Business Events Restructurings

  • 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...

  • SHANGHAI, Sept 2- China's banks had provided a total of 7.26 trillion yuan in "green credit" by the end of June this year, the banking regulator said on Friday, part of its efforts to steer its economy onto a more environmentally friendly course. China is trying to restructure its heavy industrial economy, and its central bank said on Wednesday that it had drawn up new...

  • CHICAGO, Sept 1- A group of SandRidge Energy Inc shareholders is accusing the oil and gas producer of grossly understating its value, threatening to derail a prepackaged bankruptcy agreement with its lenders. Shareholders are hoping to prove SandRidge may be the rare bankruptcy where a company's assets are valuable enough to repay creditors and have money...

  • CHICAGO, Sept 1- A group of SandRidge Energy Inc shareholders are accusing the oil and gas producer of grossly understating its value, threatening to derail a prepackaged bankruptcy agreement with its lenders. Shareholders are hoping to prove SandRidge may be the rare bankruptcy where a company's assets are valuable enough to repay creditors and have money...

  • 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...