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Restructurings

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  • July 1- Moody's Investors Service on Wednesday downgraded Puerto Rico's general obligation and guaranteed bonds further into junk territory, citing Governor Alejandro GarcĂ­a Padilla's declaration that the commonwealth cannot pay its debt. Moody's said the commonwealth's decision to devise broad restructuring plans were "clear signs that holders of...

  • July 1- Municipal bond researchers at Franklin Templeton, whose funds are among the largest owners of Puerto Rico debt, on Wednesday predicted a "long and costly" legal battle as the Caribbean nation tries to restructure more than $70 billion in obligations. "At the very least, in our assessment, Puerto Rico can expect creditors to seek legal affirmation and...

  • July 1- Puerto Rico's distressed power authority, PREPA, avoided default on Wednesday by making a $415 million bond payment, but creditors cautioned if restructuring negotiations with the utility over its $9 billion debt deteriorate it would take legal action. Puerto Rico's governor, Alejandro Garcia Padilla, said on Monday he wanted to restructure the debt...

  • MOSCOW, July 1- Russian state lender Sberbank intends to begin bankruptcy proceedings against three subsidiaries of indebted miner Mechel, a bank official said on Wednesday. After months of discussions with lenders and government officials to restructure its $6.6 billion net debt, Mechel has reached agreements with all of its creditors except Sberbank,...

  • IMF urges Ukraine, creditors to reach agreement Tuesday, 30 Jun 2015 | 6:45 PM ET

    WASHINGTON, June 30- The International Monetary Fund on Tuesday urged Ukraine and its creditors to reach an agreement over debt restructuring after meeting with both sides in Washington. Agreeing on a debt restructuring is one of the conditions Kiev must meet under the IMF's $17.5 billion bailout program. "The Fund encourages Ukraine and its creditors to...

  • *Greece submits new aid proposal to creditors. *Malta PM: Greece willing to suspend referendum if talks resume- report. Greece, hours from missing a 1.6 billion euro payment due to the International Monetary Fund, submitted a new aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens to resolve its impasse...

  • NEW YORK, June 30- U.S. fund manager OppenheimerFunds, the largest holder of Puerto Rico debt among U.S. municpal bond funds, warned the island it stands ready to defend the terms of bonds it holds, a day after the governor said he wanted to restructure debt and postpone bond payments. Puerto Rico's Governor Alejandro Garcia Padilla could be heading toward a fight...

  • NEW YORK, June 30- Stocks on Wall Street rose in choppy trade on Tuesday and a global equities gauge ticked up, while the euro remained under pressure as Greece grappled with a looming deadline on a debt payment to the IMF. Greece submitted a new two-year aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens...

  • NEW YORK, June 30- Stocks on Wall Street rose in choppy trade on Tuesday and a global equities gauge ticked up, while the euro remained under pressure as Greece grappled with a looming deadline on a debt payment to the IMF. Greece submitted a new two-year aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens...

  • BRUSSELS, June 30- A last-minute bid by Greece for an extension of its international bailout and a two-year funding and debt restructuring programme offers no concessions to creditors' demands for economic reforms, the text seen by Reuters shows. But it made no mention of the conditions set by the European Commission, the European Central Bank and the...

  • UPDATE 1-Puerto Rico bonds fall sharply for second day Tuesday, 30 Jun 2015 | 12:00 PM ET

    NEW YORK, June 30- Puerto Rico's bonds fell sharply for a second straight session on Tuesday, a day after the island's governor said he wanted to restructure debt and postpone bond payments for years, as investors speculated about which classes of the securities were most at risk. Almost 10 percent of municipal bonds that traded Monday were Puerto Rico- related,...

  • NEW YORK, June 30- Stocks on Wall Street edged up on Tuesday to keep a global equities gauge higher despite declines in Europe, while the euro remained under pressure as Greece grappled with a looming deadline on a debt repayment to the IMF. Greece submitted a new two-year aid proposal to its creditors, calling for debt restructuring in what seemed like a...

  • Puerto Rico bonds fall sharply for second day Tuesday, 30 Jun 2015 | 9:40 AM ET

    NEW YORK, June 30- Puerto Rico bonds fell sharply for a second day in a row after the island's governor said it needed to restructure its debt and called for access to the U.S. bankruptcy law. General obligation 8 percent bonds maturing 2035 fell as low as $64.50 today versus a low of $68.75 yesterday. Standard& Poor's Ratings Services lowered its credit rating on...

  • TOKYO, June 30- General Electric Co said it would sell its European private equity financing business to a unit of Japan's Sumitomo Mitsui Banking Corp for about $2.2 billion as the U.S. conglomerate sheds financial assets amid a restructuring. This makes the deal attractive to the core banking unit of Japan's third largest bank, Sumitomo Mitsui Financial...

  • 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...

  • TOKYO, June 30- General Electric Co is close to selling its European private equity financing unit to Japan's Sumitomo Mitsui Banking Corp for more than $2 billion, a person with direct knowledge of the matter said, as the U.S. industrial conglomerate sheds its financial assets amid a restructuring. This makes the deal attractive to the core banking unit of...

  • *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.

  • PUERTO RICO GOVERNOR GARCIA PADILLA SAYS COMMONWEALTH NEEDS AND WILL PROPOSE A RESTRUCTURING PLAN- PREPARED REMARKS OF SPEECH.

  • KIEV, June 29- The Ukrainian Finance Ministry kept up pressure on creditors on Monday before key restructuring talks, blaming a bondholder group for the deadlock in negotiations, but the bondholder group said the ministry's comments showed an inconsistency in Kiev's stance. Ukraine, which is seeking to plug a $15.3 billion funding gap, is meeting bondholders...

  • 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...