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  • Dec 19- Caesars Entertainment Operating Co, the main operating unit of Caesars Entertainment Corp, said it would file for Chapter 11 bankruptcy protection by mid-next month as it tries to cut its burgeoning debt.

  • MEXICO CITY, Dec 19- Mexico's state oil company Pemex is renegotiating service contracts worth hundreds of millions of dollars in a drive to cut costs as it grapples with falling crude prices, its chief executive said. Mexico's main crude export mix is worth even less, trading around $51 a barrel on Friday, while Pemex's average production costs are about $22 per...

  • First Niagara to lay off up to 200 in 4 states Friday, 19 Dec 2014 | 9:36 AM ET

    BUFFALO, N.Y.— First Niagara Financial Group Inc. says it will eliminate up to 200 jobs companywide in a move aimed at better serving customers and boosting competitiveness. The Buffalo- based bank announced Thursday that it will cut 150 to 200 management positions at its operations in New York, Pennsylvania, Massachusetts, and Connecticut.

  • Dec 19- Binder& Binder, one of the largest social security disability firms in the United States, filed for Chapter 11 bankruptcy protection late on Thursday, court filings showed. U.S. Bank National Association and Capital One have agreed to provide debtor-in-possession financing of up to $26 million, the filings showed. The case is in the U.S. Bankruptcy Court...

  • *Allianz sells Fireman's Fund personal lines to ACE Ltd.. FRANKFURT, Dec 18- German insurer Allianz on Thursday said it had agreed to sell its Fireman's Fund personal insurance business to insurer ACE for $365 million, freeing Allianz to focus on building its U.S. property and casualty operations. The deal clears up one of two problem areas for Allianz in the...

  • Deadline approaching for Detroit pension help Tuesday, 16 Dec 2014 | 1:42 PM ET

    DETROIT— The state of Michigan on Tuesday urged Detroit pensioners whose benefits will be reduced by the city's bankruptcy restructuring plan to apply for funding if it's necessary to keep them from dropping below the poverty line. Detroit, which officially emerged last week from the largest municipal bankruptcy in U.S. history, is shedding about $7 billion...

  • UPDATE 1-Jefferies in talks to sell futures business Tuesday, 16 Dec 2014 | 9:33 AM ET

    Dec 16- Investment bank Jefferies Group LLC, owned by Leucadia National Corp, reported a quarterly net loss and said it was in talks to sell its futures brokerage. Jefferies bought the business, formerly known as Prudential Bache, from Prudential Financial Inc in 2011 for $430 million to expand into a full-fledged investment bank. Leucadia, which models itself on...

  • LONDON, Dec 16- InterContinental Hotels Group, one of the world's largest hoteliers, has agreed to buy U.S.-focused Kimpton Hotels& Restaurants for $430 million to boost its exposure to the faster-growing boutique hotel sector. IHG, home to the Crowne Plaza, Holiday Inn and InterContinenal brands, said on Tuesday that the cash acquisition would be earnings...

  • LONDON, Dec 16- InterContinental Hotels Group, one of the world's largest hoteliers, said it had agreed to acquire U.S.-focused Kimpton Hotels& Restaurants for $430 million to boost its exposure to the boutique hotel space. IHG, home to the Crowne Plaza, Holiday Inn and InterContinenal brands, said on Tuesday that the cash acquisition would be earnings enhancing...

  • HONG KONG/ SINGAPORE, Dec 16- Standard Chartered is selling its Hong Kong and Shenzhen consumer finance businesses to a consortium that includes a Chinese state firm, helping the emerging markets-focused lender to clinch its biggest asset disposal as part of a restructuring. In what is expected to be the first of many divestitures, Standard Chartered has...

  • ADM to sell cocoa business to Olam for $1.3B Monday, 15 Dec 2014 | 8:02 PM ET

    CHICAGO— Archer Daniels Midland says it has agreed to sell its global cocoa business to Olam International for $1.3 billion. ADM's cocoa unit includes facilities in several countries, including Brazil, Canada, Germany, Ghana and Singapore. The Chicago- based company said Monday that a majority of the roughly 1,550 employees in the cocoa business will transfer...

  • Casino union defies deadline in Taj Mahal showdown Monday, 15 Dec 2014 | 5:26 PM ET

    ATLANTIC CITY, N.J.— A casino workers union in Atlantic City defied a company-imposed deadline Monday to withdraw its appeal of a court-ordered, cost-cutting package. Local 54 of the Unite-HERE union ignored the deadline imposed last week by Trump Entertainment Resorts to withdraw its appeal of a bankruptcy court order that terminated the union contract...

  • Dec 15- GT Advanced Technologies Inc altered its settlement with former partner Apple Inc to produce more near-term cash to support its emergence from bankruptcy, a lawyer for the sapphire maker told a court on Monday. The new terms should be worth $50 million more than the original settlement, according to an attorney for GT noteholders, providing financing...

  • Dec 15- The trustee handling the liquidation of the brokerage unit of Lehman Brothers Holdings Inc filed a petition with the U.S. Supreme Court on Monday seeking review of the business's cash assets awarded to Barclays Plc. Trustee James Giddens, who has been seeking to recoup money for the brokerage's creditors, said lower court rulings granting margin assets...

  • NEW YORK/ SAN JUAN, Puerto Rico Dec 15- R estructuring experts will present different scenarios to overhaul Puerto Rico's troubled electric power authority to creditors on Monday, but will stop short of recommending job cuts, the president of PREPA's board said in a statement. The proposals, which will not be made public, were prepared by Chief Restructuring...

  • BUSINESS PLAN FOR PUERTO RICO ELECTRIC AUTHORITY TO BE. SAN JUAN, Dec 15- A business plan for PREPA, the troubled Puerto Rican electric authority, is to be presented to creditors on Monday, board president Harry Rodriguez said in a statement. The business plan of Chief Restructuring Officer Lisa Donahue is a working document that will present different scenarios...

  • Dec 15- Emerson Electric Co said it would sell its power transmission unit to Regal Beloit Corp, a maker of electric motors, for $1.44 billion as it streamlines its business. Regal Beloit's shares rose 6 percent premarket on Monday on the deal, the company's biggest acquisition. Regal Beloit was competing with ball bearings maker Timken Co, brake and clutch maker...

  • Dec 15- Emerson Electric Co said it would sell its power transmission business to Regal Beloit Corp, a maker of electric motors, for $1.44 billion. The deal comprises $1.4 billion in cash and assumption of certain post-retirement liabilities, Emerson said. The unit had revenue of more than $600 million in 2014 and employed more than 3,000 people, the company said.

  • SeaWorld laying off more than 300 workers Friday, 12 Dec 2014 | 5:14 PM ET

    ORLANDO, Fla.— SeaWorld Entertainment Inc. is laying off more than 300 workers, a day after its CEO announced he is stepping down. Spokesman Fred Jacobs said Friday 311 workers would be laid off from the company's Orlando headquarters and its 11 parks. SeaWorld' s chairman was named the company's interim leader.

  • Bankruptcy judge voids sale of New Jersey casino Friday, 12 Dec 2014 | 10:30 AM ET

    CAMDEN, N.J.— A bankruptcy court judge on Friday voided the proposed sale of the former Revel Casino Hotel in Atlantic City to a Canadian firm. Judge Gloria Burns granted a request by Revel Entertainment to cancel the $110 million sale to Toronto- based Brookfield Asset Management. His Polo North Country Club was the runner-up in the auction, with a bid of $95...