Business Events Restructurings

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  • SAO PAULO, July 4- Brazilian airline Gol Linhas Aereas SA is still looking for ways to resolve its costly debt load, a senior executive said on Monday, renegotiating bank loans this month after about 20 percent of bondholders accepted a restructuring. Investors tendered $174.7 million of about $780 million worth of bonds covered in Gol's debt swap, according to a...

  • June 30- Memory-chip maker Micron Technology Inc said it would implement a restructuring plan to lower costs by focusing on fewer projects, job cuts and other measures. Micron's net sales fell to $2.90 billion in the quarter ended June 2, from $3.85 billion a year earlier. Net loss attributable to Micron was $215 million, or 21 cents per share, compared with a profit...

  • A woman walks past Seagate Technology signage outside the company's headquarters in Scotts Valley, California.

    Seagate Technology said it would cut about 1,600 jobs, or 3 percent of its workforce, as the company looks to rein in costs amid waning demand.

  • By Joshua Franklin and Oliver Hirt. ZURICH, June 30- Credit Suisse Chief Executive Tidjane Thiam likes to joke he has a predilection for being under pressure. Turbulent financial markets, exacerbated by Britain's vote last week to leave the European Union, have complicated what was always likely to be a difficult restructure of a global investment bank.

  • RIO DE JANEIRO, June 29- A Brazilian court on Wednesday accepted Oi SA's bankruptcy protection petition, allowing the country's largest phone company to move ahead with plans to reorganize operations and restructure 65.4 billion reais of debt. The decision was made by judge Fernando Viana of the 7th Commercial Branch of Rio de Janeiro's Justice Tribunal who...

  • RIO DE JANEIRO, June 29- A Brazilian court on Wednesday accepted Oi SA's bankruptcy protection petition, allowing the country's largest phone company to move ahead with plans to reorganize operations and restructure 65.4 billion reais of debt. The decision was made by judge Fernando Viana of the 7th Commercial Branch of Rio de Janeiro's Justice Tribunal who...

  • June 29- Hard-disk drive maker Seagate Technology Plc said it was cutting about 1,600 jobs, or 3 percent of its workforce, as part of a restructuring plan to reduce costs. Seagate said the plan, which it expects to complete by the end of the September quarter, is likely to result in total pre-tax charges of $62 million. The charges will be accounted for mainly in...

  • CHICAGO, June 22- The casino operating unit of Caesars Entertainment Corp can begin seeking creditor votes for a plan to exit its long and contentious $18 billion bankruptcy, a U.S. bankruptcy judge said in court on Wednesday. "There's something poetic about that," Judge Benjamin Goldgar said in U.S. Bankruptcy Court in Chicago. It offered to contribute roughly $4...

  • NEW YORK, June 21- Puerto Rico disclosed on Tuesday that negotiations with creditors ended without an agreement to restructure some of the island's $70 billion debt load. In a statement on Tuesday night, Puerto Rico Governor Alejandro Garcia Padilla urged the U.S. Congress to take action on legislation to resolve the credit crisis, while chiding the...

  • NEW YORK, June 21- Puerto Rico revealed on Tuesday that negotiations with creditors ended without an agreement to restructure some of the island's $70 billion debt load. On July 1, Puerto Rico faces a $1.9 billion payment on a collection of bonds that Governor Alejandro Garcia Padilla has said it cannot pay. Puerto Rico's revised proposals in a June 14 offer to...

  • June 21- Caesars Entertainment Corp said on Tuesday it had agreed with its senior creditors to amend a restructuring agreement that would allow it to go through with a bankruptcy exit plan for its operating unit. Debtors agreed to obtain an order from the U.S. Bankruptcy Court authorizing payment of $300 million in cash as soon as practicable to holders of...

  • SAO PAULO, June 20- Oi SA filed for Brazil's largest ever bankruptcy protection on Monday after the country's No. 1 fixed-line phone carrier ran out of time to reorganize operations and restructure 65.4 billion reais of debt amid a harsh recession. The petition for bankruptcy protection from Oi, Brazil's fourth-biggest mobile provider, and six subsidiaries...

  • CHICAGO, June 20- The U.S. Department of Justice has opposed a plan by coal producer Alpha Natural Resources to sell valuable assets to its creditors, which it said puts significant mine cleanups at risk, according to a court filing on Monday. The government does not plan to approve the transfer of any federal lease or contract unless cleanups are assured, the...

  • SAO PAULO, June 20- Oi SA, Brazil's largest fixed-line phone carrier, and six subsidiaries filed for bankruptcy protection on Monday after OI failed to win the support of key shareholders for a plan to restructure 65.4 billion reais of debt. The petition is Brazil's largest ever, according to Thomson Reuters data. Concern over a looming bankruptcy plan gained...

  • SAO PAULO, June 20- Brazil's largest fixed line telecommunications company, Oi SA and six subsidiaries, filed for bankruptcy protection in a Rio de Janeiro court on Monday, after the country's most indebted phone carrier failed to garner the support of key shareholders for a plan to restructure 65.4 billion reais of debt. Apart from Rio de Janeiro- based Oi, the...

  • SAO PAULO, June 20- Oi SA and six subsidiaries filed for bankruptcy protection in a Rio de Janeiro court on Monday, after Brazil's most indebted phone carrier failed to reach an agreement with creditors to restructure 65.4 billion reais in obligations.

  • SAO PAULO, June 20- Voting shares of Oi SA fell as much as 16 percent in early Monday trading as approaching deadlines for debt repayments added to fears that Brazil's most indebted phone carrier could default in the middle of a restructuring. Fitch Ratings cut Oi's long-term debt rating to "C" from "CCC" on Friday, warning the company's current capital structure "is...

  • DUBAI, June 20- An effort to restructure indebted Saudi Arabian builder Mohammad Al Mojil Group was thrown into doubt on Monday when the firm said its board had resigned after three people involved with the company were sentenced to jail. Last week, the stock market regulator ordered MMG to pay it damages of 1.6 billion riyals and sentenced three people,...

  • *Graphic on China aluminum production vs prices: http://tmsnrt.rs/28IXhIq. LONDON, June 20- " China has committed to ensure that its central government policies and support do not target the net expansion of steel capacity; and to actively and appropriately wind down' zombie enterprises' through a range of efforts, including restructuring and bankruptcy."

  • *Graphic on China aluminium production vs prices: http://tmsnrt.rs/28IXhIq. LONDON, June 20- " China has committed to ensure that its central government policies and support do not target the net expansion of steel capacity; and to actively and appropriately wind down' zombie enterprises' through a range of efforts, including restructuring and bankruptcy."