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Business Events Corporate Restructuring

  • By Shu Zhang and Matthew Miller. BEIJING, March 8- A $1.44 billion restructuring deal at an insolvent coal mining company in eastern Shandong province offers a glimpse into how China is preparing to tackle a corporate debt burden that has ballooned to $17.9 trillion. Loss-making Feicheng Mining Group struck the deal last December with 10 banks, led by...

  • March 6- Appliances and electronics retailer hhgregg Inc and its Gregg Appliances Inc unit filed for bankruptcy protection on Monday, as they continued to struggle with declining sales for about four years. Hhgregg listed assets and liabilities of up to $50,000 in its Chapter 11 filing in the U.S. bankruptcy court for the Southern District of Indiana, and said...

  • March 6- Appliances and electronics retailer hhgregg Inc said on Monday it has filed for bankruptcy protection and signed a term sheet with an unnamed party to purchase its assets. The retailer filed for a Chapter 11 reorganization in the U.S. bankruptcy court for the Southern District of Indiana, the company said in a statement. Hhgregg had hired Stifel...

  • Concerns over how Peabody, the world's largest private-sector coal miner, would finance about $1 billion in self-bonds when it emerges from bankruptcy protection had led a series of complaints over its reorganization plan. Under a deal announced on Monday, Peabody said it had arranged for $1.26 billion in third-party bonds and $14.5 million in a state bond...

  • *Rights issue to begin March 21. FRANKFURT, March 5- Deutsche Bank plans to raise capital, list its asset management business and overhaul its business structure as it tries to reinvent itself after spending two years dealing with its past misdeeds and huge losses. Deutsche plans to launch an 8 billion euro rights issue of 687.5 million new shares on March 21,...

  • *Rights issue to begin March 21. FRANKFURT, March 5- Deutsche Bank plans to raise capital, list its asset management business and overhaul its business structure as it tries to reinvent itself after spending two years dealing with its past misdeeds and huge losses. Deutsche plans to launch an 8 billion euro rights issue of 687.5 million new shares on March 21,...

  • The company, known for party dresses worn by celebrities including Selena Gomez and Drew Barrymore, listed assets in the range of $100 million to $500 million and liabilities in the range of $500 million to $1 billion, a filing under Chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York showed. http://bit.ly/2lo7iMI.

  • SINGAPORE, Feb 27- Noble Group Ltd reported a net profit of $8.7 million for full-year 2016 versus a huge loss in the previous year when the Singapore- listed commodities trader restructured its business operations, and it outlined further cost cuts for this year. The Hong Kong- headquartered company is slowly recovering after the restructuring, and is cutting...

  • SINGAPORE, Feb 27- Noble Group Ltd reported a full year profit of $8.7 million in the year ending December 2016 versus a huge loss in the previous year when the Singapore- listed commodities trader restructured its business operations. The Hong Kong- headquartered company is slowly recovering after the restructuring, cutting debt and boosting liquidity amid a...

  • LONDON, Feb 24- British luxury carmaker Aston Martin reported a sharp rise in losses on Friday, failing to turn a profit for the sixth year running, but said the launch of the DB11, its first new model since restructuring, caused sales to surge at the end of 2016.. But the 104- year old firm, made famous by fictional secret agent James Bond's 1960 s DB5 sports car, said...

  • Feb 22- A judge has crushed the hopes of a group of investors in Ultra Petroleum Inc, a bankrupt natural gas company, who had sought to collect a $300 million windfall because a clerk entered a court order on the wrong date. Bankruptcy Judge Marvin Isgur approved on Feb. 13 the disclosures for Ultra's plan to emerge from Chapter 11, although his order was not put on the...

  • Feb 22- Creditors of Puerto Rico's sales tax authority have asked a federal court to prevent the U.S. territory from diverting the revenue that guarantees its debt to repay other investors, the latest volley in an escalating battle. Crippled by high poverty and nearly insolvent public health and pension systems, Puerto Rico is trying to restructure $70 billion...

  • The company reported a net loss of $719.9 million, or $6.92 per share, in the fourth quarter ended Dec. 31, compared with a profit of $164.1 million, or $1.60 per share, a year earlier. First Solar said on Tuesday it recorded $728.9 million in charges in the latest quarter related to plans to abandon the Series 5 modules and other restructuring. The company said it...

  • TOKYO, Feb 17- S&P Global Inc said in a report on Friday it could cut its rating of Toshiba Corp credit by several notches should the Japanese firm receive financial support that includes debt restructuring, sending Toshiba stock down 9 percent. "If any financial support includes debt-to-equity swaps or changes in loan conditions, we would consider that as...

  • TOKYO, Feb 17- S&P Global Inc said in a report on Friday it could cut its rating of Toshiba Corp credit by several notches should the Japanese firm receive financial support that includes debt restructuring, sending Toshiba stock down 9 percent. "If any financial support includes debt-to-equity swaps or changes in loan conditions, we would consider that as...

  • *S&P says any form of debt restructuring is selective default. TOKYO, Feb 17- Shares in Japan's Toshiba sank 10 percent on Friday, after credit rating firm S&P Global said it could slash the conglomerate's rating several notches if financial support from lenders includes any form of debt restructuring. Sumitomo Mitsui Banking Corp on Thursday said it will...

  • DUBAI, Feb 14- Dubai- based building company Drake& Scull announced a turnaround and capital restructuring plan on Tuesday as it reported another quarterly loss, the latest sign of how a slowdown in the Gulf's construction industry is hurting contractors. As part of its capital restructuring plan, DSI said it was considering proposing a rights issue of 500...

  • SAO PAULO, Feb 10- A group of bondholders in Oi SA appealed on Friday a ruling by a Dutch court that refused to declare insolvent two subsidiaries in the Netherlands, the latest setback in a protracted legal battle to solve Brazil's largest bankruptcy case on record. "The restructuring should treat similarly situated creditors equally," the International...

  • SAO PAULO, Feb 9- A Cerberus Capital Management LP- led group of investors plans to unveil an alternative in-court restructuring proposal for debt-laden Brazilian phone carrier Oi SA as early as next month, right after finalizing due diligence procedures, a person with direct knowledge of the plan said on Friday. Oi filed for Brazil's largest-ever bankruptcy...

  • CHICAGO, Feb 8- A U.S. federal appeals court dismissed an emergency appeal by opponents of Peabody Energy Corp's reorganization plan on Wednesday, saying any complaints should be lodged after the plan is confirmed by the bankruptcy court. A bankruptcy panel of the 8th U.S. Circuit Court of Appeals did not address the merits of the motion. Peabody hopes to emerge...