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Corporate Restructuring

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  • WASHINGTON, May 21- A former member of the U.S. auto task force that helped restructure General Motors Co in 2009 during its bankruptcy said he had no idea about the defective ignition switches linked to at least 13 deaths.

  • SEOUL, May 19- South Korean steelmaker POSCO said on Monday it may consider selling a stake in its profitable trading and resources arm Daewoo International Corp as part of a restructuring plan aimed at shoring up its finances.

  • DETROIT, May 13- Detroit's three automakers are mulling a request by the city's art museum to help it raise money for a key component of Detroit's plan to restructure its debt and exit bankruptcy, representatives of the companies said on Tuesday.

  • Automakers mull aid to art museum in Detroit bankruptcy Tuesday, 13 May 2014 | 11:00 AM ET

    DETROIT, May 13- Detroit's three automakers are mulling a request by the city's art museum to help it raise money for a key component of Detroit's plan to restructure its debt and exit bankruptcy, representatives of the companies said on Tuesday.

  • BEIJING, May 10- China should reorganize its wealth management industry as it is unduly raising funding costs and encouraging savers to behave like gamblers by chasing after lucrative short-term returns, a deputy governor of China's central bank said on Saturday.

  • NEW YORK May 8- A U.S. bankruptcy judge ordered LightSquared and its chief creditor, satellite owner Charles Ergen, to discuss a settlement after she refused to approve the wireless provider's plan to exit its two-year bankruptcy.

  • MILAN, April 30- Etihad Airways has signalled that it is ready to continue talks on a potential investment in Italy's troubled Alitalia but it refuses to budge on tough conditions on debt restructuring and job cuts, a source close to the talks said on Wednesday.

  • SAN FRANCISCO, April 23- Zynga Inc co-founder Mark Pincus is relinquishing the last of his operational duties at the social gaming company starting on Wednesday and retreating to an advisory role as Chief Executive Officer Don Mattrick pushes through a restructuring plan.

  • UPDATE 1-Zynga's Pincus withdraws further from operations Wednesday, 23 Apr 2014 | 4:49 PM ET

    SAN FRANCISCO, April 23- Zynga Inc co-founder Mark Pincus is relinquishing the last of his operational duties at the social gaming company starting on Wednesday, taking on an advisory role as Chief Executive Officer Don Mattrick pushes through a restructuring plan.

  • Zynga's Pincus withdraws further from operations Wednesday, 23 Apr 2014 | 4:10 PM ET

    SAN FRANCISCO, April 23- Zynga Inc co-founder Mark Pincus will relinquish the last of his operational duties at the social gaming company starting Wednesday, taking on an advisory role as Chief Executive Don Mattrick pushes through a restructuring plan.

  • April 22- The federal judge overseeing Detroit's historic bankruptcy case tapped a top restructuring official at Phoenix Management Services on Tuesday to help the court determine if the city's plan to adjust its $18 billion of debt is feasible.

  • April 22- General Motors Co filed a motion in a U.S. bankruptcy court to enforce a bar on lawsuits related to ignition defects in cars sold before its 2009 bankruptcy as it fights a class action lawsuit that seeks to set aside the restriction.

  • Genco said on Monday Baltic Trading Ltd, a company formed by Genco, and its units are not included in the restructuring program. Genco listed total assets of about $2.46 billion and liabilities of $1.46 billion, as of Feb. 28, according to its bankruptcy petition.

  • Momentive Performance Materials files for bankruptcy Sunday, 13 Apr 2014 | 11:07 PM ET

    April 13- Silicone and quartz producer Momentive Performance Materials Inc, owned by Apollo Global Management LLC, on Sunday filed for Chapter 11 bankruptcy protection as part of a "restructuring support agreement" with some of its creditors.

  • DETROIT, April 11- Detroit's plan to get out of bankruptcy cleared a major hurdle on Friday when a U.S. Bankruptcy Court judge approved the cash-strapped city's third attempt at settling costly interest-rate swap agreements with two investment banks.

  • Puerto Rico hires third U.S. restructuring firm Thursday, 10 Apr 2014 | 12:26 PM ET

    The bank has hired West Palm Beach, Florida- based FTI Consulting, a global advisory firm that includes restructuring and turnaround experts.

  • JOHANNESBURG/ LONDON, April 8- As a strike by South African platinum miners enters its eleventh week, the likelihood that employers will bow to demands for better pay is receding and a drastic overhaul of the loss-making industry is looking more inevitable.

  • RAMALLAH, West Bank, April 8- The Palestinian Authority said on Tuesday it plans to issue bonds to banks as part of a restructuring of its sizeable debts, in what will be the first sale of government bonds in the territory's 20- year history. Jihad Al Wazir, head of the Palestinian Monetary Authority, said around $200 million of debt would be converted to bonds.

  • James River Coal files for bankruptcy protection Monday, 7 Apr 2014 | 5:28 PM ET

    April 7- James River Coal Co filed for Chapter 11 bankruptcy protection on Monday after struggling with weak prices. The company said it would continue to evaluate potential alternatives such as a capital investment through a plan of reorganization or a sale of one or more parts.

  • HONG KONG, April 4- A creditor sought bankruptcy restructuring for Chaori Solar, the firm that caused ripples in world markets last month with China's first domestic bond default, and the company said on Friday it had not yet agreed any deal to stay solvent.