Business Events Restructurings

  • The company said it expects adjusted profit for fiscal 2017 to be $1.55- $1.65 per share. Analysts on average had expected $1.61 per share, according to Thomson Reuters I/B/E/S. As part of the restructuring plan, the company expects to record $350 million- $500 million in charges.

  • MADRID, Oct 13- A centuries-old tapestry factory in Spain has come back from the brink of bankruptcy after an injection of public money, a debt restructuring plan and its biggest order in 200 years- a German commission for dozens of tapestries. The turnaround of the 296- year-old Royal Tapestry Factory in Madrid is a rare bright spot for Spanish companies facing...

  • LONDON, Oct 12- State-backed Lloyds Banking Group said on Wednesday it planned to axe 1,230 jobs as part of a three-year restructuring plan aimed at cutting costs and improving returns for shareholders. Lloyds announced in July it would cut a further 3,000 jobs and close 200 branches amid a more testing economic environment caused by Britain's vote to quit the...

  • SHANGHAI, Oct 12- China Construction Bank Corp will establish a 24 billion yuan transformation and development fund with Wuhan Iron and Steel Group Corp to help the steel firm reduce leverage, the bank said on its website. Although the statement released on Tuesday did not explicitly mention debt-to-equity swaps, a separate article published Wednesday by...

  • SHANGHAI, Oct 10- Dongbei Special Steel Group Co Ltd has formally entered into a bankruptcy restructuring process following a court filing by one of its creditors, official news agency Xinhua reported on Monday. Dongbei, owned by the Liaoning provincial government in the country's "rustbelt" northeast, has been at the heart of troubles in China's debt market...

  • Deutsche Bank announces 1000 job cuts

    The German lender hopes the change will make the group 'more competitive'.

  • DUBAI, Oct 6- Creditors of Kuwait's debt-laden Investment Dar, whose assets include property and finance, are close to forming a team to negotiate a deal on the company's latest plan to restructure 813 million dinars in debt. Investment Dar, whose assets include a stake in the owner of Dubai's "The World" islands project, has made several efforts to restructure its...

  • Trilogy Capital Management is one of several hedge funds that had accused Caesars of scrapping a guarantee on the debt of its bankrupt subsidiary, Caesars Entertainment Operating Co Inc. "The risk that the Trilogy action will derail the reorganization is too great," Judge Benjamin Goldgar said in U.S. Bankruptcy Court in Chicago on Wednesday.

  • Trilogy Capital Management is one of several hedge funds that had accused Caesars of scrapping a guarantee on the debt of its bankrupt subsidiary, Caesars Entertainment Operating Co Inc. "The risk that the Trilogy action will derail the reorganization is too great," Judge Benjamin Goldgar said in U.S. Bankruptcy Court in Chicago on Wednesday.

  • Oct 3- A divided federal appeals court on Monday rejected claims by Detroit retirees that their pensions were unfairly cut to help the city end the largest U.S. municipal bankruptcy. The 6th U.S. Circuit Court of Appeals in Cincinnati said restoring the pension cuts would "unavoidably" unravel Detroit's reorganization plan, which helped the city shed $7 billion...

  • But they are the heaviest since 2009, when ING was forced to restructure and spin off its insurance activities after receiving a state bailout during the financial crisis. "I don't think this was the intention of the when it kept ING afloat with bailout money," Ike Wiersinga of the Dutch CNV union said. ING said it would invest 800 million euros in its technology...

  • *Company hasn't paid installments since start of year- sources. DUBAI, Sept 29- Dubai- listed conglomerate Gulf General Investment Co is seeking to restructure loans linked to a 2.8 billion dirham debt plan which it agreed four years ago, banking sources told Reuters. More recently GGICO, 50 percent- owned by the Al Sari family from the emirate of Sharjah, requested...

  • TOKYO, Sept 29- All five bidders seeking to bail out Japan's beleaguered Takata Corp have presented restructuring plans that require the air bag maker to file for bankruptcy protection, people with knowledge of the process told Reuters. The bidders include Japanese inflator maker Daicel Corp in partnership with U.S. buyout firm Bain Capital; U.S. private...

  • BERLIN, Sept 26- Commerzbank is planning to cut around 9,000 jobs over the coming years as Germany's second biggest lender pushes ahead with a restructuring plan, Handelsblatt reported on Monday, citing unnamed sources in the finance industry. Squeezed by negative European Central Bank interest rates, German banks have been seeking ways to boost revenue by...

  • BEIJING, Sept 26- China has launched a 350 billion yuan state enterprise restructuring fund to advance its' supply-side' reforms as the world's second-largest economy undergoes its most significant transformation in two decades. China has made reform of its lumbering and uncompetitive state-owned enterprises a priority as weak global demand drags on...

  • SHANGHAI, Sept 26- Dongbei Special Steel Group Co Ltd said on Monday it had defaulted on a one-year bond, the latest in a string of missed payments this year by the unlisted Chinese steelmaker. Owned by the Liaoning provincial government in China's northeast rust belt, Dongbei announced on the website of China's interbank bond market operator that it had failed...

  • LONDON, Sept 21- European shares hit a one-week high on Wednesday before the outcome of a Fed meeting, with banks rallying after a policy overhaul at the Bank of Japan lifted risky assets globally. Spain's Banco Popular jumped 9.1 percent after saying it would cut around 300 bank branches as part of a restructuring plan. Europe took its cue from Asian markets, which...

  • TORONTO, Sept 21- The province of Ontario said on Wednesday that it has signed an agreement with equity fund Bedrock Industries LP to restructure U.S. Steel Canada, which has been in creditor protection since September 2014, and the court supervising the company's credit protection proceeding, Ontario's government said in a statement. Steel Canada's plants in...

  • SAO PAULO, Sept 19- A Brazilian state appeals court postponed on Monday a vote on the legality of several aspects of Grupo OAS SA's restructuring plan for at least a couple of weeks, adding uncertainty to efforts by the debt-laden engineering conglomerate to emerge from bankruptcy protection. The ongoing delay in the plan has halted the surrender of OAS's stake...

  • SAO PAULO, Sept 16- Viver Incorporadora& Construtora SA filed for bankruptcy protection on Friday, becoming the first listed Brazilian homebuilder ever to seek an in-court reorganization amid a harsh recession, tough refinancing conditions and slumping home prices. In a securities filing, Viver said management and advisers, led by Alvarez& Marsal Holdings...