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Business Events Restructurings

  • SAN JUAN, Puerto Rico— Puerto Rico is seeking help from federal court to restructure the debt of the U.S. territory's public pension system, which is projected to run out of money this year. "The government's liquidity and solvency problems are massive, and Title III has now become necessary to protect the people of Puerto Rico," the board said in reference to the...

  • NEW YORK, May 19- The U.S. Department of Justice's bankruptcy watchdog said on Friday it plans to appoint a committee of retirees in Puerto Rico's bankruptcy to negotiate for pensioners facing benefit cuts as part of the island's debt restructuring. Puerto Rico, carrying some $50 billion in unfunded pension liabilities, "clearly needs a retiree committee and...

  • DETROIT, May 18- General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure...

  • DETROIT, May 18- General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure...

  • DETROIT, May 18- General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure...

  • DETROIT, May 18- General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure...

  • NEW YORK, May 17- Brazil's state-controlled oil company Petrobras will pay its first shareholder dividend in three years if the company turns a profit in 2017, Chief Executive Officer Pedro Parente said on Wednesday. Parente took the helm of the world's most indebted energy company a year ago and said he is ahead of schedule with an aggressive restructuring...

  • PETROBRAS CEO SAYS COULD HIT END-2018 LEVERAGE TARGET THIS YEAR AS RESTRUCTURING PLAN AHEAD OF SCHEDULE.

  • SAN JUAN, May 17- Puerto Rico's main creditors, meeting before a U.S. bankruptcy judge in the largest public finance restructuring case in history, are interested in continuing mediation settlement talks to resolve the island's unpayable $70 billion debt bill. In the first hearing since the U.S. commonwealth filed for bankruptcy on May 3, a lawyer for Puerto...

  • SAN JUAN, May 17- Puerto Rico's main creditors, meeting before a U.S. bankruptcy judge in the largest public finance restructuring case in history, are interested in continuing mediation settlement talks to resolve the island's unpayable $70 billion debt bill. A lawyer for Puerto Rico's federal financial oversight board told U.S. district court judge Laura...

  • SAN JUAN, May 17- Puerto Rico's main creditors, meeting before a U.S. bankruptcy judge in the largest public finance restructuring case in history, are interested in continuing mediation settlement talks to resolve the island's unpayable $70 billion debt bill. A lawyer for Puerto Rico's federal financial oversight board told U.S. district court judge Laura...

  • BOARD LAWYER EXPECTS RESTRUCTURING DEALS OR TITLE III BANKRUPTCY PROCEEDINGS SOON FOR UNIVERSITY OF PUERTO RICO, WATER AUTHORITY PRASA.

  • May 17- Puerto Rico on Wednesday will face investors for the first time in a bankruptcy court, as it kicks off the biggest and most divisive debt restructuring in U.S. public finance history. While Wednesday's hearing, in federal court in San Juan, is only the start of a process that could take months or years, it is also a culmination of more than two years of bitter...

  • May 17- Puerto Rico on Wednesday will face investors for the first time in a bankruptcy court, as it kicks off the biggest and most divisive debt restructuring in U.S. public finance history. While Wednesday's hearing, in federal court in San Juan, is only the start of a process that could take months or years, it is also a culmination of more than two years of bitter...

  • CRANBERRY, Pa.— Pennsylvania- based teen clothing retailer rue21 is restructuring and filing for Chapter 11 bankruptcy protection about a month after announcing it would close roughly 400 stores to focus more on online sales. The company based in Cranberry, north of Pittsburgh, announced Tuesday that its bankruptcy filing accompanies agreements with...

  • BAKU, May 13- International Bank of Azerbaijan, the energy exporting country's biggest lender, said on Saturday a U.S. court had supported its petition to prevent creditors from pursuing legal action in the United States, giving it time to restructure $3.3 billion debt. Such a petition is not a bankruptcy filing but stops creditors from pursuing legal actions in...

  • SAO PAULO, May 12- Odebrecht Ôleo& Gás SA, the offshore oil drilling firm owned by Brazil's Odebrecht SA, has obtained support from more than 60 percent of its creditors for a restructuring of about $5 billion in debt, two sources with knowledge of the matter said on Friday. OOG is among Odebrecht SA subsidiaries struggling with a widespread slowdown in Latin...

  • May 12- Azerbaijan's biggest bank, the International Bank of Azerbaijan, published on Friday an indicative restructuring plan after it suspended payments on some of its debts. FBME Bilateral loan N/A USD 111,615,361 Intesa Sanpaolo Trade finance 09/ 07/ 18 EUR 529,635 Rubrika Finance Subordinated 10/ 05/ 17 USD 100,000,000 Company Ltd debt Landesbank Trade...

  • *Azerbaijan's economy hit by low oil prices. BAKU/ TBILISI, May 12- International Bank of Azerbaijan, the energy exporting country's biggest lender, said on Friday it needed to restructure more than $3 billion of its debt, most owed to foreign creditors, to tackle bad loans left over from the slump in oil prices. The problems at the bank show how Azerbaijan is still...

  • *Richard Elman to become chairman emeritus. SINGAPORE, May 11- Noble Group Ltd reported a quarterly loss that pummelled its shares by a record 33 percent, stoking worries the Singapore- listed commodity trader was failing to recover from a crisis-wracked two years despite a deep restructuring. As previously flagged, founder Richard Elman, 77, said on Thursday he...