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Business Events Restructurings

  • Feb 22- Creditors of Puerto Rico's sales tax authority have asked a federal court to prevent the U.S. territory from diverting the revenue that guarantees its debt to repay other investors, the latest volley in an escalating battle. Crippled by high poverty and nearly insolvent public health and pension systems, Puerto Rico is trying to restructure $70 billion...

  • The company reported a net loss of $719.9 million, or $6.92 per share, in the fourth quarter ended Dec. 31, compared with a profit of $164.1 million, or $1.60 per share, a year earlier. First Solar said on Tuesday it recorded $728.9 million in charges in the latest quarter related to plans to abandon the Series 5 modules and other restructuring. The company said it...

  • HSBC earnings nose diving

    Europe's biggest bank blames massive earnings hit on multi billion dollar write downs from its restructuring.

  • TOKYO, Feb 17- S&P Global Inc said in a report on Friday it could cut its rating of Toshiba Corp credit by several notches should the Japanese firm receive financial support that includes debt restructuring, sending Toshiba stock down 9 percent. "If any financial support includes debt-to-equity swaps or changes in loan conditions, we would consider that as...

  • TOKYO, Feb 17- S&P Global Inc said in a report on Friday it could cut its rating of Toshiba Corp credit by several notches should the Japanese firm receive financial support that includes debt restructuring, sending Toshiba stock down 9 percent. "If any financial support includes debt-to-equity swaps or changes in loan conditions, we would consider that as...

  • *S&P says any form of debt restructuring is selective default. TOKYO, Feb 17- Shares in Japan's Toshiba sank 10 percent on Friday, after credit rating firm S&P Global said it could slash the conglomerate's rating several notches if financial support from lenders includes any form of debt restructuring. Sumitomo Mitsui Banking Corp on Thursday said it will...

  • DUBAI, Feb 14- Dubai- based building company Drake& Scull announced a turnaround and capital restructuring plan on Tuesday as it reported another quarterly loss, the latest sign of how a slowdown in the Gulf's construction industry is hurting contractors. As part of its capital restructuring plan, DSI said it was considering proposing a rights issue of 500...

  • SAO PAULO, Feb 10- A group of bondholders in Oi SA appealed on Friday a ruling by a Dutch court that refused to declare insolvent two subsidiaries in the Netherlands, the latest setback in a protracted legal battle to solve Brazil's largest bankruptcy case on record. "The restructuring should treat similarly situated creditors equally," the International...

  • SAO PAULO, Feb 9- A Cerberus Capital Management LP- led group of investors plans to unveil an alternative in-court restructuring proposal for debt-laden Brazilian phone carrier Oi SA as early as next month, right after finalizing due diligence procedures, a person with direct knowledge of the plan said on Friday. Oi filed for Brazil's largest-ever bankruptcy...

  • CHICAGO, Feb 8- A U.S. federal appeals court dismissed an emergency appeal by opponents of Peabody Energy Corp's reorganization plan on Wednesday, saying any complaints should be lodged after the plan is confirmed by the bankruptcy court. A bankruptcy panel of the 8th U.S. Circuit Court of Appeals did not address the merits of the motion. Peabody hopes to emerge...

  • CHICAGO, Feb 6- Opponents of Peabody Energy Corp's reorganization plan have filed an emergency appeal against a key piece of the coal producer's proposal they say violates U.S. bankruptcy law by prematurely requiring creditors to promise support it. At the heart of creditors' complaints are the terms of a $1.5 billion private recapitalization that Peabody...

  • TOKYO, Feb 6- Shares in Japan's Takata Corp were untraded with a glut of sell orders on Monday after sources said the struggling air bag maker had selected Key Safety Systems as the final bidder for its restructuring, raising a concern that the U.S. auto parts supplier could lead Takata into a bankruptcy. Reuters reported on Saturday that Takata's steering...

  • SAN FRANCISCO, Jan 27- San Bernardino, California, won final court approval on Friday for its financial restructuring plan, clearing the way for the city to wrap up the bankruptcy case it launched more than four years ago when its leaders learned it was facing insolvency. Jury's decision capped San Bernardino's efforts, including lengthy negotiations with its...

  • SAN FRANCISCO, Jan 27- San Bernardino, California won final court approval on Friday for its financial restructuring plan, clearing the way for the city to wrap up the bankruptcy case it launched more than four years ago when its leaders learned it was facing insolvency. "I look forward to the city having a prosperous future," U.S. Bankruptcy Judge Meredith Jury said...

  • SAO PAULO, Jan 27- Clealco Açúcar e Alcool SA is in talks with banks to renegotiate terms of about 1.5 billion reais in loans, the latest Brazilian sugar firm restructuring operations amid a heavy debt burden, three people with knowledge of the situation said. Clealco, which owns three mills in São Paulo state with annual combined cane crushing capacity of 10...

  • ST. LOUIS, Jan 26- Peabody Energy Corp, the world's largest private-sector coal miner, can begin seeking creditor votes for a plan to cut $5 billion of debt and exit its Chapter 11 bankruptcy, a U.S. bankruptcy judge said on Thursday. Peabody has said it hopes to emerge from its $8 billion bankruptcy in April with a plan that will raise what lawyers called "a monster" $1.5...

  • ST. LOUIS, Jan 26- Peabody Energy Corp, the world's largest private-sector coal miner, can begin seeking creditor votes for a plan to cut $5 billion of debt and exit its Chapter 11 bankruptcy, a U.S. bankruptcy judge said on Thursday. Peabody has said it hopes to emerge from its $8 billion bankruptcy in April with a plan that will raise $1.5 billion in private capital...

  • ST. LOUIS, Jan 26- Peabody Energy Corp, the world's largest private-sector coal miner, defended its bankruptcy exit plan in court on Thursday against opponents including state regulators, shareholders, environmental activists and even former executives. Bankruptcy Judge Barry Schermer for permission to begin seeking creditor votes on its plan to slash $5...

  • ST. LOUIS, Jan 26- Peabody Energy Corp, the world's largest private-sector coal miner, squares off in court on Thursday against opponents of its reorganization plan, including state regulators, shareholders, environmental activists and even former executives. Bankruptcy Judge Barry Schermer for approval to begin seeking creditor votes on its plan to slash $5...

  • SEOUL, Jan 25- South Korea said on Wednesday it will continue with corporate restructuring efforts in 2017, with plans focusing on shipping and shipbuilding companies struggling with shrinking global demand. South Korea launched efforts last year to save its shipping and shipbuilding industries, traditional engines of growth, including injecting...