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Business Events Restructurings

  • April 21- A group of iHeartMedia Inc lenders has signed a cooperation agreement to oppose the debt overhaul of the largest owner of U.S. radio stations, presenting a threat to the company's bid to avoid bankruptcy, people familiar with the matter said. The move shows how iHeartMedia, which says it has more than a quarter of a billion monthly radio listeners in the...

  • NEW YORK, April 21- A war of words rather than talk of reconciliation is the latest indication that Puerto Rico and its creditors are getting nowhere fast in their negotiations to restructuring the island's $70 billion in debt before mediation is due to end on Friday. A group of general obligation debtholders accused the government on Wednesday of breaking...

  • OMAHA, Neb.— CSX Corp.' s first-quarter profit rose about 2 percent as the railroad hauled more, but its results were hurt by restructuring expenses. The Jacksonville, Florida- based railroad said Wednesday that it earned $362 million, or 39 cents per share. That's up from $356 million, or 37 cents per share, a year ago.

  • *Qatar underperforms; all blue chips have paid 2016 dividend. DUBAI, April 19- Construction-related shares underperformed Riyadh's stock market on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan. Riyadh- listed Arabian Cement slid by 5 percent after...

  • SIENA, Italy, April 12- Monte dei Paschi di Siena is still negotiating with the European Commission how many jobs to cut in a radical restructuring plan that is a condition for a state rescue of the Italian bank, Chief Executive Marco Morelli said on Wednesday. The European Central Bank has since put the capital shortfall that the bank must fill at 8.8 billion euros.

  • NEW YORK, April 12- Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits...

  • *Comes as other Singapore- listed firms grapple with debt. SINGAPORE, April 12- Rickmers Maritime, a Singapore- listed trust that operates container ships, said it would be wound up as it has been unable to reach an agreement with its lenders to restructure debt or raise new equity. Struggling in the wake of a global shipping downturn, Rickmers joins other Singapore-...

  • NEW YORK, April 12- Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its creditors have reached a new deal to restructure $8.9 billion in debt through new bonds with longer maturities, the U.S. territory's government announced on Thursday. The agreement, which must be approved by Puerto Rico's federally appointed oversight board, could save $2.2 billion in debt servicing...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its bondholders have reached a new deal to restructure $8.9 billion in debt, the U.S. territory's government announced on Thursday. The agreement, which still needs approval by Puerto Rico's federally appointed oversight board, could save $2.2 billion in debt servicing costs over five years, Governor...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its bondholders have reached a new deal to restructure $8.9 billion in debt, the U.S. territory's government announced on Thursday. The agreement could save an extra $1.5 billion in debt servicing costs over five years, compared with a prior pending deal between the parties, Governor Ricardo Rossello's...

  • CHICAGO, April 4- Discount footwear retailer Payless ShoeSource said it had filed for Chapter 11 protection on Tuesday with a plan to restructure debt and immediately close 400 underperforming stores in the United States and Puerto Rico. Privately owned Payless Inc joins a long list of U.S. brick-and-mortar retailers to fall victim to declining mall traffic...

  • *Restructuring talks extended by 3 months to July 31. OSLO, April 4- Drill rig operator Seadrill warned investors that its shares will lose almost all of their value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Seadrill, which first warned in February that...

  • *Restructuring talks extended by 3 months to July 31. OSLO, April 4- Drill rig operator Seadrill warned investors that its shares will lose almost all of their value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Seadrill, which first warned in February that...

  • The West Phoenix oil platform, operated by Seadrill Norge AS, right, stands with other unused platforms in the Port of Cromarty Firth in Cromarty, U.K.

    Seadrill warned its stock will lose almost all of its value as the Norwegian company prepares for potential bankruptcy proceedings.

  • OSLO, April 4- Rig firm Seadrill warned on Tuesday that its stock will lose almost all of its value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Shares in Seadrill, which was once the crown jewel in shipping tycoon John Fredriksen's empire, were down 40 percent...

  • *Restructuring talks extended by 3 months to July 31. OSLO, April 4- Rig firm Seadrill warned shareholders on Tuesday that their stock will lose almost all of its value as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. The company said its banks and other lenders had agreed to extend...

  • SAO PAULO, March 31- Odebrecht Ôleo& Gás SA, the offshore oil drilling company owned by Brazil's Odebrecht SA, has won a temporary relief from a relevant group of bondholders that will help it pay for operational and capital expenses, signaling progress in talks aimed at restructuring $5 billion in debt. In a Friday statement, the company known as OOG said...

  • MOSCOW, March 31- Russian banks are yet to sign a "standstill agreement" with Croatia's Agrokor as part of debt restructuring talks, but they plan to do so in the near future, two Russian sources close to the talks said on Friday. Media reports earlier on Friday said heavily indebted Agrokor had signed a deal with creditors overnight to restructure its debt.

  • NEW YORK, March 29- Westinghouse Electric Co's financial distress sparked a feeding frenzy among Wall Street lenders keen to give the nuclear developer a lifeline while it reorganizes in bankruptcy, according to court papers and people familiar with the matter. Westinghouse, the nuclear arm of Japanese conglomerate Toshiba, filed for Chapter 11 bankruptcy...