GO
Loading...

Enter multiple symbols separated by commas

Bankruptcy

More

  • June 30- Standard& Poor's Ratings Services lowered its credit rating on Puerto Rico to' CCC-minus' from' CCC-plus', hours after Governor Alejandro Garcia Padilla said the U.S. territory needed a period of bankruptcy to restructure its debt. Former IMF staffers-- engaged by Government Development Bank, Puerto Rico's financing arm-- issued a damning report on Sunday...

  • *Controls lasted years in Cyprus and Iceland. *Greece could stabilise banks but system may go bankrupt. ATHENS/ LONDON, June 29- Capital controls imposed in Greece are likely to stay in place for months and its banks may need billions of euros of new capital or even face nationalisation under a lengthy financial rebuilding, industry sources said.

  • *Former bankruptcy judge: Puerto Rico "urgently needs our help". Steven Rhodes, the retired U.S. bankruptcy judge who oversaw Detroit's historic bankruptcy and has now been retained by Puerto Rico to help solve its problems, gave a blunt assessment on Monday. Puerto Rico "urgently needs our help," Rhodes said.

  • KINGSTON, Jamaica— The developer of a $3.5 billion hotel-and-casino project under construction in the Bahamas announced Monday that it has filed for U.S. Baha Mar Ltd. said the U.S. filings were being done "voluntarily" in an effort to complete construction and open the megaresort touted as the most expensive project ever undertaken in the Bahamas.

  • NEW YORK, June 29- Puerto Rico is "insolvent" and will soon run out of cash, according to a newly appointed adviser to the commonwealth who was the judge who oversaw the historic bankruptcy of Detroit. The U.S. territory's future hinges on gaining eligibility for debt restructuring under the U.S. bankruptcy code, a process it does not currently have access to, said...

  • *Controls lasted years in Cyprus and Iceland. *Greece could stabilise banks but system may go bankrupt. ATHENS/ LONDON, June 29- Capital controls imposed in Greece are likely to stay in place for months and its banks may need billions of euros of new capital or even face nationalisation under a lengthy financial rebuilding, industry sources said.

  • SUAREZ SAYS STEVEN RHODES, WHO DEALT WITH DETROIT BANKRUPTCY, INVITED TO MEETING, SO PUERTO RICO CAN LEARN HOW A DEBT RESTRUCTURING PROCESS TAKES PLACE.

  • WILMINGTON, Del., June 26- Molycorp Inc failed to get approval from a U.S. Judge Christopher Sontchi agreed with the objection by an affiliate of Oaktree Capital Management that Molycorp could not justify its need for the money, which would deepen the company's insolvency. Oaktree, which had loaned the company about $250 million in September, argued Molycorp was...

  • "We will concentrate our future investments in Brazil where we see a promising long-term growth opportunity, while remaining focused on reducing expenses and maintaining a lean cost structure," NII Holdings Chief Executive Steve Shindler said in a statement. Last week, NII Holdings, a telecom operator for the Nextel brand in Brazil, gained U.S. court approval of...

  • June 26- NISI Holdings Inc, a Latin American mobile service provider, said it has emerged from its Chapter 11 reorganization proceedings. As part of the plan, about 100 million shares of the company's new common stock and $745 million in cash will be distributed to holders of senior notes, NII Holdings said on Friday. The stock and cash will be issued by the NII...

  • June 25- Texas' largest power company, Energy Future Holdings Corp, has scrapped a bankruptcy exit plan centered on the sale of its multibillion dollar power line stake and instead will pursue a reorganization, the company said in an internal memo on Thursday. The Luminant power generating business and its TXU retail utility would be spun off to the senior...

  • Molycorp files for Chapter 11 bankruptcy protection Thursday, 25 Jun 2015 | 10:56 AM ET

    GREENWOOD VILLAGE, Colo.— Rare earth metals company Molycorp has filed for Chapter 11 bankruptcy protection. The filings include Molycorp Inc. and its North American subsidiaries, as well as some non-operating subsidiaries outside North America. Operations outside North America, with the exception of non-operating companies in Luxembourg and Barbados,...

  • June 25- Molycorp Inc, the only U.S. supplier of rare earths, filed for Chapter 11 bankruptcy protection on Thursday along with its North American subsidiaries to restructure $1.7 billion of debt in its U.S. and Canadian operations. Molycorp, whose shares have lost 86 percent of their value in the past year, said it had obtained agreement for up to $225 million in new...

  • June 25- Rare earths miner Molycorp Inc filed for Chapter 11 bankruptcy protection on Thursday along with its North American subsidiaries to restructure $1.7 billion of debt in its U.S. and Canadian operations. Molycorp has also obtained agreement for up to $225 million in new debtor-in-possession financing, it said in a statement. The Birmingham, Alabama-...

  • NEW YORK, June 24- When U.S. companies go bust, bankruptcy laws ensure workers are among the first to get paid. A federal appeals court in Philadelphia last month endorsed an agreement among stakeholders of Jevic Transportation Inc to toss the trucking company's bankruptcy case out of court before a formal Chapter 11 exit plan was approved.

  • HARTFORD, Conn.— The bankruptcy being sought by Colt Defense was fueled by missteps with gun owners, a misreading of the police firearms market and a fall in gun sales to the public after an initial spike several years ago, analysts and industry observers say. Herstal of Belgium following a dispute between Colt and Remington. "The loss of the U.S. government contract...

  • Puerto Rico faces a 'bailout' problem Thursday, 18 Jun 2015 | 1:40 PM ET
    A man walks past a vacant building in the Santurce neighborhood of San Juan, Puerto Rico.

    The false perception is that "if you give Puerto Rico the authority to file for bankruptcy, that's the equivalent of a federal bailout."

  • June 18- Rig provider Hercules Offshore Inc said it had entered into a restructuring agreement with a majority of its debtors, which would lead to a Chapter 11 filing within the next few weeks. About $1.2 billion of Hercules' notes will be converted into new equity, leaving existing shareholders with 3.1 percent of the company's stock, Hercules said in a...

  • WILMINGTON, Del, June 16- Bondholders of gun maker Colt ripped into the bankrupt company's private equity owner in a court hearing on Tuesday, saying the firm sped up its decline by starving it of cash and investment. A bondholder attorney told Judge Laurie Silverstein in Wilmington, Delaware, that Sciens was to blame for Colt's inability to compete.

  • Drill, drill, drill! And then maybe go bankrupt Tuesday, 16 Jun 2015 | 12:32 PM ET
    Oil workers using chain to position drill on drilling platform.

    Bankruptcy and dealmaking has yet to hit the U.S. oil patch, but drillers face another crucial test of their health this fall.