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Corporate Restructuring

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  • 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.

  • Argentina debt talks collapsed over price, guarantees Thursday, 14 Aug 2014 | 2:08 PM ET

    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.

  • Cisco to take $700 mln in restructuring charges in 2015 Thursday, 14 Aug 2014 | 6:41 AM ET

    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.

  • UPDATE 1-Start of Detroit bankruptcy trial delayed a week Wednesday, 13 Aug 2014 | 6:04 PM ET

    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.

  • BNY confirms still holding Argentina bond monies Thursday, 31 Jul 2014 | 7:54 AM ET

    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.

  • Messy situation as Argentina debt default looms Tuesday, 29 Jul 2014 | 6:05 PM ET

    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.

  • Argentina debtholders offer to waive clause -FT Monday, 28 Jul 2014 | 4:30 PM ET

    July 28- A group of Argentina's creditors holding "restructured" debt have offered to waive a clause that would help the country avoid a default, the Financial Times reported on Monday, citing unnamed sources.

  • NEW YORK, July 25- Argentina, out of legal options to avoid paying a court-awarded $1.33 billion plus interest to holdout creditors who twice spurned a restructuring offer, has until July 30 to either pay them, negotiate a settlement or default.

  • NEW YORK, July 23- A hedge fund with over $400 million in Puerto Rico bonds has joined a legal challenge against a law that allows the U.S. New York- based BlueMountain Capital Management filed a lawsuit in the district court of Puerto Rico on Tuesday, claiming that the new law, known as the Recovery Act, runs counter to both the Puerto Rican and U.S. constitutions.

  • NEW YORK, July 23- A hedge fund with over $400 million in Puerto Rico bonds has joined a legal challenge against a law that allows the U.S. New York- based BlueMountain Capital Management filed a lawsuit in the district court of Puerto Rico on Tuesday, claiming that the new law, known as the Recovery Act, runs counter to both the Puerto Rican and U.S. constitutions.

  • July 23- Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in bonds issued by Puerto Rico's highway, water and electricity authorities even as some big U.S. mutual funds launch a legal battle to squelch a new law that authorizes a restructuring.