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  • DETROIT, Nov 12- The federal judge who approved Detroit's plan for exiting the biggest-ever U.S. municipal bankruptcy gave the city on Wednesday the go-ahead for putting the plan in motion. Bankruptcy Judge Steven Rhodes said at a hearing. Rhodes on Friday ruled Detroit's plan for cutting $7 billion of its $18 billion of debt was fair to creditors and feasible...

  • LONDON, Nov 12- There has always been a close link between U.S. oil production, international prices and OPEC, so it should come as no surprise that North America's shale drillers find themselves locked in a battle with Saudi Arabia over prices and market share. Until the 1950 s, the United States accounted for more than half of all global oil production.

  • UPDATE 1-Bain, Apax join bid battle for Portugal Telecom Wednesday, 12 Nov 2014 | 7:51 AM ET

    LISBON/ PARIS, Nov 12- Private equity firms Bain Capital and Apax Partners have launched a bid worth 7.075 billion euros to buy the Portuguese operating business of Portugal Telecom from Brazil's Oi, rivalling last week's offer from telecoms group Altice. Oi is considering selling Portugal Telecom assets to reduce its debt of over $18 billion, which would...

  • Lawmaker: Remington lays off 126 more in New York Wednesday, 12 Nov 2014 | 3:01 AM ET

    ILION, N.Y.— A New York state lawmaker says another 126 workers at the Remington Arms manufacturing plant in the Mohawk Valley are being laid off. Assemblywoman Claudia Tenney tells the Utica Observer-Dispatch that the plant manager told her 126 workers were notified Tuesday afternoon they were being let go. The layoffs followed parent company Remington...

  • Nov 11- Debt-strapped casino operator Caesars Entertainment Corp has reached an agreement with key senior creditors on the outline of a restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, Bloomberg reported, citing two people with knowledge of the negotiations. Under the plan being negotiated by first-lien...

  • Nov 11- Debt-strapped casino operator Caesars Entertainment Corp has reached an agreement with key senior creditors on the outline of a restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, Bloomberg reported, citing two people with knowledge of the negotiations. Under the plan being negotiated by first-lien...

  • Clarification: Dendreon-Chapter 11 Filing story Tuesday, 11 Nov 2014 | 1:43 PM ET

    In a story Nov. 10, The Associated Press reported that Bank of New York Mellon was listed as the largest creditor in a Chapter 11 bankruptcy court filing involving the drugmaker Dendreon Corp. BNY Mellon administers $620 million in notes for investors; it does not own them.

  • LISBON, Nov 11- Angolan investor Isabel dos Santos said on Tuesday she was willing to change the terms of her bid to buy Portugal Telecom if necessary, to prevent Brazil's Oi from selling PT's assets to a rival party. Dos Santos launched the bid for Portugal Telecom, a holding company with a 25.6 percent stake in the combined Oi-PT company, partly in an attempt to...

  • NH heating oil biz files for bankruptcy protection Tuesday, 11 Nov 2014 | 7:07 AM ET

    CONCORD, N.H.— A New Hampshire home heating oil company that faced customer delivery delays and a lawsuit earlier this year has filed for bankruptcy protection. Hudson- based Fred Fuller Oil& Propane Co., Inc., filed the paperwork in federal bankruptcy court on Monday, with the hope of achieving a quick sale, Attorney General Joseph Foster said.

  • Mondelez buying stake in Vietnam snacks business Tuesday, 11 Nov 2014 | 6:56 AM ET

    DEERFIELD, Ill.— Mondelez is buying an 80 percent stake in a Vietnamese snacks business for $370 million as it seeks to offset flagging U.S. sales in Asia. Acquiring a majority stake in Kinh Do Corp's snacks business will give Mondelez access to Kinh Do mooncakes and biscuits, Cosy biscuits, Solite soft cakes and AFC crackers. Mondelez's brands in the region include...

  • 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...

  • VA chief vows renewed focus on customer service Monday, 10 Nov 2014 | 1:02 PM ET

    WASHINGTON— On the eve of Veterans Day, the Veterans Affairs Department announced a reorganization Monday designed to make it easier for veterans to gain access to the sprawling department and its maze-like websites. VA Secretary Robert McDonald called the restructuring the largest in the department's history and said it will bring a singular focus on...

  • 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...

  • Iowa grocer files bankruptcy, announces its sale Monday, 10 Nov 2014 | 10:56 AM ET

    DES MOINES, Iowa— Dahl's Foods Inc. has filed for bankruptcy and has announced its sale to a Kansas grocery organization. The Des Moines- based company said in a news release Monday that it filed its petition for reorganization under Chapter 11 protection in Des Moines. It also said it's agreed to be acquired by Associated Wholesale Grocers Inc., of Kansas City,...

  • KiOR files for bankruptcy, but not Miss. unit Monday, 10 Nov 2014 | 9:16 AM ET

    JACKSON, Miss.— Biofuel maker KiOR Inc. has filed for bankruptcy, although its Mississippi subsidiary has not, preserving the chance that its Columbus plant could be sold quickly. KiOR defaulted on a loan from Mississippi last week after failing to make a $1.8 million debt payment. The company borrowed $75 million from Mississippi to build a refinery in Columbus...

  • 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 Ch. 11 bankruptcy protection Monday, 10 Nov 2014 | 6:43 AM ET

    Prostate cancer drug developer Dendreon is seeking Chapter 11 bankruptcy protection with a plan that leads to either a sale of the company or a takeover by its lenders. Dendreon Corp. makes the prostate cancer treatment Provenge. If it receives no qualifying bids, the lenders will convert their debt to equity and take over Dendreon, which will become a...

  • Dendreon files for Chapter 11 bankruptcy Monday, 10 Nov 2014 | 5:42 AM ET
    File photo: A worker in a Dendreon lab working on a prostate cancer drug.

    Biotechnology company Dendreon 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 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...