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  • SAN JUAN, Feb 11- A bill to restructure more than $8 billion of debt at PREPA, Puerto Rico's struggling power utility, could encounter resistance from legislators over its potential to privatize some PREPA operations and impose an independent board, the utility's debt restructuring chief said on Thursday. Fixing PREPA's debt is seen as a key step in resolving an...

  • NEW YORK, Feb 11- Blackstone Group has launched a fund to finance the troubled offshore drilling and services sector, the U.S. private equity firm said on Thursday, anticipating a buyer's market as low oil prices set the stage for restructuring and consolidation. Blackstone's new entity, called Clarion Energy Partners, will be led by former executives of Pride...

  • BUENOS AIRES, Feb 10- Argentine banks are gearing up for a potential lending boom that could push depressed private credit demand to a 16- year high, bolstered by the reforms undertaken by newly-elected President Mauricio Macri. An end to the 14- year standoff between Argentina and the lenders who refused to participate in the earlier debt restructuring could...

  • CHARLESTON, W.Va.— Alpha Natural Resources said it has received a $500 million offer from existing lenders for the potential sale of the bankrupt coal producer's core assets. Bristol, Virginia- based Alpha announced the offer in a filing Monday in U.S. Bankruptcy Court in Richmond, Virginia. The offer includes all Alpha coal assets in Pennsylvania and Wyoming; the...

  • MOSCOW, Feb 9- Russia has received a proposal from Ukraine on restructuring its $3 billion debt but is not yet ready to begin talks on the issue, TASS news agency cited the Russian Finance Ministry as saying on Tuesday. Ukraine's proposal did not acknowledge that the debt it owed to Russia was of a different nature than that owed to private creditors, TASS quoted the...

  • Noranda Aluminum files for bankruptcy Tuesday, 9 Feb 2016 | 10:29 AM ET

    KANSAS CITY, Mo.— One of North America's biggest makers of aluminum foil is seeking bankruptcy protection to restructure, citing falling aluminum prices and other market challenges that also will force it to idle production at a Missouri smelter. Noranda Aluminum Holding Corp., which refines aluminum and mines bauxite, made the Chapter 11 filing Monday in St....

  • NEW YORK/ BUENOS AIRES, Feb 5- The mediator in Argentina's decade-long legal battle with creditors over unpaid debt said he would issue a "significant statement" later on Friday after presiding over a week of intense talks in New York between the two sides. Argentina restructured nearly 93 percent of its defaulted debt in 2005 and 2010 swaps that gave creditors 25...

  • WASHINGTON, Feb 5- Puerto Rico, struggling to restructure its mountain of debt and already paying some but not all of its creditors, will run out of fiscal emergency measures by June, the U.S. commonwealth's Government Development Bank president said on Friday. With a 45 percent poverty rate and an exodus of people to the United States, Puerto Rico is trying to solve...

  • Feb 3- The bankrupt operating unit of Caesars Entertainment Corp on Wednesday proposed mediation in its Chapter 11 case in a U.S. bankruptcy court, potentially changing the course of the drawn-out proceedings. According to a copy of the motion filed in the Northern District of Illinois court, Caesars Entertainment Operating Co believes a mediator would help...

  • BALDWYN, Miss.— Fabric and sewing supply retailer Hancock Fabrics filed for Chapter 11 bankruptcy protection Tuesday, seeking to reorganize for the second time in nine years. The company, based in Baldwyn, Mississippi, made the filing Tuesday in U.S. Bankruptcy Court in Delaware, saying that revenues for the holiday retail season were $8 million below...

  • Unemployment has steadily improved since peaking at 15.1 percent in 2012, months before Ireland exited dependence on European and International Monetary Fund loans. Ireland faced bankruptcy in 2010 as the cost of rescuing six domestic banks crippled the country's ability to finance itself. The bailout gave Ireland time to restructure banks, repair its...

  • NEW YORK, Feb 1- Puerto Rico's utility PREPA, which has been negotiating a restructuring deal with creditors, on Monday released its financial statements for 2014, showing a 37 percent slide in operating income for the year. Accounts receivable rose by 7.2 percent to $1.6 billion, with those from the government sector up 30 percent to $803.7 million.

  • NEW YORK, Feb 1- Puerto Rico's utility PREPA, which has been negotiating a restructuring deal with creditors, on Monday released its financial statements for 2014, showing a 37 percent slide in operating income for the year. Operating income for the year to June 30 2014 was $223 million, the utility said, while operating expenses fell 5.4 percent.

  • RCS Capital listed total assets of $2 billion and debts of $1 billion in its Chapter 11 filing in Delaware, court documents showed on Monday. Under the restructuring plan, lenders will inject $150 million into broker-dealer Cetera and ties to Schorsch will be cut by eliminating common shares and some $500 million in preferred stock, court documents showed.

  • SAN JUAN, Puerto Rico— Puerto Rico's government is pushing a bond swap with creditors to help generate revenue as U.S. legislators prepare to debate creation of an oversight authority to help pull the island out of a deepening economic crisis. "A crisis of this magnitude must be addressed in concert, otherwise we risk our ability and the opportunity to escape the...

  • BEIJING, Jan 31- Mid-tier Chinese banks are increasingly using complex instruments to make new loans and restructure existing loans that are then shown as low-risk investments on their balance sheets, masking the scale and risks of their lending to China's slowing economy. The size of this' shadow loan' book rose by a third in the first half of 2015 to an estimated...

  • SAO PAULO, Jan 28- Debt restructuring firms are poised to pull in record amounts of business in Brazil this year as the country's worst recession in decades and a corruption probe that has cast a shadow over dozens of companies leads to a surge in defaults. Scenting an opportunity, U.S. restructuring shops including FTI Consulting Inc, Houlihan Lokey Inc, and...

  • Puerto Rico's PREPA, creditors revive restructuring deal Thursday, 28 Jan 2016 | 12:54 AM ET

    SAN JUAN, Jan 28- A deal to restructure Puerto Rico's debt-laden power utility, PREPA, received new life late on Wednesday after the agency and bondholders agreed to extend a crucial deadline. Righting PREPA's ship is seen as a key step in fixing Puerto Rico, which faces $70 billion of debt, a 45 percent poverty rate and a shrinking tax base as residents increasingly...

  • SAN JUAN, Jan 27- U.S. Senate Democrats, in a letter to Majority Leader Mitch McConnell, on Wednesday called for congressional action on Puerto Rico, demanding that legislation to resolve the island's financial crisis include tools to restructure debt. Republican Senators Orrin Hatch of Utah, Lisa Murkowski of Alaska and Chuck Grassley of Iowa last month...

  • SAN JUAN, Jan 27- U.S. Senate Democrats, in a letter to Majority Leader Mitch McConnell, on Wednesday called for congressional action on Puerto Rico, demanding that legislation to resolve the island's financial crisis include tools to restructure debt. Republican Senators Orrin Hatch of Utah, Lisa Murkowski of Alaska and Chuck Grassley of Iowa last month...