DETROIT, Sept 2- The key hearing on the biggest municipal bankruptcy in U.S. history started on Tuesday in a federal courtroom, where teams of attorneys began laying out arguments over Detroit's plan to adjust $18 billion of its debt.» Read More
DETROIT— Opening arguments in Detroit's historic bankruptcy trial are expected to begin Tuesday afternoon in federal court. Detroit expects to cut $12 billion in unsecured debt to about $5 billion. Bond insurer Syncora Guarantee opposes the plan and says Detroit has unfairly discriminated against financial creditors.
DETROIT, Sept 2 Reuters)- Detroit's plan to recover from bankruptcy includes several blueprints for a new future. "What Detroit needed to start with was a reinvestment program," said James Spiotto, managing director of Chapman Strategic Advisors, a municipal finance consultancy.
VIENNA, Sept 1- Austria's Borealis has bought out partner DuPont's majority stake in a polymers joint venture in the Netherlands, Borealis said on Monday. It gave no financial terms for the transaction, in which Borealis will buy DuPont's 67 percent stake in Speciality Polymers Antwerp N.V..
AMSTERDAM— Dutch brewer Heineken NV says it has sold its packaging business in Mexico to Crown Holdings Inc. of the U.S. for $1.23 billion to reduce debt. Philadelphia- based Crown said the deal will make it the second-largest beer and soft drink can producer in the United States and the maker of 20 percent of all cans globally.
Massive debt, thousands of creditors and complex union and pension issues had many experts thinking Detroit's bankruptcy would take years to resolve, considering two California cities— Stockton and San Bernardino— filed a year before Detroit did and still haven't settled on plans.
Facilities and operations manager at Market Basket Steve Paulenka, and Tom Trainor, Market Basket district grocery supervisor, discuss the resolution of the dispute between cousins Arthur T. and Arthur S. Demoulas which initially cost both men their jobs.
Aug 29- Canada's Athabasca Oil Corp said it had closed the sale of its 40 percent interest in the Dover oil sands project to a unit of PetroChina Co Ltd for $1.18 billion. Athabasca said it received $600 million in cash and $584 million in three interest-bearing promissory notes from the unit, Phoenix Energy Holdings Ltd..
*Malaysia Airlines to cut staff by 30 pct to 14,000. KUALA LUMPUR, Aug 29- Malaysia Airlines will slash nearly a third of its 20,000 workforce and cut back its global route network as part of a radical 6 billion ringgit restructuring following the devastating impact of two jetliner disasters.
PARIS, Aug 29- Russia's top carmaker Avtovaz plans to reduce staff numbers to 30,000 by 2020 from 55,000 to boost competitivity, finance head Evgeny Belinin told France's Les Echos daily business newspaper at the Moscow motor show.
*Malaysia Airlines to cut staff by 30 pct to 14,000. KUALA LUMPUR, Aug 29- Malaysia Airlines, the country's loss-making flag carrier, will cut 30 percent of its workforce as part of a sweeping restructuring that will cost 6 billion ringgit, majority investor Khazanah Nasional said.
KUALA LUMPUR, Aug 29- Malaysia Airlines will cut 30 percent of its workforce as part of a restructuring that will cost 6 billion ringgit, majority investor Khazanah Nasional said on Friday.
KUALA LUMPUR, Malaysia— Malaysia Airlines will cut 6,000 workers as part of a $1.9 billion overhaul announced Friday to revive its damaged brand after being hit by double passenger jet disasters.
*Telefonica wins out with higher bid than Telecom Italia. PARIS, Aug 28- French media company Vivendi picked Telefonica for exclusive talks over the sale of its Brazilian broadband unit GVT, spurning a rival bid from Telecom Italia. Vivendi's decision deals a blow to Telecom Italia.
PARIS, Aug 28- French media group Vivendi said it would enter into exclusive talks with Telefonica over the sale of its Brazilian broadband unit GVT, siding with the Spanish group over a rival bid from Telecom Italia.
MADRID— French media conglomerate Vivendi said Thursday it would begin exclusive talks with Spanish telecoms company Telefonica for the sale of its Brazilian operator Global Village Telecom, or GVT, after the Spanish company raised its offer to 7.45 billion euros from 6.7 billion euros.
Aug 27- Energy Future Holdings, the big Texas power company that filed for bankruptcy in April, said it will present a proposal for auctioning the company after it scrapped an earlier plan to exit Chapter 11 under control of unsecured creditors.
MEXICO CITY— South Korea's Kia Motors Corp. said Wednesday it will invest more than $1 billion to build a car factory in northern Mexico that is expected to begin production in 2016..
Aug 27- A New York- based specialty finance group is ready to loan Detroit as much as $4 billion, double its previous offer, if the bankrupt city uses the masterpieces in its art museum as collateral, according to a new proposal that surfaced this week.
NEW YORK— A federal bankruptcy court has approved the sale of cupcake chain Crumbs, which closed down its stores in July, to a group that includes investor and reality TV star Marcus Lemonis. The order from Judge Michael Kaplan of the U.S. Bankruptcy Court for the District of New Jersey was entered Wednesday.
NEW YORK, Aug 27- Dow Chemical Co has kicked off processes to sell two of its specialty chemicals subsidiaries that could fetch close to $2 billion combined, according to people familiar with the matter, part of its effort to divest several billion dollars worth of non-core assets by 2015..