Business Events
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*MBIA to have unsecured claims of $3.6 bln. May 23- Ally Financial Inc agreed to pay $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets. Creditors who objected to the original deal included ResCap's unsecured creditors, bond insurers such as MBIA Corp and Assured Guaranty Corp, and others.
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BIRMINGHAM, Ala., May 9- Alabama's Jefferson County expects to file a plan by late June to exit its landmark $4.2 billion municipal bankruptcy, a lawyer for the county said on Thursday.
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According to filings late Wednesday in Manhattan bankruptcy court, MSR Hotels& Resorts Inc. sought Chapter 11 protection from creditors to sell its remaining assets and wind down.
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BIRMINGHAM, Ala. May 9- Alabama's Jefferson County expects to file a "largely consensual" plan by late June to exit its record $4.2 billion municipal bankruptcy, a lawyer for the county said on Thursday.
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May 9- Shares in Barnes& Noble Inc rose 32 percent in premarket trading on Thursday after a report that its partner Microsoft Corp is considering an offer to acquire all of Nook Media's digital assets.
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Shares in Barnes & Noble surged on Thursday after a report that its partner Microsoft is considering an offer to acquire all of Nook Media's digital assets.
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ALGIERS, May 9- The Algerian government will seek a new valuation for Vimpelcom's local mobile phone unit Djezzy before acquiring 51 percent of it, a government source told Reuters. Russia's Vimpelcom acquired Djezzy as part of a $6 billion deal to buy the assets of Egyptian firm Orascom Telecom.
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*Dubai Group says expects to sign debt deal in weeks. DUBAI, May 9- The Dubai Group investment firm said on Thursday it expected a $10- billion restructuring of its debt within weeks, sealing the Gulf emirate's recovery from a financial crisis that brought it to the brink of default.
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*Dubai Group not expecting to sell assets in 2013. DUBAI, May 9- Dubai Group, an investment vehicle owned by the emirate's ruler, will become an independent company after its planned $10 billion debt restructuring, a top official said.
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DUBAI, May 9- Dubai Group will become an independent company after its planned $10 billion debt restructuring, the chief executive of parent Dubai Holding said in an interview on Thursday.
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The Israel- based company, which has submitted a bid with two partners to build a semiconductor plant in India, also said on Thursday it had been advised a decision would be made by the government in the next few weeks.
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JOHANNESBURG, May 9- Anglo American's platinum arm, under pressure from South Africa's government, could announce a restructuring plan as early as Thursday that will sharply scale back job losses as it tries to balance out cost cuts and the threat of labour unrest.
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*Dubai Group not expecting to sell assets in 2013. DUBAI, May 9- Dubai Group, an investment vehicle owned by the emirate's ruler, will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, a top official said.
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DUBAI, May 9- Dubai Group will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, the chief executive of parent Dubai Holding said in an interview on Thursday.
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BIRMINGHAM, Ala., May 9- Alabama's Jefferson County is close to an agreement with some creditors and expects to file a plan by late June to exit its $4.2 billion municipal bankruptcy, a lawyer for the county said on Thursday. Jefferson County appears likely to become the first big U.S. local government to impose losses on bondholders since 1930 s.
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*Amplats overhaul vital to fortunes of Anglo American. JOHANNESBURG, May 9- Anglo American's platinum arm, under pressure from South Africa's government, is set to reveal a revised restructuring plan on Friday to sharply scale back planned job losses as it weighs the threat of labour unrest against cost savings.
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JOHANNESBURG, May 9- Anglo American's platinum arm, under pressure from South Africa's government, could announce a restructuring plan as early as Thursday that will sharply scale back job losses as it tries to balance out cost cuts and the threat of labour unrest.
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*Last big debt restructuring related to Dubai's crisis. DUBAI, May 8- Dubai Group, an investment vehicle owned by the emirate's ruler, aims to secure a final agreement with creditors on its $10 billion debt restructuring by June 6, potentially ending marathon negotiations that have dragged on nearly three years.
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DUBAI, May 8- Dubai Group, an investment vehicle owned by the emirate's ruler, aims to secure a final agreement with creditors on its $10 billion debt restructuring by June 6, potentially ending marathon negotiations that have dragged on nearly three years.
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May 7- U.S. power company FirstEnergy Corp said on Tuesday it hired an adviser and started implementing its plan to sell up to 1,240 megawatts of unregulated non-core hydro generation assets.
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May 7- Higher One Holdings Inc:. *Acquires Sallie Mae's campus solutions business. *Says all-cash transaction valued at approximately $47.25 million.