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Corporate Restructuring

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  • NEW YORK, Feb 27- Puerto rico's debt-laden power authority, Prepa, said on Friday that it will hold off on presenting a restructuring plan to creditors as it continues to negotiate an extension of forbearance agreements with bondholders and lenders. The current agreement, which expires on March 31, had called for a deadline of this Monday for Prepa to unveil a...

  • LONDON, Feb 27- British publisher Pearson forecast a return to earnings growth after two years of restructuring, helped by improved fortunes in North America where falls in college enrolments have started to ease. Pearson, the 171- year-old company which also owns the Financial Times newspaper, reported adjusted earnings per share of 66.7 pence in 2014. That...

  • WASHINGTON/ NEW YORK, Feb 26- A bill to give Puerto Rico's ailing public utilities a way to restructure debt under the U.S. bankruptcy code drew skepticism from congressional Republicans but support from Democrats, who said it would relieve the island's problems. The Republican-controlled Judiciary subcommittee on regulatory reform of the House of...

  • Puerto Rico seeks protection of federal bankruptcy code Thursday, 26 Feb 2015 | 2:28 PM ET

    The push comes after a federal judge ruled that a local debt-restructuring law pushed through last year by Puerto Rico's governor was unconstitutional. Melba Acosta, president of Puerto Rico's Government Development Bank, was among those who testified before a U.S. House Judiciary Committee hearing in Washington. Puerto Rico's delegate to Congress, Pedro...

  • Power plant seeks to block Revel sale, liquidate property Thursday, 26 Feb 2015 | 12:57 PM ET

    ACR Energy Partners wants a bankruptcy court judge to cancel the latest proposed sale to a Florida developer, and appoint a trustee to liquidate the property instead. The company says the latest sale contract to Florida developer Glenn Straub would leave nothing for most creditors, and would cost the power supplier $32 million. Straub's Polo North Country...

  • NEW YORK, Feb 26- Bondholders are split on a proposed bill to give Puerto Rico's ailing public agencies a way to restructure debt under U.S. bankruptcy law, with some saying it would give confidence to the market and others arguing it is a "Wild West" solution. The bill to give Puerto Rico's agencies the ability to file under Chapter 9 of the U.S. bankruptcy code- used by...

  • WILMINGTON, Del., Feb 25- RadioShack Corp got approval on Wednesday from a U.S. Bankruptcy Court judge to auction about 2,000 stores with an initial $200 million bid from the Standard General hedge fund. Wednesday's hearing was the first time the bankrupt company has put an estimated value on the sale agreement with Standard General, which will keep about half of...

  • WILMINGTON, Del., Feb 25- RadioShack Corp's sale of about 2,000 stores to a hedge fund is worth $200 million, an advisor to the electronics retailer told a U.S. Bankruptcy Court on Wednesday. This was the first time the bankrupt company has put an estimated value on the sale agreement with Standard General, which will keep about half of RadioShack's stores open and...

  • "We have studied the current environment surrounding Skymark and have determined not to participate in that airline's restructuring needs at this time," American spokesman Josh Freed said in an email. Nikkei Asian Review reported earlier that American intended to send executives to Japan to discuss investment in Skymark, and that a tie-up interested Delta,...

  • Feb 19- General Motors Co on Thursday named Craig Glidden, chief legal officer at chemicals company LyondellBasell Industries NV, as its general counsel, succeeding Michael Millikin, who is retiring in July. Glidden, 57, helped steer LyondellBasell out of bankruptcy and through restructuring. Glidden has been LyondellBasell's top lawyer since 2009, the same...

  • A man walks past an electronic board displaying share prices at the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia, on Thursday, April 10, 2014.

    An Indonesian telecom found a way to restructure its debt over creditor objections: it loaned itself money and counted its own votes toward approval.

  • But investors who have sued PT Bakrie Telecom Tbk and its subsidiaries in New York over a $380 million bond say they were barred from voting on the restructuring. The bond's trustee Bank of New York Mellon said that violated both the terms of the bond contract and the law, without specifying which country's law, according to a letter to Bakrie Telecom seen by...

  • TIMELINE-Indonesia's Bakrie Telecom restructuring process Wednesday, 18 Feb 2015 | 4:00 PM ET

    BACKGROUND Bakrie Telecom Tbk set up a special purpose vehicle- Bakrie Telecom Pte Ltd- to sell a $380 million bond in New York in 2010. The bond matures in May 2015 and bears an 11.5 percent coupon. Bakrie Telecom Tbk guarantees the bond while Bakrie Telecom Pte Ltd lends the proceeds to the listed parent company under an inter-company loan agreement.

  • Feb 12- Standard& Poor's said on Thursday it had downgraded Puerto Rico's general obligation debt by three notches, deeper into junk territory, citing a judge's decision to void the U.S. commonwealth's plan for debt restructuring. The credit ratings agency lowered Puerto Rico's GO debt rating to B from BB, citing the island's potential inability to pay its debts,...

  • Iraqis must be patient on economy, prime minister says Thursday, 12 Feb 2015 | 9:36 AM ET

    BAGHDAD, Feb 12- Iraq's prime minister called on Thursday for "patience" while the government implements economic reforms that include restructuring of many state-owned companies, saying the plan would deliver growth and development. Haider al-Abadi, who took office in September after Islamic State militants seized control of large parts of north and west...

  • NEW YORK, Feb 11- James Garrity, a partner in the law firm Morgan Lewis& Bockius, is returning to the bench as a U.S. bankruptcy judge in New York after more than a 15- year absence, court officials announced on Wednesday. Bankruptcy Judge Allan Gropper on Feb. 17, according to the 2nd U.S. Circuit Court of Appeals, which oversees bankruptcy judge succession in the...

  • Feb 10- Genworth Financial Inc reported a bigger-than-expected quarterly loss as the U.S. life and mortgage insurer took an after-tax charge of $478 million related to long-term care policies it bought before 1996.. Genworth said it was carrying out a restructuring plan targeting more than $100 million in pre-tax cash savings over the next two years.

  • Feb 9- Genworth Financial Inc reported a bigger-than-expected quarterly loss as the U.S. life and mortgage insurer took an after-tax charge of $478 million related to long-term care policies it bought before 1996.. Genworth said it was carrying out a restructuring plan targeting more than $100 million in pre-tax cash savings over the next two years.

  • UPDATE 1-Genworth Financial loss exceeds estimates Tuesday, 10 Feb 2015 | 5:58 PM ET

    Feb 9- Genworth Financial Inc reported a quarterly loss much bigger than market estimates as it took an after-tax charge of $478 million related to long-term care active life blocks it bought before 1996.. Genworth said it was carrying out a restructuring plan targeting more than $100 million in pre-tax cash savings over the next two years.

  • DETROIT, Feb 10- Chief Executive Mary Barra's plan to keep a big cash cushion for General Motors Co is under attack from a group of shareholders led by a member of the auto task force that helped restructure the company during its 2009 bankruptcy. Harry Wilson, who was a member of the task force, notified the Detroit automaker on Monday that he wanted it to spend $8...