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Restructurings

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  • JAKARTA, Oct 31- Indonesia's mining-to-telecoms conglomerate Bakrie Group will negotiate with creditors to restructure part of its $8 billion in debt rather than sell major assets, people familiar with its strategy say. Some creditors sued one Bakrie company in New York while a Jakarta supplier has asked an Indonesian court to supervise a debt...

  • DETROIT, Oct 27- Detroit on Monday wrapped up its historic bankruptcy case, which began with contentious opposition from creditors and ended with eleventh-hour deals enabling the city to shed $7 billion of its $18 billion of debt and obligations. Bankruptcy Judge Steven Rhodes that he should permit Detroit to emerge from bankruptcy before Thanksgiving.

  • DETROIT, Oct 22- Detroit's relatively fast move through municipal bankruptcy has resulted in costly creditor settlements and too little emphasis on fixing the city's broken operations, a restructuring expert testified in U.S. Bankruptcy Court on Wednesday. Still, Martha Kopacz, who was appointed by Judge Steven Rhodes to assess the viability of Detroit's...

  • DETROIT, Oct 21- The U.S. judge overseeing Detroit's historic bankruptcy dropped hints on Tuesday on what he wants to hear in the city's closing statements and what he may be scrutinizing in creditor settlements. "We are getting finality and stability going forward," state-appointed Emergency Manager Kevyn Orr told U.S. Bankruptcy Court Judge Steven Rhodes,...

  • TUNIS, Oct 19- Tunisia will raise the normal retirement age by two years in 2015 to reduce the deficit in its social security funds, as part of economic reforms designed to stabilise state finances, minister for economic affairs Nidhal Ouerfelli said. The North African country is reorganising its economy as it nears the completion of a difficult transition to...

  • DETROIT, Oct 16- Detroit announced on Thursday a last-minute settlement with its final major holdout creditor, Financial Guaranty Insurance Co., as it edged closer to exiting the biggest-ever municipal bankruptcy. Corinne Ball, an attorney at law firm Jones Day, told U.S. Bankruptcy Court Judge Steven Rhodes that the settlement includes an option for FGIC to...

  • Eagle Bulk Shipping cuts debt by 80 pct, shares skyrocket Thursday, 16 Oct 2014 | 12:01 PM ET

    Oct 16- Eagle Bulk Shipping Inc's shares shot up to as much as $15.46 from 68 cents as the company cut its borrowings by about 80 percent after converting debt into equity under a financial restructuring program. Excess capacity in the past couple of years has forced several shipping companies to file for bankruptcy, including Genco Shipping& Trading Ltd,...

  • Office Depot to cut 1,100 jobs in Europe Thursday, 16 Oct 2014 | 9:40 AM ET

    Oct 16- Office Depot Inc said it would eliminate about 1,100 jobs in Europe as part of a restructuring plan in the region. The company had 64,000 employees worldwide as of Jan. 25. The office supply retailer said it expects the restructuring to reduce annual costs by about $90 million by the end of 2016..

  • DETROIT, Oct 15- Ordinary Detroit residents sounded off with passion and anger on Wednesday as they gave a federal judge their views on the city's plan to exit its historic municipal bankruptcy. Bankruptcy Judge Steven Rhodes began a hearing on Sept. 2 to determine if Detroit's plan to restructure $18 billion in debt is fair and feasible. Some residents of...

  • *FCA opens at $9.00 in New York, closes in Milan at 7.03 euros. MILAN/NEW YORK, Oct 13- Fiat Chrysler Automobiles made its Wall Street debut to great fanfare on Monday, shifting the carmaker's center of gravity away from Italy and capping a decade of canny dealmaking and tough restructuring by CEO Sergio Marchionne. FCA shares opened at $9.00 in New York, up from a...

  • *FCA trading on NYSE opens 1330 GMT, followed by Milan. MILAN, Oct 13- Fiat Chrysler Automobiles makes its Wall Street debut to great fanfare on Monday, shifting the carmaker's centre of gravity away from Italy and capping a decade of canny dealmaking and tough restructuring by CEO Sergio Marchionne. Analysts think the U.S. auto industry is nearing a peak, while...

  • Fiat Chrysler crowns merger with Wall Street debut Sunday, 12 Oct 2014 | 6:29 AM ET

    *FCA trading on NYSE opens 1330 GMT Monday, followed by Milan. *Wall Street debut comes at difficult time for auto industry. MILAN, Oct 12- Fiat Chrysler Automobiles makes its Wall Street debut to great fanfare on Monday, shifting the carmaker's centre of gravity away from Italy and capping a decade of canny dealmaking and tough restructuring by CEO Sergio...

  • The request would be based on the role of the two institutions in helping Argentina circumvent the US jurisdiction in September by depositing a coupon payment due on its restructured bonds at an account opened by the central bank at Nacion Fideicomisos, a subsidiary of Banco Nacion instead of at trustee bank New York Mellon. US court judge Thomas Griesa in...

  • Oct 9- Riverbed Technology Inc said it would review its alternatives and started a restructuring program to cut costs, three days after activist investor Elliott Management reaffirmed its offer to buy the network equipment maker. The company's stock rose 3.5 percent to $18.72 in premarket trading on Thursday. The restructuring plan was aimed at reducing...

  • NEW YORK, Oct 6- Creditors of bankrupt wireless company LightSquared and the company's owner, Harbinger Capital Partners, will once again try to reach a mediated restructuring deal after a judge raised the prospect of converting the case to a Chapter 7 liquidation. With a deadline for confirming a plan just weeks away, Harbinger and two creditors, MAST Capital...

  • DETROIT, Oct 6- Detroit may take years before fully functioning as a city, its mayor said on Monday as he gave a tepid blessing to the plan for ending the city's historic bankruptcy. Mayor Mike Duggan was the last witness called by Detroit's attorneys, who then rested the city's case in a U.S. Bankruptcy Court hearing on the plan to adjust $18 billion of debt.

  • LONDON, Oct 6- The International Monetary Fund on Monday urged a rethink of how sovereign bonds should be structured to avoid future debt restructurings turning into a repeat of Argentina's disruptive court battle with a few disgruntled creditors. This follows a ruling by a U.S. court that two hedge funds not party to Argentina's debt restructuring were...

  • Bankruptcy Judge Steven Rhodes asked pointed questions on Friday about how Detroit will fare after it exits its historic bankruptcy, expressing concerns about a commission intended to oversee city finances and a settlement with Syncora Guarantee Inc.. The judge also raised concerns over how the city would monitor deadlines and requirements in a complex...

  • Oct 1- The California Public Employees' Retirement System, or Calpers, on Wednesday said it disagreed with a U.S. bankruptcy judge's ruling that Stockton, California, could impair worker pensions as part of the city's proposed financial restructuring. "This ruling is not legally binding on any of the parties in the Stockton case or as precedent in any other...

  • Judge rules against Calpers in Stockton bankruptcy Wednesday, 1 Oct 2014 | 5:53 PM ET
    A pedestrian walks by a newspaper rack displaying the headline 'Bankrupt!' last summer in Stockton, Calif.

    The U.S. bankruptcy judge overseeing Stockton, California's municipal bankruptcy trial ruled that Calpers could be forced to absorb losses.