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Business Events Restructurings

  • TORONTO, July 21- Sears Canada Inc said it would start liquidation sales on Friday at 54 stores that it plans to close as part of a court-approved restructuring plan to improve its performance following years of declining sales. Sears Canada, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a...

  • CHICAGO, July 20- Global grain trader Bunge Ltd's cost cutting and restructuring plans could buy it time in the face of a takeover bid from a larger rival as it struggles to stay independent during a slump in the commodities market, analysts said. In its restructuring announcement, seen as a defense against both Glencore and activist investor Carlson Capital,...

  • NEW YORK, July 18- After three years of futile efforts to restructure some $9 billion of debt at Puerto Rico's PREPA, creditors of the now-bankrupt power utility are asking a U.S. federal judge to appoint a receiver to manage PREPA's assets. Political appointees of Puerto Rico's Governor Ricardo Rossello, they argued, cannot be trusted to do so.

  • DOVER, Del.— Japanese auto parts supplier Takata is asking a Delaware bankruptcy judge for an injunction prohibiting the governments of Hawaii, New Mexico and the U.S. Virgin Islands from prosecuting lawsuits involving the company's lethally defective air bag inflators. In a complaint filed Thursday, Takata also is seeking to extend the automatic halt of...

  • Former Chicago Alderman Edwin Eisendrath and the group of investors beat out Tronc Inc, which owns the Chicago Tribune as well as other U.S. newspapers. Terms of the deal between ST Acquisition Holdings and Sun-Times parent Wrapports LLC were not disclosed. The group is comprised of corporate restructuring expert William Brandt, the Chicago Federation of...

  • MOSCOW, July 13- The outlook for a restructuring of $2 billion of controversial borrowing by Mozambique state firms will be better next year as the southern African country receives more earnings from its energy resources, a senior Mozambican diplomat said. An International Monetary Fund delegation has landed in Mozambique to follow up on a damning external...

  • FRANKFURT/ LONDON, July 12- Italy's Generali has put its 44 billion euro German life insurance portfolio up for sale as it restructures in Europe, sources close to the matter said. Morgan Stanley is evaluating options, including a sale, for Generali Leben which ceased underwriting new business in 2015 but still offers life insurance in Germany under different...

  • SAN FRANCISCO— Children's clothing seller Gymboree Corp. is closing 350 stores as its works to restructure in bankruptcy. The San Francisco- based company said Tuesday that it's mostly closing Gymboree and Crazy 8 stores. It also operates Janie and Jack stores.

  • July 10- Billionaire Eddie Lampert's ESL Partners LP and Fairholme Capital Management LLC said they are considering a potential deal with Sears Canada as the retailer looks to restructure itself under bankruptcy protection. Lampert is the chief executive of U.S.-based Sears Holdings Co, from which Sears Canada was spun off in 2012.. ESL Partners and...

  • July 7- Berkshire Hathaway Energy, a unit of Warren Buffett's Berkshire Hathaway Inc, said on Friday it would acquire Oncor Electric Delivery Company LLC in a deal that puts Oncor's equity value at about $11.25 billion. Berkshire Hathaway Energy said it agreed to buy reorganized Energy Future Holdings Corp, Dallas- based Oncor's bankrupt parent, for $9 billion...

  • July 6- Sears Canada Inc on Thursday sought court approval for its restructuring efforts, two weeks after the Canadian retailer filed for creditor protection. The company set Oct. 4 as the deadline to obtain court approval of successful bids, while the company's sale and investment solicitation process has an expected completion date of Oct. 25.

  • DUBAI/ LONDON, July 5- London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi- listed Dana Gas to restructure $700 million of its Islamic bonds, sources familiar with the case said on Wednesday. The sources were speaking after a High Court judge heard legal arguments from Dana Gas and Deutsche Bank, which is representing investors in...

  • July 5- U.S. denim retailer True Religion Apparel Inc said on Wednesday it filed for bankruptcy protection and signed a restructuring agreement with a majority of its lenders. True Religion, a company whose denims have gradually fallen out of style, filed for creditor protection under Chapter 11 in the U.S. bankruptcy court in the District of Delaware, and listed...

  • July 5- Embattled retailer True Religion Apparel Inc said on Wednesday it filed for bankruptcy protection and signed a restructuring agreement with a majority of its lenders. True Religion, a U.S. denim company whose signature products have gradually fallen out of style, filed for creditor protection under Chapter 11 in the U.S. bankruptcy court in the...

  • HONG KONG/ SHANGHAI, July 4- Embattled China Huishan Dairy Holdings Co Ltd is planning to carve up shares in the company among its creditor banks and existing shareholders as part of restructuring plans as it struggles to pay back billions of dollars of debt. As of March 31, Huishan owed $3.9 billion to creditors including Industrial and Commercial Bank of China,...

  • HONG KONG/ SHANGHAI, July 4- Embattled China Huishan Dairy Holdings Co Ltd is planning to carve up shares in the company among its creditor banks and existing shareholders as part of restructuring plans as it struggles to pay back billions of dollars of debt. As of March 31, Huishan owed $3.9 billion to creditors including Industrial and Commercial Bank of China,...

  • SAN FRANCISCO, July 3- Microsoft will undergo a reorganization that will impact its sales and marketing teams, company executives told employees on Monday. The re-shuffling will impact those under Microsoft Chief Marketing Officer Chris Capossela, Executive Vice Presidents Judson Althoff and Jean-Philippe Courtois, all of whom sent messages to their...

  • June 30- Puerto Ricos financial oversight board on Friday voted to allow the PREPA power utility to restructure its $9 billion debt load through a form of bankruptcy, potentially heralding a messy end to three years of arduous out-of-court talks. The board, created under the 2016 federal Puerto Rico rescue law, known as PROMESA, is in charge of managing the U.S....

  • June 28- Puerto Rico's financial oversight board said on Wednesday it was still in debt restructuring talks with creditors of the island's power utility, PREPA, a day after rejecting a proposed deal to restructure $9 billion of the utility's bonds. Puerto Rico is facing a historic economic crisis, marked by $70 billion of debt, a 45 percent poverty rate and a...

  • June 28- The judge in Puerto Rico's landmark bankruptcy on Wednesday shot down a proposal to appoint fiduciary agents to represent warring creditors in debt restructuring talks. Judge Laura Taylor Swain, at a hearing in San Juan, denied the proposal by the federal board in charge of managing Puerto Rico's finances, giving credence to concerns of some creditors...