NEW YORK— Drug developer Siga Technologies has filed a petition for Chapter 11 reorganization in U.S. Bankruptcy Court as it appeals a court ruling on its smallpox drug Tecovirimat. Last month, the Delaware Court of Chancery ruled that rival PharmAthene was entitled to damages based on anticipated government purchases of Siga's smallpox drug.» Read More
NEW YORK, Aug 21- Hedge funds negotiating with Puerto Rico's public power authority PREPA over a possible restructuring of more than $8 billion in bonds include two involved in Argentina's protracted bond negotiations, Knighthead Capital Management and Redwood Capital Management, according to the full bondholder agreement published on Thursday.
Argentina slid into default last month after a New York court blocked an interest payment of $539 million owed to holders of debt that was restructured after the country's record 2002 default.
NEW YORK, Aug 19- Puerto Rico's benchmark general obligation bonds rallied to their highest level in over three months on Tuesday as investors bet the bonds will be not be affected during a possible restructuring of the island's power authority.
Citigroup told the US appeals court that Argentina's banking license may be at risk as a result of the standoff between the country and hedge funds.
NEW YORK, Aug 19- Citigroup has told the U.S. appeals court overseeing the dispute between Argentina and hedge funds refusing to accept terms of the country's debt restructuring that its Argentine banking license may be at risk as a result of the standoff. Citi expects to receive about $5 million from Argentina ahead of its next coupon payment deadline of Sept. 30.
NEW YORK, Aug 15- Bonds of Puerto Rico's PREPA power authority hit their highest price in nearly two months on Friday, a day after the troubled utility reached a deal with creditors to extend credit lines and develop a plan to restructure its business. Amodeo does not hold PREPA bonds but does own Puerto Rico general obligation and tax revenue bonds.
Aug 14- Puerto Rico's electric power authority PREPA struck a deal with bondholders on Thursday to develop a restructuring plan to revive the debt-stricken utility as it got an extension of vital lines of credit it uses to buy oil. :Puerto Rico's highway, water and electricity authorities hold about $20 billion in bonds.
International banks had appeared to be nearing agreement to buy Argentina paper from holdout creditors who have refused to accept a debt restructuring deal with the sovereign.
Aug 14- Network equipment maker Cisco Systems Inc said on Thursday its plan to slash 6,000 jobs will result in restructuring charges of $700 million in cash in the year ending July 2015. Shares in Cisco, still the world's largest networking equipment maker, were down 2.7 percent at $24.52 on the Nasdaq.
Aug 14- Network equipment maker Cisco Systems Inc said it would take restructuring charges of $700 million in cash in the year ending July 2015 related to its plan to cut 6,000 jobs. Cisco shares were down 1.5 percent at $24.82 in premarket trading on the Nasdaq.
Aug 14- Network equipment maker Cisco Systems Inc said it would take restructuring charges of $700 million in cash in the year ending July 2015 related to its plan to cut 6,000 jobs. Cisco said $250- $350 million of the charges would be recognized in the first quarter.
Bankruptcy Judge Steven Rhodes on Wednesday pushed the start of the trial on Detroit's exit from the largest municipal bankruptcy in U.S. history to Aug. 29 from Aug. 21, with opening statements scheduled for the following Tuesday, Sept. 2.
SAN JUAN, Puerto Rico, Aug 13- Puerto Rico's electric power authority, PREPA, is likely to get an extension of vital lines of credit in an agreement that could see lenders appoint a restructuring expert at the debt-stricken utility, a financial industry executive familiar with the situation said on Wednesday.
The move, known as acceleration, could push Argentina into a new restructuring on up to US $30 bn in debt and significantly complicate efforts to put its decade-long debt woes to rest.
Aug 12- A federal judge could once again push back the start date for the trial on Detroit's exit from the largest municipal bankruptcy in U.S. history after some creditors said on Tuesday a possible settlement is snarling key components of the restructuring plan.
LONDON, Aug 8- Ukrainian companies' dollar bonds are lower than they've been for months on fears the country's worsening economy, armed rebellion and dispute with Russia will send more of them the way of agro firm Mriya, which has hinted at a debt restructuring.
*Dubai World proposes to make 1st big repayment early, delay 2nd. DUBAI, Aug 1- Economic recovery in Dubai is pushing both creditors and debtors to weigh new strategies in the $25 billion restructuring of state-owned Dubai World, one of the Middle East's largest ever debt deals.
NEW YORK, July 31- Bank of New York Mellon sent a formal letter Thursday to holders of Argentina's exchange bonds essentially confirming that the sovereign had defaulted. That order came from Judge Thomas Griesa, who ordered Argentina to pay holdout creditors in full when it made its next payment to holders of the exchange, or restructured, bonds.
LONDON, July 29- Argentina will find itself in its second default of the 2000 s on Thursday unless a last-minute deal is reached with holdout creditors who have rejected a debt restructuring deal. But Argentina and the creditors did not meet face to face.
Argentina is out of legal options to avoid paying a court-ordered $1.33 billion, plus interest, to the holdout creditors who declined to restructure their bonds.