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.» Read More
WASHINGTON, July 1- Creditors to Puerto Rico's electricity provider were given a slight respite on Tuesday when the bonds' trustee made a scheduled payment, but the U.S. municipal bond market remained worried the Puerto Rico Electric Power Authority will soon use a new bankruptcy-like process to restructure its debts.
WASHINGTON, July 1- Creditors to Puerto Rico's troubled electricity provider were given a slight respite on Tuesday when the bonds' trustee made a scheduled payment, but the U.S. municipal bond market remained worried the Puerto Rico Electric Power Authority will soon use a new bankruptcy-like process to restructure its debts.
NEW YORK, July 1- Bankrupt wireless venture LightSquared on Tuesday revealed a new restructuring proposal that would cede 74 percent of its equity to a new investor group that includes JPMorgan Chase& Co, Cerberus Capital Management and Fortress Investment Group.
*Now sees adj EBITDA at 380- 400 mln eur vs 419 mln in 2013. FRANKFURT, July 1- Shares in Bilfinger slumped on Tuesday after the German engineering and services group issued a profit warning and said it would have to restructure its power business, entailing "significant" job losses.
MOSCOW, July 1- Russian aluminum giant Rusal has approval for a $3.6 billion debt restructuring deal from another of its creditors German financial services provider Portigon AG, two sources familiar with decision said. The deal has yet to be approved by one creditor- Britain's part-nationalized lender Royal Bank of Scotland, one source told Reuters.
*BMW to make announcement in Mexico on July 3. MEXICO CITY/ MUNICH, June 30- Germany's BMW AG will unveil this week plans to build a new factory in Mexico, a government official said, as the company seeks to meet growing demand for premium cars.
Under Chief Executive Frans van Houten, the Dutch company- which started out 120 years ago as a pioneer in electric lighting- has been shifting away from the consumer electronics sector in a restructuring which has involved more than 5,000 job cuts and the sale of its television business.
NEW YORK, June 27- Wireless venture LightSquared has reached a deal to end its Chapter 11 bankruptcy, but its largest creditor, satellite operator Charles Ergen, is not on board and "wasted the parties' time," according to a report from the court-appointed mediator.
June 27- Women's fashion retailer Bebe Stores Inc said it would exit its unprofitable "2 b bebe" business, under which it sells affordable apparel and accessories, by July as part of a cost-cutting program. The company said it would take a pretax charge of $5 million- $6 million related to the closure of the 2 b bebe business, including 16 mall-based stores.
June 27- Detroit and a group of hold-out creditors will meet on Monday over one of the last unresolved major issues in the city's historic bankruptcy case.
CNBC's Josh Lipton reports from San Francisco where one of the biggest gay pride parades is taking place. Apple and Google are among the big tech companies participating.
FRANKFURT, June 27- Daimler AG and Nissan Motor Co are jointly investing $1.36 billion to develop premium small cars and build a factory in Mexico, the companies said on Friday, in a step that deepens cooperation between the Mercedes-Benz and Infiniti brands.
FRANKFURT, June 27- Daimler AG and Renault Nissan will invest 1 billion euros to develop small cars and build a factory in Mexico, the companies said on Friday, in a step that deepens cooperation between the premium Mercedes-Benz and Infiniti brands.
BUENOS AIRES, June 26- Argentina has deposited the next payment needed to avoid a default on its restructured bonds, but a U.S. federal court decided on Thursday not to let the payment go through.
BUENOS AIRES, June 26- Argentina has deposited the next payment that the government owes on its restructured bonds, Economy Minister Axel Kicillof said on Thursday, while a U.S. federal court decides whether to allow the payment to go through.
June 25- Bank of America Corp is laying off 540 workers at its loss-making legacy assets and servicing business, which handles delinquent mortgage loans.
June 25- A sale of $185 million of revenue bonds on Wednesday for Detroit's public lighting authority had no problem finding buyers despite the fact the city remains in bankruptcy court.
June 25- Penn Virginia Corp's biggest shareholder George Soros reiterated that the oil and gas producer should sell itself and said he would take action if the company failed to do so. Penn Virginia Corp has assets in the Eagle Ford shale in south Texas.
DUBAI, June 25- Dubai property developer Nakheel will repay all its outstanding debt to banks by August this year, four years ahead of the schedule mandated by its restructuring plan, the state-run company's chairman said on Wednesday.
The answer will determine what is left for Genco shareholders after its lenders and other creditors are repaid. Financial advisers at Blackstone, which was retained by Genco to value the company, argued the shipper was worth between $1.36 billion and $1.44 billion based on the market value of its ships and other assets.