Business Events Corporate Restructuring

  • 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...

  • LONDON, Oct 12- State-backed Lloyds Banking Group said on Wednesday it planned to axe 1,230 jobs as part of a three-year restructuring plan aimed at cutting costs and improving returns for shareholders. Lloyds announced in July it would cut a further 3,000 jobs and close 200 branches amid a more testing economic environment caused by Britain's vote to quit the...

  • SHANGHAI, Oct 12- China Construction Bank Corp will establish a 24 billion yuan transformation and development fund with Wuhan Iron and Steel Group Corp to help the steel firm reduce leverage, the bank said on its website. Although the statement released on Tuesday did not explicitly mention debt-to-equity swaps, a separate article published Wednesday by...

  • South Korean economy still resilient: Economist

    South Korea will grow by 2.5 percent in 2016 but restructuring measures will affect the economy in the short term, says Natixis' Trinh Nguyen.

  • 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...

  • DUBAI, Oct 6- Creditors of Kuwait's debt-laden Investment Dar, whose assets include property and finance, are close to forming a team to negotiate a deal on the company's latest plan to restructure 813 million dinars in debt. Investment Dar, whose assets include a stake in the owner of Dubai's "The World" islands project, has made several efforts to restructure its...

  • Trilogy Capital Management is one of several hedge funds that had accused Caesars of scrapping a guarantee on the debt of its bankrupt subsidiary, Caesars Entertainment Operating Co Inc. "The risk that the Trilogy action will derail the reorganization is too great," Judge Benjamin Goldgar said in U.S. Bankruptcy Court in Chicago on Wednesday.

  • Trilogy Capital Management is one of several hedge funds that had accused Caesars of scrapping a guarantee on the debt of its bankrupt subsidiary, Caesars Entertainment Operating Co Inc. "The risk that the Trilogy action will derail the reorganization is too great," Judge Benjamin Goldgar said in U.S. Bankruptcy Court in Chicago on Wednesday.

  • Oct 3- A divided federal appeals court on Monday rejected claims by Detroit retirees that their pensions were unfairly cut to help the city end the largest U.S. municipal bankruptcy. The 6th U.S. Circuit Court of Appeals in Cincinnati said restoring the pension cuts would "unavoidably" unravel Detroit's reorganization plan, which helped the city shed $7 billion...

  • But they are the heaviest since 2009, when ING was forced to restructure and spin off its insurance activities after receiving a state bailout during the financial crisis. "I don't think this was the intention of the when it kept ING afloat with bailout money," Ike Wiersinga of the Dutch CNV union said. ING said it would invest 800 million euros in its technology...

  • *Company hasn't paid installments since start of year- sources. DUBAI, Sept 29- Dubai- listed conglomerate Gulf General Investment Co is seeking to restructure loans linked to a 2.8 billion dirham debt plan which it agreed four years ago, banking sources told Reuters. More recently GGICO, 50 percent- owned by the Al Sari family from the emirate of Sharjah, requested...

  • TOKYO, Sept 29- All five bidders seeking to bail out Japan's beleaguered Takata Corp have presented restructuring plans that require the air bag maker to file for bankruptcy protection, people with knowledge of the process told Reuters. The bidders include Japanese inflator maker Daicel Corp in partnership with U.S. buyout firm Bain Capital; U.S. private...