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Business Events Restructurings

  • June 28- The judge in Puerto Rico's landmark bankruptcy on Wednesday shot down a proposal to appoint fiduciary agents to represent warring creditors in debt restructuring talks. Judge Laura Taylor Swain, at a hearing in San Juan, denied the proposal by the federal board in charge of managing Puerto Rico's finances, giving credence to concerns of some creditors...

  • June 28- A New York Supreme Court Justice sided with J. Crew Group Inc in a dispute with some of its senior lenders, allowing the U.S. preppy retailer to move forward with a restructuring deal to cut its $2.1 billion debt pile. The lenders had asked Justice Shirley Werner Kornreich to halt the deal because it unfairly gave collateral in the company, the J. Crew brand, to J....

  • June 28- A New York Supreme Court Justice sided with J. Crew Group Inc in a dispute with some of its senior lenders, allowing the U.S. preppy retailer to move forward with a restructuring deal to cut its $2.1 billion debt pile. The lenders had asked Justice Shirley Werner Kornreich to halt the deal because it unfairly gave collateral in the company, the J. Crew brand, to J....

  • June 27- The federal board overseeing Puerto Rico's finances disapproved a $9 billion debt restructuring deal covering the bankrupt U.S. territory's public power monopoly, The Wall Street Journal reported on Tuesday, citing people familiar with the matter. Insurers of billions of dollars of Puerto Rican bonds had sued the island's financial oversight...

  • WILMINGTON, Del., June 27- Lawyers for people injured by exploding Takata Corp air bags told a U.S. bankruptcy court judge on Tuesday that the company's restructuring plan is being skewed to benefit automakers over victims. TK Holdings Inc, the U.S. business of Takata, filed for Chapter 11 bankruptcy on Sunday due to tens of billions of dollars of liabilities from...

  • RIO DE JANEIRO, June 27- Shareholders of Vale SA on Tuesday approved a share conversion plan, its press office said, in a bid to boost transparency, give equal votes to all shares and limit the possibility of government meddling in the world's No. 1 iron ore producer. Minority holders backed the extension for up to three and a half years of an agreement by controlling...

  • June 26- New York- based hedge fund Paulson& Co on Monday reported a 6.3 percent stake in embattled Canadian drugmaker Valeant Pharmaceuticals International Inc. The disclosure comes a week after billionaire investor John Paulson, whose hedge fund firm is the biggest owner of Valeant, joined the company's board as it restructures to repay debt.

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in sales due to competition from big-box retailers and online merchants. "It's just been baby steps toward the ultimate end," said Sally Seston, managing director at Retail Category Consultants...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in its sales due to competition from big-box retailers and online merchants. "It's just been baby steps toward the ultimate end," said Sally Seston, managing director at Retail Category Consultants...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close stores as it restructures its operations, following years of declining sales as it has lost customers to big-box retailers, more nimble apparel companies and online merchants. Existing lenders have agreed to provide up to C $450 million in interim financing to help the company,...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it obtained court protection against creditors to proceed with a restructuring that will include store closures and layoffs as it seeks to recover from years of declining sales. Existing lenders have agreed to provide up to C $450 million in interim financing to help the company, controlled by billionaire...

  • TORONTO, June 22- Sears Canada Inc said on Thursday that it had filed for court protection against creditors as the retailer controlled by billionaire Eddie Lampert pursues a plan to restructure its operations. Sears Canada said in a statement that it was seeking protection so it could concentrate on a long-term effort to focus on selling discounted designer...

  • TOKYO, June 17- Japan's Takata Corp, facing bankruptcy over the biggest recall in automotive history, would stop making air-bag inflators after completing a global recall, under a restructuring plan under consideration by its steering committee, sources told Reuters on Friday. The committee is discussing plans with rival Key Safety Systems Inc which is...

  • NEW YORK, June 14- The five-judge team tapped to mediate a slew of thorny legal fights in Puerto Rico's massive bankruptcy will include the judge who presided over Stockton, California's 2012 bankruptcy and Puerto Rican-born federal Judge Victor Marrero. The group will be led by Judge Barbara Houser, the chief judge for the federal bankruptcy court in Dallas,...

  • RIO DE JANEIRO/ SAO PAULO, June 14- Consulting firms ISS and Glass Lewis have given a nod of approval to a restructuring plan for Brazilian miner Vale SA, boosting the chances of shareholder approval, a source said on Wednesday. The corporate restructuring process, announced on Feb. 20, seeks to strengthen the company's compliance and will be voted on at an...

  • SYDNEY, June 14- Australian television broadcaster Ten Network Ltd called in administrators on Wednesday after creditors including Lachlan Murdoch pulled a debt guarantee and outlined plans to restructure the youth-focused free-to-air broadcaster. Administrators were appointed after the private companies of News Corp co-chairman Murdoch and...

  • NEW YORK, June 13- J. Crew Group Inc disclosed terms on Tuesday of a debt restructuring deal that would roughly cut in half the value of its nearly $567 million in bonds, as well as extend their maturity by two years, after receiving the backing of some key creditors. The move comes after Reuters reported last month that two investment firms, Blackstone Group LP's GSO...

  • *Qatar National Bank pulls down Qatari index. *Emaar Properties supports Dubai market on spin-off plan. DUBAI, June 13- Gulf stock markets were mixed on Tuesday as Qatar fell back, still affected by other Gulf states' sanctions against Doha, while Abu Dhabi's Dana Gas soared on its proposal to restructure a $700 million sukuk.

  • LONDON, June 13- A group of International Bank of Azerbaijan creditors has filed an objection in a U.S. court against the state-run bank's $3.3 billion debt restructuring plan. Asset managers Fidelity Management& Research Company and Franklin Templeton Investment Management Ltd and hedge funds Promeritum Fund SPC and VR Global Partners LP are members of the...

  • TORONTO, June 9- Canada's main stock index rose in morning trade on Friday, boosted by sharp gains for big banks as employment and industrial data pointed to renewed health in the domestic economy. But department store operator Hudson's Bay Co slumped 11.3 percent to C $8.53 after the owner of Saks Fifth Avenue detailed a major restructuring plan that will cut...