Business Events Restructurings

  • WASHINGTON/ NEW YORK, Aug 31- President Barack Obama on Wednesday appointed a seven-member board to oversee a financial restructuring for Puerto Rico, a majority Republican panel that some market analysts saw as favorable for bondholders of the U.S. territory, which has been crippled by a $70 billion debt crisis. Among the board members, who Obama appointed on...

  • WASHINGTON/ NEW YORK, Aug 31- The Obama administration on Wednesday appointed a seven-member board to oversee a financial restructuring for Puerto Rico, plagued by a chronic economic slump and $70 billion debt crisis, a panel some market analysts saw as favorable for the U.S. territory's bondholders. Board members, appointed by Obama on the recommendation of...

  • Aug 29- Samson Resources Corp, one of the largest energy companies to seek bankruptcy in the current commodities slump, reached a new agreement with creditors that aims to bring the company out of Chapter 11 under the ownership of its second-lien lenders. Under the restructuring support agreement, sketched out in a Friday filing with the U.S. Bankruptcy Court in...

  • The government said Wednesday it has won provisional approval from European authorities to recapitalize Portugal's biggest bank by assets, state-owned Caixa Geral de Depositos, with 5.1 billion euros. The government will inject 2.7 billion euros into CGD, the Finance Ministry said in a statement. Also, it will convert 960 million euros' worth of...

  • Cisco CEO on layoffs

    Cisco CEO Chuck Robbins discusses the company's decision to downsize its workforce.

  • SolarCity announces operating cost cuts

    Both the CEO and CTO will cut their salaries from $275,000 to just $1.

  • Cisco beats Streets and cuts jobs

    Brian White, Drexel Hamilton, breaks down Cisco's quarterly numbers which beat on the top and bottom line, and weighs in on the company's restructuring plans which includes layoffs of up to 5,500 jobs.

  • WILMINGTON, Del., Aug 17- Energy Future Holdings Corp, Texas' biggest power company, urged a U.S. bankruptcy court on Wednesday to allow the bulk of its operations to exit Chapter 11, in its latest bid to reorganize after two years of battling creditors in the largest U.S. bankruptcy since the financial crisis. "The time has come to... confirm a plan and actually emerge...

  • CHICAGO, Aug 17- A U.S. judge on Wednesday suggested the casino operating unit of Caesars Entertainment Corp ask its parent's private equity sponsors for money to fund a plan to exit its contentious $18 billion bankruptcy. Apollo Global Management LLC and TPG Capital Management LP formed the Caesars casino holding company in a 2008 buyout and the three groups...

  • SAO PAULO, Aug 16- Banks and bondholders accounting for more than half of Oi SA's debt of 65.4 billion reais are considering proposing a 5- year grace period and lower borrowing costs to speed up the Brazilian phone carrier's in-court reorganization, a person with direct knowledge of the talks said on Tuesday. The person, who requested anonymity because the...

  • SAO PAULO, Aug 12- Sete Brasil Participações SA presented a draft reorganization plan on Friday that includes seeking up to $5 billion in funding and downsizing business, three months after the Brazilian rig leaser sought court protection against 18 billion reais in looming debt payments. Rio de Janeiro- based Sete Brasil is asking creditors, which include...

  • BEIJING, Aug 12- China's economic activity slowed in July, with investment growing at its slowest pace since the turn of the century, as the world's second-largest economy grappled with the painful restructuring of its older industrial sectors. The increased stimulus hopes cheered investors, with China's blue-chip CSI300 Index ending at it highest close...

  • *China slowing investment in line with global trend. BEIJING, Aug 12- China's economic activity slowed in July, with investment growing at its slowest pace in more than 16 years in the year-to period, as the world's second-largest economy grappled with the painful restructuring of its older industrial sectors. "People are worried about a lack of solid demand over...

  • SAO PAULO, Aug 11- Oi SA is expected to burn less cash this quarter thanks to a June petition to win court protection from creditors, which is temporarily sparing Brazil's largest fixed-line phone carrier from paying debts, executives said on Thursday. Chief Executive Officer Marco Schroeder told analysts on a conference call that planned changes in industry...

  • *Company to hold conference call on Aug. 16. MADRID, Aug 10- Indebted renewable energy firm Abengoa said on Thursday it had reached a restructuring deal with its main creditors that will hand them control of the company, as it tries to avoid becoming Spain's biggest ever bankruptcy. Seville- based Abengoa- an engineering business which borrowed heavily over the...

  • SINGAPORE, Aug 11- Struggling Noble Group reported a second-quarter loss and said it will cut debt further as the commodities trader closed some of its low-return businesses to weather a brutal commodities downturn and regain investor confidence. Revenue at the Hong Kong- based company fell 32 percent to $12.5 billion in the quarter ended June and it swung to a...

  • SAO PAULO, Aug 10- Grupo Odebrecht SA, the engineering company ensnared in Brazil's worst corruption scandal, said on Wednesday that it had hired law firm E. Munhoz Advogados to advise on a debt restructuring plan. The Salvador, Brazil- based firm denied a report in July by Brazil Journal blog that an accommodation with creditors was under way.

  • RIO DE JANEIRO, Aug 10- Phone carrier Oi SA, which filed in June for Brazil's largest ever in-court reorganization, will present a plan to overhaul business and repay creditors later this month or by early September, Chief Executive Officer Marco Schroeder said on Wednesday. Schroeder told reporters in Rio de Janeiro, where Brazil's largest fixed-line phone...

  • "We continue to make progress towards stabilizing the organization," Chief Executive Joseph Papa, who took over from Michael Pearson in May, said in a statement. The Laval, Quebec- based company said it still expected full-year revenue of $9.9 billion- $10.1 billion and adjusted earnings of $6.60- $7.00 per share. The net loss attributable to the company increased...

  • Aug 8- Logan's Roadhouse Inc, a steakhouse chain with about 260 restaurants, filed for bankruptcy protection on Monday after struggling with falling sales, rising labor and food costs and competition from casual dining rivals. The Chapter 11 reorganization is expected to reduce debt by more than $300 million, and give bondholders including a Blackstone Group...