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Business Events Restructurings

  • 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...

  • BERLIN, May 11- The head of German sportswear company Adidas rejected calls from some shareholders on Thursday to sell the loss-making Reebok brand, saying he was confident that a restructuring plan would restore it to profitability. Chief Executive Kasper Rorsted made the comments at the Adidas annual meeting after two shareholders asked how much more time...

  • May 10- Bond insurer Ambac Financial Group Inc said it was "aggressively pursuing" loss mitigation strategies in debt-laden Puerto Rico. Ambac's plan announced in its quarterly earnings report on Wednesday comes a week after Puerto Rico said it would restructure its public debt, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S....

  • LONDON, May 10- Greek government borrowing costs hit their lowest level in more than five years on Wednesday as Athens looked set to clinch vital bailout loans from its international lenders. The yield on Greece's 10- year bond-- an indication of the cost for the government to raise long-term cash in financial markets-- hit its lowest level since the country's debt...

  • LONDON, May 10- Greek government borrowing costs hit their lowest level in more than five years on Wednesday as Athens looked set to clinch vital bailout loans from its international lenders. Greece's finance minister and central bank governor are scheduled to speak in Germany next week about Athens' prospects for returning to markets, although European...

  • SHANGHAI, May 10- China's lenders are swapping struggling corporates for more promising retail borrowers- restructuring branches, teams and even overhauling bankers' commissions in an unprecedented push that is fuelling a record jump in home loans. While retail lending also includes credit cards and consumer loans, mortgage lending has been a focus for...

  • May 8- Canada's Hudson's Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter. The move is the clearest indication yet that Neiman Marcus' $4.7 billion debt pile poses significant challenges to a...

  • DUBAI, May 7- Shares of Dubai builder Drake& Scull slumped to a 14- month low in heavy trade on Sunday as investors reacted to the company's revised capital restructuring plan, while last week's fall in oil prices knocked down oil-sensitive shares. "The new news from the meeting is the 722 million dirhams additional write off from potentially unrecoverable...

  • SAN FRANCISCO, May 5- Puerto Rico's federally appointed financial oversight and management board on Friday filed for Title III bankruptcy protection for debt backed by sales tax revenues on the U.S. commonwealth, otherwise known as COFINA. Title III is an in-court debt restructuring process akin to U.S. bankruptcy that was part of the Puerto Rico rescue law...

  • The federal financial oversight board for Puerto Rico on Wednesday pushed the U.S. commonwealth into a court-sanctioned restructuring process akin to U.S. bankruptcy, known as Title III. Puerto Rico will use the court processes to restructure much of its $70 billion debt load and $49 billion in pension liabilities. Among those settlements, Harrisburg,...

  • May 4- A pair of bond insurers with about $9 billion at stake in Puerto Rico's debt crisis on Thursday sued the U.S. territory and its financial oversight board, objecting to a fiscal turnaround plan approved by the board in March. The suit filed by units of Assured Guaranty Ltd and MBIA Inc came a day after Puerto Rico announced a historic restructuring of its...

  • May 3- Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market. The move comes a day after several major creditors sued Puerto Rico over defaults its bonds. The debt restructuring petition was filed by Puerto Rico's financial oversight...

  • The request came under Title III of the PROMESA law is an in-court debt restructuring process akin to U.S. bankruptcy protection, as Puerto Rico is barred from traditional bankruptcy because it is a U.S. territory. The case was filed in U.S. District Court in Puerto Rico. "The governor needed to show that his primary allegiance lies with the citizens of Puerto Rico,...

  • BOARD SAYS IT INTENDS TO NEGOTIATE A COMPREHENSIVE DEBT RESTRUCTURING WITH CREDITORS THROUGH A TITLE III "PLAN OF ADJUSTMENT"-- COURT FILING.

  • Demonstrators and police clash during a protest against the government's austerity measures as Puerto Rico faces a deadline on Monday to restructure its $70 billion debt load or open itself up to lawsuits from creditors, in San Juan, Puerto Rico May 1, 2017.

    CNBC's Leslie Picker reports that Puerto Rico has announced intent to trigger restructuring of the territory's debt to bondholders.

  • ROME, May 2- Alitalia has decided to ask the government to place it under special administration, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up altogether. James Hogan, the CEO of Etihad Airways, which bought into Alitalia during the latest restructuring in 2014, said the Italian airline required "...

  • NEW YORK, May 1- GSO Capital Partners, private equity firm Blackstone Group LP's credit arm, is acquiring more of J. Crew Group Inc's debt, hoping for a profitable trade that could also give the U.S. fashion retailer more time to stave off bankruptcy, people familiar with the matter said. It now has $2.1 billion in debt. But holders of a $1.53 billion loan to J. Crew,...