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Business Events Corporate Restructuring

  • BUENOS AIRES, Dec 26- Argentine President Mauricio Macri has asked Finance Minister Alfonso Prat-Gay to step down, cabinet chief Marcos Pena said on Monday, citing disagreements over management style and the structure of the team charged with handling economic policy. Macri has sought to close Argentina's gaping fiscal deficit, but the government has...

  • CHICAGO, Dec 23- Peabody Energy Corp failed to explain how it will cover future mine cleanup costs in a reorganization plan filed late Thursday, triggering concerns over the company's use of "self-bonds." Howard Learner, executive director of the Chicago- based Environmental Law& Policy Center, said the reorganization plan dodged the issue of self-bonding,...

  • CHICAGO, Dec 23- Caesars Entertainment Corp's bankrupt operating unit resolved a dispute with its lenders on Friday, paving the way for a consensual plan to push the casino group out of its $18 billion Chapter 11.. In filings with the U.S. Bankruptcy Court in Chicago, bank lenders said they had reached an agreement over their recovery terms and were withdrawing a...

  • CHICAGO, Dec 23- Shares of Caesars Entertainment Corp rose almost 10 percent on Friday after a court filing showed that creditors of the casino group's bankrupt operating unit had reached an agreement over their recovery terms, raising hopes that a high-stakes restructuring plan will be salvaged. A dispute between creditors holding secured debt in Caesars...

  • CHICAGO, Dec 23- Creditors of Caesars Entertainment Corp's bankrupt operating unit have reached an agreement to revise the terms of their recoveries, according to a filing with the U.S. Bankruptcy Court in Chicago on Friday.

  • Looking ahead to next year, restructuring advisers said they expect more energy-related bankruptcy filings, as the sector prepares for an upturn that could follow implementation of President-elect Donald Trump's pro-drilling agenda or OPEC's plan to cut oil production for the first time in eight years. Denver- based Bonanza Creek, with oil and natural gas...

  • CHICAGO, Dec 22- Leading global coal producer Peabody Energy said on Thursday its main creditors support a plan to wipe more than $5 billion of debt from its balance sheet and exit the largest energy-related U.S. bankruptcy this year. Under a reorganization plan filed with the U.S. Bankruptcy Court in St. Louis, Peabody said it expects to cut its debt to $1.95...

  • The government of Puerto Rico will now face a budget deficit of $67.5 billion over the next 10 years if there are no changes made to its current laws, no new federal funding or any reduction in expenses, increases in revenue, structural reforms or restructuring of its long-term debt and pension obligations, the statement said. "According to the Revised Baseline...

  • Dec 9- U.S. apparel retailer J. Crew Group Inc is taking steps to negotiate with its creditors about cutting the value of its approximately $2 billion debt load, as its struggles with falling sales, people familiar with the matter said on Friday. A debt restructuring would underscore the challenges the company has faced since it was acquired by private equity...

  • COPENHAGEN/ SEOUL, Dec 9- Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the 2 M vessel-sharing alliance. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between heavily indebted...

  • Without bankruptcy, many of small and medium-sized service companies risk missing out on any upturn that could follow President-elect Donald Trump's pro-drilling agenda or OPEC's plan to cut oil production for the first time in eight years, restructuring advisors said. In June through October, nine companies with at least $100 million in debt filed for...

  • Without bankruptcy, many of small and medium-sized service companies risk missing out on any upturn that could follow President-elect Donald Trump's pro-drilling agenda or OPEC's plan to cut oil production for the first time in eight years, restructuring advisors said. In June through October, nine companies with at least $100 million in debt filed for...

  • WILMINGTON, Del./ CHICAGO, Dec 6- A U.S. subsidiary of Spanish renewable energy firm Abengoa SA pressed a judge on Tuesday to approve its plan to exit bankruptcy over objections from a holdout creditor, who said the plan violated U.S. law by favoring the company's foreign parent. Bankruptcy Judge Kevin Carey in Wilmington, Delaware, said he wanted additional written...

  • CHICAGO, Dec 6- The bank lenders of Caesars Entertainment Corp's operating unit said they might walk away from a plan to bring the casino unit out of its $18 billion bankruptcy, potentially sending a high-stakes reorganization plan into disarray. The committee of bank lenders, which includes Blackstone Group LP's GSO Capital Partners, has yet to resolve a...

  • The plan, announced late on Monday, to spin off JBS's international businesses and its Brazilian poultry unit Seara under Holland- based JBS Foods International B.V. is part of a much simpler, revised corporate reorganization plan intended to reduce company financing costs. The new reorganization comes less than two months after Brazil's BNDES development...

  • SAO PAULO, Nov 29- Brazilian phone company Oi SA said on Tuesday a court status protecting two Dutch subsidiaries from creditors could turn into a bankruptcy procedure in the Netherlands, potentially complicating its own court-supervised reorganization at home. "Oi hopes this does not impact significantly its in-court reorganization efforts in Brazil," Oi...

  • SAO PAULO, Nov 29- Brazil's Oi SA said on Tuesday a court process protecting two of its subsidiaries in the Netherlands from creditors could be converted into a bankruptcy process in that country, potentially complicating Oi's own court supervised reorganization in Brazil. The process in the Netherlands relates to Oi's two investment vehicles based in that...

  • SAO PAULO, Nov 29- The biggest shareholder in Oi SA, the Brazilian telephone carrier operating under bankruptcy court protection, is not opposed in principle to a share dilution, newspaper Valor Econômico cited an executive at the shareholder as saying. Pharol owns 27.5 percent of Oi's voting stock through Bratel BV, a wholly-owned subsidiary.

  • Nov 23- U.S. fashion jewelry and accessories budget retailer Charming Charlie LLC is seeking to hire a financial adviser to help find relief from its debt burden, according to people familiar with the matter. Charming Charlie has had investments from private equity firms TSG Consumer Partners and Hancock Park Associates. The Houston- based retailer has about...

  • Nov 23- U.S. fashion jewelry and accessories budget retailer Charming Charlie LLC is seeking to hire a financial adviser to help find relief from its debt burden, according to people familiar with the matter. Charming Charlie has had investments from private equity firms TSG Consumer Partners and Hancock Park Associates. The Houston- based retailer has about...