Business Events Restructurings

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  • April 14- Oil and gas producer Pacific Exploration& Production Corp said its board has agreed to negotiate a financial restructuring involving The Catalyst Capital Group Inc and the company's creditors.

  • April 14- U.S. oil and gas producer Energy XXI Ltd, which has operations in Louisiana, Texas and the Gulf of Mexico, said on Thursday it has filed for bankruptcy protection, becoming one of the biggest casualties of the oil rout to date. The company will eliminate more than $2.8 billion in debt from its balance sheet through the Chapter 11 restructuring, it said in a...

  • NEW YORK, April 12- The prospect of a near-term bankruptcy for solar giant SunEdison Inc also threatens the separate companies it created to hold renewable energy assets- the so-called "yieldcos." The companies- TerraForm Power Inc and TerraForm Global Inc- will likely avoid bankruptcy but may not escape unscathed, analysts and restructuring experts said.

  • SAN JUAN, April 11- Puerto Rico on Monday unveiled a new restructuring proposal with more modest debt cuts, offering general obligation holders about 74 cents on the dollar with other creditor classes getting less, as it tries to solve a crushing economic crisis ahead of looming debt payments. Puerto Rico faces $70 billion in total debt, a 45 percent poverty rate...

  • April 7- Mashable Chief Executive Officer Pete Cashmore announced on Thursday that the online news website was reorganizing to focus on digital storytelling and television, a move that would result in the departure of "some" employees. The move comes roughly a week after Mashable raised $15 million in funding from Turner, a division of Time Warner Inc.

  • TORONTO, April 7- Postmedia Network Canada Corp, the country's biggest newspaper publisher, said on Thursday it had initiated a review to consider asset sales and debt and equity restructuring as its losses widened. The publisher said it lost C $225.1 million in the three months to the end of February, including a C $187 million impairment charge, in what Chief...

  • The Anaheim-based retailer listed assets in the range of $50 million to $100 million, and liabilities of between $100 million and $500 million, according to a court filing. Pacific Sunwear said private equity firm Golden Gate Capital had agreed to convert more than 65 percent of its debt into equity of the reorganized company and provide a minimum of $20...

  • Puerto Rico, with $70 billion in total debt and a 45 percent poverty rate, faces economic collapse without a solution to its debt. If those talks failed, Puerto Rico or its agencies could restructure debt under rules similar to U.S. bankruptcy law, including in certain situations via "cram-down"- forcing cuts on creditors that do not agree to them.

  • SAN JUAN, April 6- Puerto Rico's governor on Wednesday signed an emergency bill allowing the government to halt payments on its debt, throwing into doubt broader restructuring plans to stave off a financial collapse of the U.S. territory. The measure, which earlier passed Puerto Rico's legislature, lets Governor Alejandro Garcia Padilla declare a moratorium...

  • SAN JUAN, April 6- Puerto Rico's House of Representatives early on Wednesday passed an emergency bill allowing the government to halt payments on its debt, throwing into doubt broader restructuring plans to stave off a financial collapse of the U.S. The bill approved in the wee hours of Wednesday by a vote of 26-21 follows approval of the bill by the Senate on...

  • SAN JUAN, April 5- Bondholders with nearly a third of Puerto Rico's $17 billion outstanding General Obligation bonds on Tuesday unveiled a proposal for a debt restructuring they claim would help the island avoid outright default. "Incurring additional debt at a higher cost is not the answer to the Commonwealth's fiscal issues," Melba Acosta, president of Puerto...

  • SAN JUAN, April 5- Puerto Rico's House of Representatives on Tuesday debated a bill to halt debt payments, while a government official fired back at creditors who suggested the U.S. territory was shirking efforts to hold restructuring talks. Burdened by a $70 billion debt load it says it cannot pay and a 45 percent poverty rate that has led to a steady exodus of its...

  • SAN JUAN, April 5- Bondholders with nearly a third of Puerto Rico's $17 billion outstanding General Obligation bonds on Tuesday unveiled a proposal for a debt restructuring they claim would help the island avoid outright default. These bondholders earlier criticized legislation being rushed through Puerto Rico's Senate and House on Tuesday that would...

  • April 5- Energy and mining company Freeport-McMoRan Inc said the chief executive of its oil and gas unit, Jim Flores, is stepping down, as the company restructures its business to cut costs. The company, under pressure from largest shareholder Carl Icahn and weak commodity prices, said in October it was looking at a strategic review of its oil and gas business,...

  • DUBAI, April 5- Al Jaber Group missed a March repayment on its $4.5 billion restructuring, three sources aware of the matter told Reuters on Tuesday, adding pressure on the Abu Dhabi- based conglomerate to quickly secure a new debt deal to save it from collapse. A spokesman for Al Jaber declined to comment. Al Jaber began speaking to creditors last year about...

  • BEIJING, April 3- Creditors in China's Bohai Steel Group have agreed to extend the maturity of their loans and lower the interest rates under a second restructuring plan for the troubled steelmaker, according to financial magazine Caixin on Sunday. China's steelmakers are in the eye of a storm as Beijing moves to slim down bloated industries, including steel...

  • April 1- An extra-marital affair of a restructuring adviser working for the bankrupt unit of Caesars Entertainment Corp has cost the casino operator a team of key advisers just as the unit faces a Monday deadline to submit a plan to end its $18 billion bankruptcy. In a little-noticed ruling from the bench in Chicago on March 16, a judge said that Knoll's team's...

  • SAO PAULO, March 30- State-controlled Petróleo Brasileiro SA, the Brazilian oil producer at the center of a sweeping corruption probe, plans to save 1.8 billion reais a year through a reorganization plan that includes the merger of several business units, job cuts and a streamlining of activities. In a securities filing, the company known as Petrobras said on...

  • March 30- SandRidge Energy Inc confirmed on Wednesday it has hired advisers to evaluate options including a bankruptcy filing, in what could be the most high-profile reorganization yet in U.S. shale oil industry. The company, battered by a 60 percent slide in oil prices since mid-2014, said in a regulatory filing there was substantial doubt about its financial...

  • MOSCOW, March 30- Russian Economy Minister Alexei Ulyukayev said on Wednesday he supported a decision to restructure state development bank VEB's debts to the central bank as part of rescue measures for the troubled lender. Prime Minister Dmitry Medvedev told VEB's supervisory board on Tuesday that the government would provide 150 billion roubles to...