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Restructurings

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  • NEW YORK, April 14- Negotiations between Puerto Rico's troubled electric power authority and a group of its creditors turned into a testy public exchange on Tuesday as an agreement to prevent a possible messy default by Wednesday's deadline proved illusive. The public dispute, highly unusual in restructuring negotiations that are normally conducted...

  • NEW YORK, April 14- A $2 billion bondholder plan to restructure Puerto Rico's troubled power authority contains aggressive elements that are unlikely to work, the utility's chief restructuring officer said in testimony before Puerto Rico's Senate on Tuesday. Lisa Donahue said demands that creditors be paid in full and on time would be unlikely to work as a...

  • CALGARY, Alberta, April 9- Canadian oil and gas producer Calvalley Petroleum Inc said on Thursday it will liquidate and restructure due to the political crisis in Yemen, where it has almost all of its operations. Saudi Arabia and Arab allies have launched air strikes against the Iran- allied Houthi movement in Yemen, which has taken most of the country and forced...

  • LONDON, April 9- Three years after facing off over Greece's debt workout, the two giants of debt restructuring- Lazard and Blackstone- are again preparing to do battle, one for Ukraine and the latter on behalf of its creditors. Another prominent player is Franklin Templeton, one of the world's biggest asset managers, whose star investor, Michael Hasenstab, has...

  • WASHINGTON, April 7- The International Monetary Fund will assess Ukraine's progress in its talks with creditors but does not have to make any decisions in June, when its next review of the country's $17.5 billion bailout is due, the Fund's No. 2 official said on Tuesday. Ukraine's officials have set themselves a June deadline to complete debt restructuring...

  • WASHINGTON, April 7- The International Monetary Fund will assess how much progress Ukraine has made in its talks with creditors, but does not have to make any decisions in June, the Fund's No. 2 official said on Tuesday. Ukraine's officials have set themselves a June deadline, by the time of the next IMF review, to complete debt restructuring that is needed to plug a...

  • MOSCOW, April 7- The head of Russia's top lender Sberbank, German Gref, said on Tuesday the bank was not willing to restructure a loan to aluminum producer Rusal. There has been no proposal that is acceptable to us, "Gref told reporters. Rusal, the world's largest aluminum producer, has long hoped to reach agreement with lenders to revise the terms of its multi-billion...

  • Argentina's securities regulator says Citibank Argentina violated local laws by striking a deal with the hedge funds. Argentina on Monday appealed a U.S. federal court order that it said "erroneously modified and extended" a ruling preventing payment on its restructured bonds under Argentine law. The case stems from a decade-long legal feud between...

  • April 2- U.S. insurer Genworth Financial Inc is seeking buyers for a life and annuity unit, Bloomberg reported, citing people familiar with the matter. Genworth has been carrying out a restructuring plan after reporting losses of more than $1.5 billion in the past two quarters due to hefty charges to cover losses in its long-term care business.

  • NEW YORK, April 1- General Electric would commit to financing a new natural gas plant in Puerto Rico under a debt restructuring plan proposed by creditors of the island's struggling power utility, according to plan documents obtained by Reuters. Reuters reported on Saturday that an ad hoc group of PREPA creditors, including OppenheimerFunds and Franklin...

  • HONG KONG, March 31- Troubled Chinese property developer Kaisa Group Holdings said it would not report its 2014 results as scheduled on Tuesday as it needed more time to assess its cash flow. Larger peer Sunac China Holdings, which has proposed a takeover, urged the bondholders to accept Kaisa's debt restructuring plan or risk the company running out of cash by...

  • NEW YORK, March 26- Wireless venture LightSquared on Thursday concluded three years of litigation with creditors, securing U.S. Bankruptcy Court approval of a plan to end its Chapter 11 case and repay in full its largest creditor, Dish Network Corp Chairman Charles Ergen. Under the plan greenlighted by Judge Shelley Chapman in U.S. Bankruptcy Court in New York,...

  • WASHINGTON, March 26- Russia's $3 billion holding of Ukrainian debt should be classified as' official' debt, an IMF spokesman said on Thursday, weighing in on what has become a contentious issue in Kiev's economic situation. But Russia, which holds a $3 billion Eurobond from Ukraine, has so far refused to participate in the restructuring. Russia, which Western...

  • LONDON, March 24- Ukraine's debt burden cannot be restructured by just extending the maturity of its bonds, and creditors are unlikely to benefit if they "hold out" to maximize payments, Finance Minister Natalia Yaresko said on Tuesday. After a year of war and political upheaval that has seen its currency plummet and sent its economy into a tailspin, Ukraine agreed...

  • SHANGHAI, March 23- Laden with debt and struggling to make money as the world's No.2 economy loses momentum, China's steel mills do not appear obvious candidates for overseas expansion. In a draft of a revised restructuring plan for the industry issued late last week, Beijing included a line saying it would support mills' efforts to buy assets abroad, with...

  • Chinese property developer Kaisa Group, illustrates the challenges for investors holding uninsured corporate debt: Kaisa is trying to restructure 48 billion yuan of debt and is mired in crisis after the local government in its home base of Shenzhen blocked sales at some of its projects last year, leaving investors shell-shocked. A debt restructuring plan...

  • NEW YORK, March 22- Government bond issuers are adopting new standards intended to thwart a strategy that's plagued Argentina for 13 years, in which buyers snap up distressed debt for pennies on the dollar and then hold out for full payment after other investors have agreed to restructure. Driving the move to change is the situation in Argentina, lawyers and...

  • LONDON, March 20- Greek government bond yields fell on Friday, after Prime Minister Alexis Tsipras assured European Union creditors that he would soon present a full set of economic reforms to unlock cash and stave off bankruptcy. The joint statement by the EU institutions spoke of a "spirit of mutual trust," but German Chancellor Angela Merkel stressed no money...

  • March 19- Canada's Bank of Nova Scotia sued Cliffs Natural Resources Inc, saying the U.S. iron ore miner had breached terms of a loan agreement when it filed for creditor protection for its Canadian operations. Cliffs in January stopped production at its Bloom Lake mine in Quebec, where costs exceeded expectations, and started restructuring the Canadian...

  • NEW YORK, March 18- Bankrupt wireless venture LightSquared has filed a new restructuring plan that would pay the full $1.5 billion claim of its largest creditor, Dish Network Corp Chairman Charles Ergen, in cash, with interest. The plan, filed late on Tuesday and outlined on Wednesday morning in court papers in U.S. Bankruptcy Court in Manhattan, depends on $1.515...