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Business Events Restructurings

  • SAO PAULO, Feb 10- A group of bondholders in Oi SA appealed on Friday a ruling by a Dutch court that refused to declare insolvent two subsidiaries in the Netherlands, the latest setback in a protracted legal battle to solve Brazil's largest bankruptcy case on record. "The restructuring should treat similarly situated creditors equally," the International...

  • SAO PAULO, Feb 9- A Cerberus Capital Management LP- led group of investors plans to unveil an alternative in-court restructuring proposal for debt-laden Brazilian phone carrier Oi SA as early as next month, right after finalizing due diligence procedures, a person with direct knowledge of the plan said on Friday. Oi filed for Brazil's largest-ever bankruptcy...

  • CHICAGO, Feb 8- A U.S. federal appeals court dismissed an emergency appeal by opponents of Peabody Energy Corp's reorganization plan on Wednesday, saying any complaints should be lodged after the plan is confirmed by the bankruptcy court. A bankruptcy panel of the 8th U.S. Circuit Court of Appeals did not address the merits of the motion. Peabody hopes to emerge...

  • CHICAGO, Feb 6- Opponents of Peabody Energy Corp's reorganization plan have filed an emergency appeal against a key piece of the coal producer's proposal they say violates U.S. bankruptcy law by prematurely requiring creditors to promise support it. At the heart of creditors' complaints are the terms of a $1.5 billion private recapitalization that Peabody...

  • TOKYO, Feb 6- Shares in Japan's Takata Corp were untraded with a glut of sell orders on Monday after sources said the struggling air bag maker had selected Key Safety Systems as the final bidder for its restructuring, raising a concern that the U.S. auto parts supplier could lead Takata into a bankruptcy. Reuters reported on Saturday that Takata's steering...

  • SAN FRANCISCO, Jan 27- San Bernardino, California, won final court approval on Friday for its financial restructuring plan, clearing the way for the city to wrap up the bankruptcy case it launched more than four years ago when its leaders learned it was facing insolvency. Jury's decision capped San Bernardino's efforts, including lengthy negotiations with its...

  • SAN FRANCISCO, Jan 27- San Bernardino, California won final court approval on Friday for its financial restructuring plan, clearing the way for the city to wrap up the bankruptcy case it launched more than four years ago when its leaders learned it was facing insolvency. "I look forward to the city having a prosperous future," U.S. Bankruptcy Judge Meredith Jury said...

  • SAO PAULO, Jan 27- Clealco Açúcar e Alcool SA is in talks with banks to renegotiate terms of about 1.5 billion reais in loans, the latest Brazilian sugar firm restructuring operations amid a heavy debt burden, three people with knowledge of the situation said. Clealco, which owns three mills in São Paulo state with annual combined cane crushing capacity of 10...

  • ST. LOUIS, Jan 26- Peabody Energy Corp, the world's largest private-sector coal miner, can begin seeking creditor votes for a plan to cut $5 billion of debt and exit its Chapter 11 bankruptcy, a U.S. bankruptcy judge said on Thursday. Peabody has said it hopes to emerge from its $8 billion bankruptcy in April with a plan that will raise what lawyers called "a monster" $1.5...

  • ST. LOUIS, Jan 26- Peabody Energy Corp, the world's largest private-sector coal miner, can begin seeking creditor votes for a plan to cut $5 billion of debt and exit its Chapter 11 bankruptcy, a U.S. bankruptcy judge said on Thursday. Peabody has said it hopes to emerge from its $8 billion bankruptcy in April with a plan that will raise $1.5 billion in private capital...

  • ST. LOUIS, Jan 26- Peabody Energy Corp, the world's largest private-sector coal miner, defended its bankruptcy exit plan in court on Thursday against opponents including state regulators, shareholders, environmental activists and even former executives. Bankruptcy Judge Barry Schermer for permission to begin seeking creditor votes on its plan to slash $5...

  • ST. LOUIS, Jan 26- Peabody Energy Corp, the world's largest private-sector coal miner, squares off in court on Thursday against opponents of its reorganization plan, including state regulators, shareholders, environmental activists and even former executives. Bankruptcy Judge Barry Schermer for approval to begin seeking creditor votes on its plan to slash $5...

  • SEOUL, Jan 25- South Korea said on Wednesday it will continue with corporate restructuring efforts in 2017, with plans focusing on shipping and shipbuilding companies struggling with shrinking global demand. South Korea launched efforts last year to save its shipping and shipbuilding industries, traditional engines of growth, including injecting...

  • Jan 24- A U.S. judge overseeing the bankruptcy of Linn Energy LLC said on Tuesday he is prepared to confirm its restructuring plan with slight tweaks, backing the oil-and-gas producer's goal of shedding $5.5 billion in debt and splitting into two companies. Bankruptcy Judge David Jones at the end of a hearing in Houston congratulated Linn's legal team and...

  • Peabody's plan to slash $5 billion of debt has the support of the vast majority of its creditors but is opposed by Indiana, Missouri, environmental groups and certain former employees, creditors and shareholders. In a filing with the U.S. Bankruptcy Court in St. Louis, Lazard's Tyler Cowan, who has been advising Peabody on its restructuring, said the alternative...

  • CHICAGO, Jan 23- Peabody Energy Corp's plan to emerge from Chapter 11 bankruptcy faces a "material risk" that the U.S. coal producer could suffer a $1 billion revenue loss due to a disputed lease at the world's largest coal mine, according to an objection filed to its reorganization plan. Oil and gas driller Berenergy Corp and Peabody hold overlapping federal...

  • CHICAGO, Jan 23- U.S. oilfield services company Forbes Energy Services Ltd said it expected to "promptly" emerge from bankruptcy after filing a Chapter 11 plan on Monday with a prepackaged deal to exchange $280 million of debt for equity. In a filing with the U.S. Bankruptcy Court in Houston, Forbes said the slump had reduced demand for its activities, rendering it...

  • NEW YORK, Jan 20- A U.S. bankruptcy court judge granted Avaya Inc approval on Friday to tap $425 million of the $725 million loan proposed to carry the telecommunications company through its restructuring, funds the company said were essential to continue operations. "The company has taken a decisive step to rightsize its balance sheet," Pat Nash, one of the...

  • ST. LOUIS, Jan 19- A U.S. bankruptcy judge denied on Thursday a request by Peabody Energy Corp shareholders to order the appointment of an official equity committee in the coal miner's Chapter 11 restructuring, crushing hopes of a recovery for investors. Bankruptcy Judge Barry Schermer asked why more money should be spent on legal fees when unsecured creditors...

  • NEW YORK, Jan 18- Puerto Rico's federal oversight board said on Wednesday it was willing to extend key deadlines that would give the debt-laden U.S. territory's government more time to negotiate restructuring deals with holders of its roughly $70 billion in bonds. In addition to its nearly $70 billion in debt from a myriad of public issuers, Puerto Rico is...