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Business Events Restructurings

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  • *Athens pushes for quick cash injection but talks could drag on. FRANKFURT/ ATHENS, July 26- Greek banks are set to keep broad cash controls in place for months, until fresh money arrives from Europe and with it a sweeping restructuring, officials believe. Answering this could hold up agreement on a third bailout deal for Greece that negotiators want to conclude...

  • NEW YORK July 23- A new offer by bondholders of Puerto Rico's public utility PREPA to refinance billions of dollars in debt was criticized by the utility on Thursday and deemed risky by others. Presented to PREPA on July 7 and made public on Thursday, the bondholders' plan would split about $8 billion of debt into two tranches, with one taking the form of capital...

  • July 23- Hercules Offshore Inc, stung by slumping demand for drilling services in older Gulf of Mexico oilfields, said on Thursday it plans to file for creditor protection in about three weeks and emerge several months later with a restructured balance sheet. The company's balance sheet lists $266 million in current assets and $1.35 billion in current...

  • NEW YORK July 23- Bondholders of Puerto Rico's debt-laden public utility PREPA offered to refinance $8 billion in debt by splitting it into two classes of bonds, a move they say would save PREPA $2.5 billion in financing costs through 2025, according to an outline of the proposal made public by the bondholders on Thursday. Plagued by outdated equipment and an...

  • NEW YORK July 23- Bondholders of Puerto Rico's debt-laden public utility PREPA offered to refinance their $8 billion in debt by splitting it into two classes of bonds, a move they say would save PREPA $2.5 billion in financing costs through 2025, according to an outline of the proposal made public by the bondholders on Thursday. Plagued by outdated equipment...

  • NEW YORK, July 21- Harbinger Capital Partners, the hedge fund firm run by Philip Falcone, filed a new lawsuit accusing satellite TV company Dish Network Corp and its chairman, Charles Ergen, of illegally trying to strip it of control of wireless company LightSquared during its bankruptcy. The reorganization called for Harbinger to retain a 44.5 percent equity...

  • WASHINGTON, July 21- Greece's talks with its international creditors have shifted toward how its debt will be restructured and how much debt relief will be needed, a senior U.S. Treasury official said on Tuesday. "Two weeks ago, the discussion over whether or not debt restructuring would even be on the table was different than it is today.

  • July 20- Caesars Entertainment Corp reached an agreement with its lenders late on Monday night, hours after a New York state court judge threw out a lawsuit by the casino company against a group of creditors known as the second-lien noteholders. Caesars Entertainment will contribute an additional $200 million of Caesars Entertainment convertible notes to...

  • NEW YORK, July 15- Puerto Rico's Public Finance Corporation failed to transfer funds to pay the principal and interest on its bonds, according to the island's bank and a filing on Wednesday, highlighting cash problems as the island tries to restructure its debt. The transfer of $93.7 million was for a debt service payment due Aug. 1 by PFC, part of the island's...

  • NEW YORK, July 15- Puerto Rico's Public Finance Corporation failed to transfer funds to pay the principal and interest on its bonds, according to a filing on Wednesday, highlighting the cash problems the island is experiencing as it tries to restructure its debt. The transfer of $93.7 million was for a debt service payment due Aug. 1 by PFC, part of the island's...

  • Democratic senators introduced on Wednesday a bill to allow Puerto Rico's public entities to file for bankruptcy under federal laws as the U.S. territory starts negotiations with creditors to restructure $72 billion in debt. Puerto Rico's public entities currently cannot make use of Chapter 9 bankruptcy laws as entities in U.S. states can and instead have...

  • UPDATE 1-Coal miner Walter Energy files for bankruptcy Wednesday, 15 Jul 2015 | 12:44 PM ET

    July 15- Walter Energy Inc filed for bankruptcy protection on Wednesday, becoming the latest coal miner to do so as they struggle with a steep fall in prices since 2011.. Walter Energy, which has coal mines in Alabama and West Virginia, said terms of the restructuring assume senior lenders will convert all of their debt into equity. Walter Energy had total debt of...

  • KIEV, July 15- Ukraine's central bank will ease some currency controls once the Finance Ministry reaches a debt restructuring deal with creditors, the bank's head, Valeriia Gontareva, said on Wednesday.

  • NEW YORK, July 13- Puerto Rico pleaded with creditors on Monday not to engage in lengthy litigation over its $72 billion debt, but provided little information about how a debt restructuring would affect them. Some top bondholders have already taken Puerto Rico to court over a restructuring law passed last summer which would have affected the island's public...

  • NEW YORK, July 13- Investors in Puerto Rico hope to get specific information about how the commonwealth plans to restructure debt when government officials meet with creditors on Monday, but there are fears that any bungled messaging could knock bond prices. Puerto Rico Governor Alejandro Garcia Padilla dropped a bombshell on holders of its $72 billion debt...

  • Treasury Secretary Jack Lew said Greece and its creditors appeared to be closer to a deal on Friday, adding it is critical that the country make structural reforms and that its unsustainable debt is partially restructured. Lew said he did not expect the U.S. economy to experience "huge turbulence" if negotiations go badly with Greece, whose prime minister...

  • *Schaeuble concedes Greece needs some debt restructuring. *Greece submits proposals in hopes to secure third bailout. In the latest proposals, Greece has asked for 53.5 billion euros to help cover its debts until 2018, a review of primary surplus targets and "reprofiling" the country's long-term debt.

  • *Schaeuble concedes Greece needs some debt restructuring. *Race to get agreement on Greece's third bailout. A further vote would be needed to turn them into law next week if euro zone leaders agree at a summit on Sunday that the proposals are a basis for starting negotiations on a three-year loan and releasing some bridging funds to keep Greece afloat.

  • *Schaeuble concedes Greece needs some debt restructuring. *Race to get agreement on Greece's third bailout. Germany, the biggest creditor, meanwhile took a small step towards Athens by conceding that Greece will need some debt restructuring as part of a proposed new three-year loan programme to make its economy viable.

  • *Schaeuble says debt "haircut" for Greece needed but illegal. FRANKFURT/ ATHENS, July 9- Germany conceded on Thursday that Greece would need some debt restructuring as part of any new loan programme to make its economy viable as the Greek cabinet raced to finalise reform proposals to avert an imminent economic meltdown. Greece has already had two bailouts worth...