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Business Events Restructurings

  • The request came under Title III of the PROMESA law is an in-court debt restructuring process akin to U.S. bankruptcy protection, as Puerto Rico is barred from traditional bankruptcy because it is a U.S. territory. The case was filed in U.S. District Court in Puerto Rico. "The governor needed to show that his primary allegiance lies with the citizens of Puerto Rico,...

  • BOARD SAYS IT INTENDS TO NEGOTIATE A COMPREHENSIVE DEBT RESTRUCTURING WITH CREDITORS THROUGH A TITLE III "PLAN OF ADJUSTMENT"-- COURT FILING.

  • Demonstrators and police clash during a protest against the government's austerity measures as Puerto Rico faces a deadline on Monday to restructure its $70 billion debt load or open itself up to lawsuits from creditors, in San Juan, Puerto Rico May 1, 2017.

    CNBC's Leslie Picker reports that Puerto Rico has announced intent to trigger restructuring of the territory's debt to bondholders.

  • ROME, May 2- Alitalia has decided to ask the government to place it under special administration, starting a process that will lead to the loss-making Italian airline being overhauled, sold off or wound up altogether. James Hogan, the CEO of Etihad Airways, which bought into Alitalia during the latest restructuring in 2014, said the Italian airline required "...

  • NEW YORK, May 1- GSO Capital Partners, private equity firm Blackstone Group LP's credit arm, is acquiring more of J. Crew Group Inc's debt, hoping for a profitable trade that could also give the U.S. fashion retailer more time to stave off bankruptcy, people familiar with the matter said. It now has $2.1 billion in debt. But holders of a $1.53 billion loan to J. Crew,...

  • *2016 net loss 782 mln euros vs 2015 loss 447 mln. BERLIN, April 28- Air Berlin reported a record net loss of 782 million euros in 2016 as well as a widening loss in the first quarter of 2017, and said it was seeking new partners as it battles to revive its fortunes. Air Berlin, 29 percent owned by Abu Dhabi- based Etihad, is already undergoing a restructuring that will see...

  • BEIJING, April 28- Toshiba Corp's Westinghouse Electric Co unit will continue operating normally in Asia and Europe, despite the ongoing Chapter 11 restructuring, an executive at the troubled company said on Friday. Westinghouse filed for bankruptcy last month, hit by billions of dollars of cost overruns at four nuclear reactors under construction in the...

  • WASHINGTON, April 26- An adviser to Puerto Rico Governor Ricardo Rossello said on Wednesday the distressed U.S. territory would not necessarily file for bankruptcy if it failed to reach a debt restructuring deal with creditors before Monday's negotiating deadline. "It depends on legal actions, if go after our officials, Elias Sanchez, Rossellos liaison to...

  • WASHINGTON, April 26- An adviser to Puerto Rico Governor Ricardo Rossello said on Wednesday the distressed U.S. territory would not necessarily file for bankruptcy if it failed to reach a debt restructuring deal with creditors before Monday's negotiating deadline. "It depends on legal actions, if go after our officials, Elias Sanchez, Rossellos liaison to...

  • ROME/ MILAN, April 24- Workers in loss-making Italian airline Alitalia rejected a management restructuring plan to cut jobs and salaries on Monday, betting that the government will be asked to call in an administrator to draft an alternative rescue plan. The flag carrier, owned 49 percent by Abu Dhabi- based Etihad Airways, has been bailed out repeatedly by...

  • April 21- A group of iHeartMedia Inc lenders has signed a cooperation agreement to oppose the debt overhaul of the largest owner of U.S. radio stations, presenting a threat to the company's bid to avoid bankruptcy, people familiar with the matter said. The move shows how iHeartMedia, which says it has more than a quarter of a billion monthly radio listeners in the...

  • NEW YORK, April 21- A war of words rather than talk of reconciliation is the latest indication that Puerto Rico and its creditors are getting nowhere fast in their negotiations to restructuring the island's $70 billion in debt before mediation is due to end on Friday. A group of general obligation debtholders accused the government on Wednesday of breaking...

  • *Qatar underperforms; all blue chips have paid 2016 dividend. DUBAI, April 19- Construction-related shares underperformed Riyadh's stock market on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan. Riyadh- listed Arabian Cement slid by 5 percent after...

  • SIENA, Italy, April 12- Monte dei Paschi di Siena is still negotiating with the European Commission how many jobs to cut in a radical restructuring plan that is a condition for a state rescue of the Italian bank, Chief Executive Marco Morelli said on Wednesday. The European Central Bank has since put the capital shortfall that the bank must fill at 8.8 billion euros.

  • NEW YORK, April 12- Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits...

  • *Comes as other Singapore- listed firms grapple with debt. SINGAPORE, April 12- Rickmers Maritime, a Singapore- listed trust that operates container ships, said it would be wound up as it has been unable to reach an agreement with its lenders to restructure debt or raise new equity. Struggling in the wake of a global shipping downturn, Rickmers joins other Singapore-...

  • NEW YORK, April 12- Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its creditors have reached a new deal to restructure $8.9 billion in debt through new bonds with longer maturities, the U.S. territory's government announced on Thursday. The agreement, which must be approved by Puerto Rico's federally appointed oversight board, could save $2.2 billion in debt servicing...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its bondholders have reached a new deal to restructure $8.9 billion in debt, the U.S. territory's government announced on Thursday. The agreement, which still needs approval by Puerto Rico's federally appointed oversight board, could save $2.2 billion in debt servicing costs over five years, Governor...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its bondholders have reached a new deal to restructure $8.9 billion in debt, the U.S. territory's government announced on Thursday. The agreement could save an extra $1.5 billion in debt servicing costs over five years, compared with a prior pending deal between the parties, Governor Ricardo Rossello's...