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Business Events Corporate Restructuring

  • 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...

  • SAO PAULO, March 13- Grupo Schahin said on Monday it can execute a reorganization plan after an appeals court favored the ailing Brazilian engineering and rig-leasing conglomerate over disgruntled creditors, according to a statement. The reorganization, confirmed by a bankruptcy court a year ago, was challenged by a 13- bank consortium led by Itaú Unibanco...

  • *Etisalat may exit Nigeria over debt default. *To meet lenders in Nigeria on Tuesday or Wednesday. DUBAI/ LAGOS, March 13- Abu Dhabi telecoms group Etisalat may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2 billion loan, but wants the company's debt restructured before it does so, two sources told Reuters on Monday.

  • CHICAGO, March 9- Four individual investors of Peabody Energy Corp are accusing the company, certain hedge funds and other parties involved in the coal producer's Chapter 11 bankruptcy of breaching their fiduciary duties, according to a lawsuit filed on Thursday. Peabody spokesman Vic Svec said on Thursday that the company stands by its reorganization plan.

  • CHICAGO, March 9- Four individual investors of Peabody Energy Corp are accusing the company, certain hedge funds and other parties involved in the coal producer's Chapter 11 bankruptcy of breaching their fiduciary duties, according to a lawsuit filed on Thursday. Peabody spokesman Vic Svec said on Thursday that the company stands by its reorganization plan.

  • NEW YORK/ SAN JUAN, March 9- Puerto Rico's federally appointed fiscal oversight board on Thursday rejected a fiscal turnaround plan proposed by Governor Ricardo Rossello, saying it did not comply with PROMESA, the restructuring law passed last year by the U.S. Congress. The thumbs down from the board is a blow to Rossello, who was elected in November but has limited...

  • NEW YORK/ SAN JUAN, March 9- Puerto Rico's federally appointed fiscal oversight board rejected on Thursday a fiscal turnaround plan proposed by Governor Ricardo Rossello, saying it did not comply with PROMESA, the restructuring law passed last year by the U.S. Congress. A deadline for submitting a revised proposed fiscal plan was set by the board for Saturday...

  • MILAN, March 9- Struggling Italian bank Monte dei Paschi di Siena has approved a long-awaited preliminary restructuring plan that must now be cleared by European authorities for the lender to be granted a state bailout. The European Central Bank has since put the capital shortfall that the lender must fill at 8.8 billion euros, and the Italian government is...

  • March 8- General Wireless Operations Inc, which acquired the RadioShack brand in 2015, said on Wednesday it has filed for bankruptcy protection. General Wireless, an affiliate of hedge fund Standard General LP, filed for a Chapter 11 reorganization and listed assets and liabilities in the range of 100 million to 500 million in the U.S. bankruptcy court for the...

  • SAO PAULO, March 8- Brazil's largest banks are increasingly demanding that companies put themselves up for sale as a condition to cut loan principal amounts, providing a jolt to an otherwise weak M&A climate in Latin America's largest economy. Over the same five-month period, eight of the 16 deals in which Banco Bradesco SA, Brazil's top M&A lender, has acted as...

  • 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...