Business Events


  • The plan is backed by Fortress Investment Group, Melody Capital Advisors, JPMorgan Chase& Co and Harbinger Capital Partners, according to papers filed in Manhattan's U.S. Bankruptcy Court on Tuesday.

  • RIO DE JANEIRO, Dec 24- Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA, formerly known as OGX, said on Tuesday it reached a deal with the majority of holders of bonds worth $3.8 billion, a breakthrough that could open the door for a successful restructuring of the bankrupt oil company.

  • Dec 24- Canada's Sherritt International Corp said on Tuesday it would sell its coal business for C $946 million to focus on its nickel and oil businesses. Sherritt said it would sell its entire royalty portfolio and stake in coal development assets to a group led by mining company Altius Minerals Corp for C $481 million.

  • Dec 23- W.R. Grace& Co said it has settled the only remaining appeal for its Chapter 11 plan with a group of bank lenders, paving the way for the U.S. chemicals maker to emerge out of bankruptcy protection after 12 years.

  • United States Trustee Daniel McDermott named five creditors to the committee: Detroit's two pension funds, which are its largest unsecured creditors, bond insurer Financial Guaranty Insurance Company, contract administrator Wilmington Trust Company and an individual creditor, Jessie Payne.

  • Dec 23- The largest U.S. provider of funeral and cemetery services has agreed to sell some of its assets to resolve federal charges that a proposed $1.4 billion deal to buy a smaller rival would substantially lessen competition in the industry. Houston- based Service Corp International in May announced a deal to buy Stewart Enterprises Inc..

  • LONDON/ MOSCOW, Dec 20- Morgan Stanley has sold the majority of its global physical oil trading operations to Russian state-run oil major Rosneft, becoming the latest Wall Street firm to dispose of a major part of its commodity business. Morgan Stanley said it was not expected to have a significant impact on its financial results.

  • DETROIT, Dec 20- The judge in the Detroit bankruptcy case on Friday recommended that a federal appellate court refuse to allow a direct appeal of his recent decision declaring the city eligible for bankruptcy protection. Rhodes wrote he is still maintaining a March 1 deadline for Detroit to submit its plan of adjustment.



  • Oracle to acquire Responsys in $1.5 billion deal Friday, 20 Dec 2013 | 10:08 AM ET
    Oracle CEO Larry Ellison.

    Oracle announced that it has entered into an agreement to acquire Responsys for $27 a share, or approximately $1.5 billion.

  • Bankruptcy no friend to struggling US retailers Thursday, 19 Dec 2013 | 6:09 PM ET

    Discount clothing chain Loehmann's this week filed for bankruptcy protection for the third, and likely final, time. It won't help.

  • Dec 19- Essex Property Trust Inc said it would buy BRE Properties Inc for about $4.34 billion to become the largest publicly-traded apartment REIT in the U.S. West Coast. The combined company will own about 56,000 multifamily units in 239 properties in southern and northern California and Seattle.

  • Detroit might sue swap counterparties -city attorney Wednesday, 18 Dec 2013 | 2:04 PM ET

    DETROIT, Dec 18- A lawyer for Detroit said in U.S. Bankruptcy Court on Wednesday that the city might still pursue litigation over its interest-rate swap agreements, even though the city has maintained that the swap counterparties are secured creditors.

  • Detroit needs the swaps deal in order to obtain a $350 million loan, some of which would be used to improve city services. At the hearing, Detroit began defending a key complex transaction in which the city would terminate a crippling interest-rate swap deal while securing a $350 million loan, known as debtor-in-possession financing.

  • Patriot Coal to exit bankruptcy on Dec. 18 Tuesday, 17 Dec 2013 | 12:21 PM ET

    Dec 17- Patriot Coal Corp said it would emerge from Chapter 11 bankruptcy on Wednesday, after months of wrangling with its unionized workforce and former parent Peabody Energy Corp over cost cuts. Patriot declared bankruptcy in July 2012, saying it needed to cut $150 million a year in employment costs to return to profit.

  • Dec 17- Nortel Networks Inc., a defunct telecoms company, has reached a deal that will cut more than $3 billion from what was allegedly owed to former Nortel entities in Europe, marking what it called a "significant milestone" to ending its five-year bankruptcy.

  • Dec 17- Nortel Networks Inc, a defunct telecoms company, has agreed to settle claims that it owed more than $3 billion to former Nortel entities in Europe in a deal that it called a "significant milestone" to ending its five-year bankruptcy.

  • *Dubai World unit sells 50 pct of Fontainebleau- source. DUBAI, Dec 17- Istithmar World, a unit of Dubai World, has sold its 50 percent stake in Miami Beach's landmark Fontainebleau hotel back to south Florida developer Turnberry, a source close to the seller said on Tuesday.

  • Loehmann's department store in the Chelsea neighborhood of New York.

    Loehmann's, the 92-year-old discount clothing chain, has filed for bankruptcy protection for a third time and said it is prepared to sell its assets to a group of liquidators.

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