Business Events Corporate Restructuring

  • The firm reported strength from its restructuring business, which nearly doubled from a year ago to $51.27 million. Distressed debt and bankruptcy restructuring deals around the world jumped 67 percent to $168.4 billion during the first nine months of 2016, according to Thomson Reuters data. Net income attributable to Lazard was $112.5 million, or 85 cents...

  • FRANKFURT, Oct 27- Deutsche Bank chief John Cryan pledged to redouble restructuring efforts on Thursday, warning that the bank faces tough times ahead as it finalizes talks with U.S. justice authorities over a multi billion dollar fine. Germany's biggest lender earlier posted an unexpected quarterly profit, benefiting from a modest rebound in bond trading,...

  • Fees from Lazard's restructuring business nearly doubled to $51.27 million, helping the company report a 3.8 percent rise in financial advisory revenue. Distressed debt and bankruptcy restructuring deals around the world jumped 67 percent to $168.4 billion during the first nine months of 2016, according to Thomson Reuters data. Net income attributable...

  • FRANKFURT, Oct 27- Deutsche Bank chief John Cryan pledged to redouble restructuring efforts on Thursday, warning that it faces tough times finalising talks with U.S. justice authorities over a multi billion dollar fine. Germany's biggest lender earlier posted an unexpected quarterly profit, benefiting from a modest rebound in bond trading, but failed to...

  • NAIROBI, Oct 26- Kenya Airways needs to extend debt repayments and make other changes to restructure its balance sheet, which would take priority over finding a strategic partner, the new chairman of the loss-making airline told Reuters. The appointment of veteran telecoms executive Michael Joseph as chairman has also lifted sentiment.

  • LONDON, Oct 26- The yield on Mozambique's restructured "tuna bond" hit a record high on Wednesday after the government said debt levels were unsustainable, while emerging equities slipped from two-week highs, tracking falls in developed markets. Mozambique's finance ministry warned creditors the government must renegotiate repayment terms if it is to agree...

  • CHICAGO, Oct 25- Hedge fund Trilogy Capital Management, the last holdout bondholder of Caesars Entertainment Corp's bankrupt operating unit, has agreed to support the casino group's restructuring and halt litigation, a court filing showed on Tuesday. While Trilogy's claim was small at $9.4 million, a judgment could have blown up a crucial $5 billion...

  • LONDON, Oct 25- London- listed Xcite Energy is set to go into liquidation after bondholders rejected a restructuring plan for the North Sea oil developer, the company said on Tuesday. Ian McLelland, global head of natural resources at Edison Investment Research, said that the announcement was a blow to both the company's share and debt holders as well as to the...

  • *Etisalat conducts due diligence on data centre. DUBAI, Oct 25- Dubai technology company Pacific Controls, which is seeking one of the biggest debt restructuring deals in the Gulf since the economic slowdown, is in talks to sell its data centre in the emirate to telecoms company Etisalat, four sources said. Pacific Controls, which needs to raise cash in its effort to...

  • *Etisalat conducts due diligence on data center. DUBAI, Oct 25- Dubai technology company Pacific Controls, which is seeking one of the biggest debt restructuring deals in the Gulf since the economic slowdown, is in talks to sell its data center in the emirate to telecoms company Etisalat, four sources said. Pacific Controls, which needs to raise cash in its effort to...

  • *Approval will avoid Spain's biggest ever bankruptcy. MADRID, Oct 25- Renewable energy firm Abengoa is on track for the 75 percent creditor approval needed for its restructuring plan and avoid filing for Spain's biggest ever bankruptcy, a source with knowledge of the deal said on Tuesday. Abengoa's creditors include Spain's Santander and Caixabank,...

  • SAO PAULO, Oct 21- Egyptian billionaire Naguib Sawiris and some creditors of Oi SA are considering pouring up to $1.5 billion into the debt-laden Brazilian telecoms carrier, whose in-court reorganization has failed to gain traction amid rows between bondholders and shareholders, two people with knowledge of the matter said. The purpose of the...

  • SAN FRANCISCO/ BOSTON, Oct 21- The apparent lack of interest in Twitter Inc by potential suitors may force the social media company to consider a route anathema to aspiring tech startups: a major restructuring and cutting some its nearly 4,000 employees. "It's going to take some bold moves here," said David Hsu, a management professor at the University of...

  • 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...

  • SAO PAULO, Oct 18- An activist minority shareholder in Oi SA urged the Brazilian phone carrier's board to revamp a bankruptcy protection plan presented last month, in a bid to neutralize growing pressure from large creditors like bondholders and banks. Oi, which in June filed for Brazil's largest bankruptcy protection plan on 65.4 billion reais of liabilities,...

  • Oct 18- Harley-Davidson Inc said on a conference call on Tuesday it laid off "casual," or temporary hourly wage workers, during layoffs announced last quarter. Harley-Davidson said it plans to reorganize and reduce its workforce to streamline functions and become a more agile manufacturer. The reductions will cost the company $20 million to $25 million.

  • NEW YORK, Oct 14- Equity investors in Breitburn Energy Partners LP can receive representation on an official committee, a U.S. bankruptcy court said on Friday, giving investors in the bankrupt oil and gas company a voice in restructuring negotiations. "court concludes that... equity has carried its burden that Breitburn does not appear to be hopelessly insolvent,"...

  • The company said it expects adjusted profit for fiscal 2017 to be $1.55- $1.65 per share. Analysts on average had expected $1.61 per share, according to Thomson Reuters I/B/E/S. As part of the restructuring plan, the company expects to record $350 million- $500 million in charges.

  • MADRID, Oct 13- A centuries-old tapestry factory in Spain has come back from the brink of bankruptcy after an injection of public money, a debt restructuring plan and its biggest order in 200 years- a German commission for dozens of tapestries. The turnaround of the 296- year-old Royal Tapestry Factory in Madrid is a rare bright spot for Spanish companies facing...