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Corporate Restructuring

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  • Nov 11- Debt-strapped casino operator Caesars Entertainment Corp has reached an agreement with key senior creditors on the outline of a restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, Bloomberg reported, citing two people with knowledge of the negotiations. Under the plan being negotiated by first-lien...

  • Nov 11- Debt-strapped casino operator Caesars Entertainment Corp has reached an agreement with key senior creditors on the outline of a restructuring plan that includes a prearranged bankruptcy for its largest unit as soon as January, Bloomberg reported, citing two people with knowledge of the negotiations. Under the plan being negotiated by first-lien...

  • Nov 10- Dendreon Corp filed for Chapter 11 bankruptcy protection after sales of the world's first cancer vaccine fell short of expectations and left the company deep in debt. Seattle- based Dendreon said it had agreed terms of a financial restructuring with certain bond holders that may involve a standalone recapitalization or the sale of the company or its...

  • Iowa grocer files bankruptcy, announces its sale Monday, 10 Nov 2014 | 10:56 AM ET

    DES MOINES, Iowa— Dahl's Foods Inc. has filed for bankruptcy and has announced its sale to a Kansas grocery organization. The Des Moines- based company said in a news release Monday that it filed its petition for reorganization under Chapter 11 protection in Des Moines. It also said it's agreed to be acquired by Associated Wholesale Grocers Inc., of Kansas City,...

  • Dendreon files for Chapter 11 bankruptcy Monday, 10 Nov 2014 | 5:42 AM ET
    File photo: A worker in a Dendreon lab working on a prostate cancer drug.

    Biotechnology company Dendreon filed for chapter 11 bankruptcy protection on Monday and said it has reached agreements on the terms of a financial restructuring with certain bond holders.

  • Dendreon files for Chapter 11 bankruptcy Monday, 10 Nov 2014 | 2:22 AM ET

    Nov 10- Biotechnology company Dendreon Corp filed for chapter 11 bankruptcy protection on Monday and said it has reached agreements on the terms of a financial restructuring with certain bond holders. Dendreon said the restructuring may take the form of a stand-alone recapitalization or a sale of the company or its assets. Under the agreements, the senior...

  • Paul Glassman, San Bernardino's bankruptcy attorney, told the federal judge overseeing the city's bankruptcy that a rejection by voters on Tuesday of a pay-cutting ballot measure for police and firefighters was a "gamechanger" that had thrown the restructuring plan off track. Lawyers for San Bernardino's police and fire unions reacted with dismay and anger...

  • *Banks owed are FirstRand, Standard, Barclays, Investec. JOHANNESBURG, Nov 5- Four of South Africa's biggest banks are owed $53 million by Ellerine, the money-losing furniture firm that African Bank Investments cut funding to just before the lender collapsed, documents showed. The restructuring plan shows Ellerine owes 241 million rand to FirstRand, 150 million...

  • BUENOS AIRES, Nov 3- Chances of a deal to end Argentina's feud with holdout bond investors will improve in January when current restructuring rules expire, the economy minister said in comments published on Monday, raising some hopes for the country's stagnant economy. When it swapped 93 percent of its global bonds for new paper offering about 30 cents on the...

  • BUENOS AIRES, Nov 3- Chances of a deal to end Argentina's feud with holdout bond investors will improve in January when current restructuring rules expire, the economy minister said in comments published on Monday, raising some hopes for the country's stagnant economy. When it swapped 93 percent of its global bonds for new paper offering about 30 cents on the...

  • 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...