalize an $8.9 billion debt restructuring at the island's power utility, PREPA, before the deal expires on Friday. In a letter to Rossello, California Republican Doug LaMalfa, who chairs the U.S. House Subcommittee on Indian, Insular and Alaska Native Affairs,...

  • The Cyprus- based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Ocean Rig's chief executive, George Economou, said last year that the company would consider alternatives, including a possible reorganization under US bankruptcy laws.

  • SAO PAULO, March 24- The two biggest bondholder groups in Brazilian telephone operator Oi SA said on Friday they "strongly oppose" the terms of a new debt restructuring plan the company intends to present in bankruptcy court. Oi is Brazil's No. 4 wireless carrier. Last June, the company sought court protection from creditors on about 65 billion reais in Brazil's...

  • SAO PAULO, March 23- A new reorganization plan from Brazil's debt-laden phone carrier Oi SA boosted shares on Thursday, but analysts continued to focus on the need for fresh capital after a heavy fourth-quarter loss. Oi's Chief Executive Marco Schroeder told Reuters that the company generates enough cash to meet financial obligations and make necessary...

  • SAO PAULO, March 23- Brazilian telephone operator Oi SA expects a new in-court reorganization plan to go to a creditor vote by the end of June, Chief Executive Officer Marco Schroeder said on Thursday. In a conference call with investors and analysts, Schroeder said the updated plan has not yet been submitted to the Rio de Janeiro court where the debt-laden...

  • ATHENS, March 22- Greece said on Wednesday it hopes for a deal with its international lenders within the month of April and is working to bridge differences on labour, pension and energy reforms. The onus for an agreement was not only on the Greek government, but on its European Union and International Monetary Fund lenders too, government spokesman Dimitris...

  • NEW YORK, March 21- Puerto Rico Electric Power Authority, the island's ailing power utility, on Tuesday reopened a long-agreed debt restructuring deal that drew ire from bondholders and put the stock of credit insurers under further selling pressure. I would love to say that we would have investment grade bonds, but it is just not true, " Elias Sanchez, an official in...

  • *Unions call strike for April 5 to protest against cuts. MILAN, March 17- Alitalia's new restructuring plan envisages cutting 16 percent of its workforce and reducing flight personnel's salaries by up to a third in a last-ditch attempt to make the troubled Italian airline profitable, labor officials said on Friday. Unions, however, called a 24- hour strike for...

  • PARIS, March 16- Private-equity backed French clothing retailer Vivarte, in talks to restructure more than 1.3 billion euros of debt, has sealed a deal with its lenders, chairman and chief executive Patrick Puy told French newspaper Les Echos. The debt restructuring plan, which was agreed by all of the retailer's 172 creditors, calls for the conversion of 846...

  • Those investors- who said in court filings that they own between 5 and 7 percent of the unsecured bonds- will argue in U.S. Bankruptcy Court in St. Louis that Peabody's reorganization plan should be rejected because it violates a bankruptcy statute requiring equal treatment for owners of the same securities. "This is absolutely theft from a small group of people...

  • TOKYO, March 14- Japanese stocks edged down on Tuesday ahead of an expected U.S. interest rate hike, while Toshiba shares were volatile, due to its delayed earnings filing and concerns about its restructuring plan. The Nikkei share average shed 0.1 percent to 19,609.50. Toshiba Corp dove as much as 8.3 percent in the morning after the company said that it asked...

  • The plan, a cornerstone of the federal Puerto Rico rescue law known as PROMESA, will serve as the baseline for looming restructuring talks with holders of some $70 billion in debt that has pushed the U.S. territory to the brink of economic collapse. The latest version rolled back those numbers, boosting the island's 10- year projected funding gap to $67 billion...

  • NEW YORK, March 13- Puerto Rico Governor Ricardo Rossello said on Monday he does not want to "destroy" the pending debt restructuring deal for the island's ailing power utility, but wants to "get a better one" as the U.S. territory's fiscal situation worsens. Rossello said in an interview that he was invited to Washington for a U.S. congressional hearing on March 22 to...