Business Events Restructurings

  • *Company hasn't paid installments since start of year- sources. DUBAI, Sept 29- Dubai- listed conglomerate Gulf General Investment Co is seeking to restructure loans linked to a 2.8 billion dirham debt plan which it agreed four years ago, banking sources told Reuters. More recently GGICO, 50 percent- owned by the Al Sari family from the emirate of Sharjah, requested...

  • TOKYO, Sept 29- All five bidders seeking to bail out Japan's beleaguered Takata Corp have presented restructuring plans that require the air bag maker to file for bankruptcy protection, people with knowledge of the process told Reuters. The bidders include Japanese inflator maker Daicel Corp in partnership with U.S. buyout firm Bain Capital; U.S. private...

  • PITTSBURGH— The Pittsburgh Tribune-Review newspaper plans to stop its print edition Nov. 30 and offer an online-only publication in a reorganization that will also require 106 layoffs, its publisher announced Wednesday. Trib Total Media will continue publishing two daily print editions for the suburbs, the Greensburg- based Westmoreland edition of the...

  • GUANICA, Puerto Rico— Puerto Ricans are buying rice produced on the island for the first time in nearly 30 years. Agriculture is a small part of the economy in Puerto Rico, well behind manufacturing, finance and tourism. Congress gave the territory some breathing room in June with legislation to enable the restructuring of what the governor has called its "...

  • BERLIN, Sept 26- Commerzbank is planning to cut around 9,000 jobs over the coming years as Germany's second biggest lender pushes ahead with a restructuring plan, Handelsblatt reported on Monday, citing unnamed sources in the finance industry. Squeezed by negative European Central Bank interest rates, German banks have been seeking ways to boost revenue by...

  • BEIJING, Sept 26- China has launched a 350 billion yuan state enterprise restructuring fund to advance its' supply-side' reforms as the world's second-largest economy undergoes its most significant transformation in two decades. China has made reform of its lumbering and uncompetitive state-owned enterprises a priority as weak global demand drags on...

  • SHANGHAI, Sept 26- Dongbei Special Steel Group Co Ltd said on Monday it had defaulted on a one-year bond, the latest in a string of missed payments this year by the unlisted Chinese steelmaker. Owned by the Liaoning provincial government in China's northeast rust belt, Dongbei announced on the website of China's interbank bond market operator that it had failed...

  • LONDON, Sept 21- European shares hit a one-week high on Wednesday before the outcome of a Fed meeting, with banks rallying after a policy overhaul at the Bank of Japan lifted risky assets globally. Spain's Banco Popular jumped 9.1 percent after saying it would cut around 300 bank branches as part of a restructuring plan. Europe took its cue from Asian markets, which...

  • TORONTO, Sept 21- The province of Ontario said on Wednesday that it has signed an agreement with equity fund Bedrock Industries LP to restructure U.S. Steel Canada, which has been in creditor protection since September 2014, and the court supervising the company's credit protection proceeding, Ontario's government said in a statement. Steel Canada's plants in...

  • SAO PAULO, Sept 19- A Brazilian state appeals court postponed on Monday a vote on the legality of several aspects of Grupo OAS SA's restructuring plan for at least a couple of weeks, adding uncertainty to efforts by the debt-laden engineering conglomerate to emerge from bankruptcy protection. The ongoing delay in the plan has halted the surrender of OAS's stake...

  • SAO PAULO, Sept 16- Viver Incorporadora& Construtora SA filed for bankruptcy protection on Friday, becoming the first listed Brazilian homebuilder ever to seek an in-court reorganization amid a harsh recession, tough refinancing conditions and slumping home prices. In a securities filing, Viver said management and advisers, led by Alvarez& Marsal Holdings...

  • ITT's move comes after it said last week it would shut its 137 technical college campuses in 39 states, where roughly 35,000 students are enrolled and 8,000 employees work, as a result of the U.S. Department of Education decision. ITT has hired restructuring consultants Alvarez& Marsal LLC and bankruptcy law firm Faegre Baker Daniels LLP to prepare for the...

  • Sept 13- U.S. coal miner Arch Coal won court approval on Tuesday for a plan to eliminate $4.7 billion of debt from its balance sheet, the company said, clearing the path to emerge from bankruptcy in early October. Under a reorganization plan confirmed by U.S. Bankruptcy Court in St. Louis on Tuesday, the company's senior lenders will have control of most of the company.

  • Arch had $485.5 million in self-bonds in Wyoming when it filed for bankruptcy protection in January, saddled with $6 billion of debt and a deep slump in the coal sector. Under a reorganization plan set for a confirmation trial in U.S. Bankruptcy Court in St. Louis on Tuesday, Arch must replace all of its self-bonds within 15 days of its bankruptcy exit plan becoming...

  • DUBAI/ RIYADH, Sept 8- The Saudi Arabian government has ended talks aimed at saving construction giant Saudi Oger, which is now facing the prospect of a multi-billion-dollar debt restructuring to stave off collapse, according to sources aware of the matter. Oger, owned by the family of former Lebanese Prime Minister Saad Hariri, was one of two mega-contractors...

  • TORONTO, Sept 7- Debt and equity investors in Canada's largest newspaper publisher have approved a restructuring plan that will give creditors nearly all of its equity and slash its debt obligations, Postmedia Network Canada Corp said on Wednesday. Postmedia, which owns the National Post, Montreal Gazette, Calgary Herald, Ottawa Citizen and Sun tabloids in...

  • SAO PAULO, Sept 5- Brazil's largest fixed line carrier Oi SA on Monday unveiled a debt restructuring proposal, offering to sell assets and proposing a debt-for-equity swap option that could mean a 70 percent haircut for bondholders. At the same time, the company said it is willing to repay secured creditors such as the Brazil's BNDES development bank in full over...

  • SAO PAULO, Sept 5- Oi SA, Brazil's largest fixed-line phone carrier and No. 4 mobile operator, along with six subsidiaries, on Monday submitted a debt restructuring plan to a Rio de Janeiro bankruptcy court, a statement from the prosecutor's office said.

  • SAO PAULO, Sept 2- Brazilian telecom provider Oi SA is set to file its bankruptcy reorganization plan with a Rio de Janeiro court on Monday, two sources familiar with the situation told Reuters. Oi, Brazil's largest fixed-line phone carrier and No. 4 mobile operator, along with six subsidiaries, filed on June 20 for the country's biggest-ever bankruptcy...

  • SAO PAULO, Sept 2- Brazilian telecom provider Oi SA is set to file its bankruptcy reorganization plan with a Rio de Janeiro court on Monday, two sources familiar with the situation told Reuters. Oi, Brazil's largest fixed-line phone carrier and No. 4 mobile operator, along with six subsidiaries, filed on June 20 for the country's biggest-ever bankruptcy...