GO
Loading...

Business Events

More

  • UPDATE 2-South Africa's AngloGold Ashanti to cut jobs Tuesday, 11 Nov 2014 | 6:30 AM ET

    JOHANNESBURG, Nov 11- South Africa's AngloGold Ashanti plans to cut staff through voluntary severance packages as the bullion producer feels the pinch of lower gold prices and rising costs, it said on Tuesday. A union source close to negotiations with the company said 1,200 positions were affected in South Africa, with AngloGold considering moving 300 staff...

  • At a hearing on Monday where he also reviewed plans for assessing the reasonableness of fees that outside consultants charged Detroit, Rhodes said he would hold a hearing on the order on Wednesday. "Creditors made agreements and we all thought the goal was to get the effective date by Thanksgiving, realistically," said attorney Alfredo Perez, who represented one...

  • Nov 10- Dendreon Corp filed for Chapter 11 bankruptcy protection after sales of the world's first cancer vaccine fell short of expectations and left the company deep in debt. Seattle- based Dendreon said it had agreed terms of a financial restructuring with certain bond holders that may involve a standalone recapitalization or the sale of the company or its...

  • Nov 10- Cancer vaccine maker Dendreon Corp filed for Chapter 11 bankruptcy protection on Monday after its potential blockbuster cancer drug failed to live up to expectations, saddling the company with heavy debt. Dendreon's stock was down nearly 62 percent at 36 cents in premarket trading. Under the agreements, senior noteholders will support a plan of...

  • Dendreon files for Chapter 11 bankruptcy Monday, 10 Nov 2014 | 2:22 AM ET

    Nov 10- Biotechnology company Dendreon Corp filed for chapter 11 bankruptcy protection on Monday and said it has reached agreements on the terms of a financial restructuring with certain bond holders. Dendreon said the restructuring may take the form of a stand-alone recapitalization or a sale of the company or its assets. Under the agreements, the senior...

  • Nov 10- KKR& Co, which led the acquisition of oil and gas producer Samson Resources Corp for $7.2 billion in 2011 and has already sold almost half its acreage to cope with lower energy prices, plans to sell its North Dakota Bakken oil deposit worth less than $500 million as part of an ongoing downsizing plan, according to people familiar with the matter.

  • SEC seeks to double $200M damages against Wyly Friday, 7 Nov 2014 | 6:25 PM ET

    The SEC asked a judge to more than double the money Texas businessman Sam Wyly must pay.

  • GT Advanced says it was Apple's victim Friday, 7 Nov 2014 | 5:56 PM ET
    Still from GT Advanced Technologies video

    In documents just unsealed GT Advanced COO Daniel Squiller says Apple offered what would have been GT's largest sale ever and then changed the terms.

  • DETROIT, Nov 7- A U.S. judge on Friday confirmed Detroit's plan to exit the biggest-ever municipal bankruptcy, praising settlements the city was able to reach with disparate creditors. Judge Steven Rhodes said a deal that mitigates city retiree pension cuts "borders on miraculous." He added that the high level of consensus over Detroit's plan to shed about $7...

  • JUDGE IMPOSES DETROIT'S BANKRUPTCY PLAN ON TWO CLASSES OF MISCELLANEOUS UNSECURED CREDITORS.

  • DETROIT, Nov 7- A U.S. Court judge on Friday confirmed Detroit's plan to adjust $18 billion of debt and exit the biggest-ever municipal bankruptcy. The ruling by Judge Steven Rhodes, who is overseeing the historic case, came more than two months after the start of a hearing to determine whether the plan was fair to creditors and feasible for the city to implement.

  • HONG KONG, Nov 7- U.S.-based Principal Financial Group Inc said on Friday it had agreed to buy French insurer AXA SA's Hong Kong retirement savings business for $335 million in what would be the city's first pension M&A deal in more than a decade. HSBC Plc and Manulife Financial Corp control nearly half of all retirement savings assets in Hong Kong, according to...

  • Paul Glassman, San Bernardino's bankruptcy attorney, told the federal judge overseeing the city's bankruptcy that a rejection by voters on Tuesday of a pay-cutting ballot measure for police and firefighters was a "gamechanger" that had thrown the restructuring plan off track. Lawyers for San Bernardino's police and fire unions reacted with dismay and anger...

  • NEW YORK, Nov 5- General Motors said in a court filing on Wednesday that it should not have to face lawsuits based on safety issues in cars made before its 2009 bankruptcy, including a faulty ignition switch that led to the recall of 2.6 million cars earlier this year. The brief, filed in Manhattan bankruptcy court, lays out GM's legal arguments and is the opening...

  • *Banks owed are FirstRand, Standard, Barclays, Investec. JOHANNESBURG, Nov 5- Four of South Africa's biggest banks are owed $53 million by Ellerine, the money-losing furniture firm that African Bank Investments cut funding to just before the lender collapsed, documents showed. The restructuring plan shows Ellerine owes 241 million rand to FirstRand, 150 million...

  • JOHANNESBURG, Nov 5- South African miner Harmony Gold reported a further quarterly loss on Wednesday and suggested it might have to cut jobs as it contends with a depressed gold price and operational problems which include an escalating battle with illegal miners. Unveiling its results for the three months to end-September, the company said losses narrowed...

  • LONDON, Nov 4- A deal to rescue the UK's Milford Haven oil refinery has collapsed, operator Murphy Oil said late on Tuesday, forcing it to permanently shutter the plant as the latest victim of a deep slump in the European refining industry. Klesch Refining Limited, run by billionaire investor Gary Klesch, had agreed to buy the idled plant in July, but the deal was...

  • LONDON, Nov 4- The sale of the Milford Haven refinery and terminal assets to Klesch Refining Limited has been canceled, according to a statement by Murco Petroleum, a subsidiary of the U.S.-based Murphy Oil Corporation. Sources familiar with the matter said earlier on Tuesday that Gary Klesch and Murphy Oil had extended a deadline to later this week to negotiate...

  • BUENOS AIRES, Nov 4- Procter& Gamble Co, the world's No. 1 household products maker, has no plans to lay off staff in Argentina despite having to suspend commercial operations in the country while it grapples with a tax fraud probe, a source familiar with the matter said on Tuesday. Argentina accused P&G on Sunday of hiding income and over-billing $138 million in...

  • BUENOS AIRES, Nov 3- Chances of a deal to end Argentina's feud with holdout bond investors will improve in January when current restructuring rules expire, the economy minister said in comments published on Monday, raising some hopes for the country's stagnant economy. When it swapped 93 percent of its global bonds for new paper offering about 30 cents on the...