×

Business Events Restructurings

  • 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 some $70 billion in bonds. In a letter to Governor Ricardo Rossello, the oversight board said it "is favorably inclined" to grant the...

  • BRASILIA, Jan 18- Brazil's Oi SA is considering changing a restructuring plan challenged by a group of creditors to offer banks and bondholders part of asset sale proceeds, newspaper O Estado de S.Paulo said on Wednesday. The proposed changes are being discussed by Oi's chief executive Marco Schroeder, investors and creditors, and could be presented by the end...

  • CHICAGO, Jan 17- Caesars Entertainment Corp's main operating unit won court approval on Tuesday for a plan to shed $10 billion of debt and end a contentious $18 billion bankruptcy filed nearly two years ago to the day. Bankruptcy Judge Benjamin Goldgar said at a hearing in Chicago after approving the reorganization plan. The Caesars subsidiary, Caesars...

  • Jan 17- Limited Stores LLC, parent of U.S. women's apparel chain The Limited, said on Tuesday it filed for bankruptcy, the latest brick-and-mortar retailer to reorganize as shoppers shift to fast-fashion retailers and online competitors. Sun Capital Partners Inc, the private equity owner of Limited Stores LLC, disclosed on Friday in a letter to investors that...

  • Jan 12- Puerto Rico's new government tapped law firm Dentons to help it develop a fiscal turnaround plan and lead restructuring negotiations with creditors holding some $70 billion in debt, the firm announced on Thursday. Dentons will replace Cleary Gottlieb, which had served as legal counsel under the administration of ex-Governor Alejandro Garcia...

  • Jan 11- Homer City Generation L.P., which owns three coal-fired electric power plants in the United States, filed for bankruptcy on Wednesday. NRG Energy Services will continue as the operator of Homer City's three plants, which are located near Pittsburgh, Pennsylvania and have an aggregate net capacity of 1,884 megawatts. The reorganization plan was...

  • BRUSSELS/ PARIS, Jan 10- European Union antitrust regulators approved on Tuesday French plans to grant a capital injection of 4.5 billion euros to nuclear group Areva and said Areva's restructuring plan would not unduly distort competition. The European Commission, which oversees competition policy in the European Union, said the state aid was subject to...

  • WILMINGTON, Del., Dec 29- Peabody Energy Corp said on Thursday it extended a deadline for creditors to join financing deals aimed at bringing the largest U.S. coal miner out of bankruptcy amid growing creditor support for its plan of reorganization. Last week, Peabody unveiled its plan to eliminate more than $5 billion of debt and raise capital from creditors with...

  • *Argentina economy in recession, fiscal deficit high. BUENOS AIRES, Dec 26- Argentine President Mauricio Macri has asked Finance Minister Alfonso Prat-Gay to step down, cabinet chief Marcos Pena said on Monday, citing disagreements over management style and the structure of the team charged with handling economic policy. Macri has sought to close Argentina's...

  • BUENOS AIRES, Dec 26- Argentine President Mauricio Macri has asked Finance Minister Alfonso Prat-Gay to step down, cabinet chief Marcos Pena said on Monday, citing disagreements over management style and the structure of the team charged with handling economic policy. Macri has sought to close Argentina's gaping fiscal deficit, but the government has...

  • CHICAGO, Dec 23- Peabody Energy Corp failed to explain how it will cover future mine cleanup costs in a reorganization plan filed late Thursday, triggering concerns over the company's use of "self-bonds." Howard Learner, executive director of the Chicago- based Environmental Law& Policy Center, said the reorganization plan dodged the issue of self-bonding,...

  • CHICAGO, Dec 23- Caesars Entertainment Corp's bankrupt operating unit resolved a dispute with its lenders on Friday, paving the way for a consensual plan to push the casino group out of its $18 billion Chapter 11.. In filings with the U.S. Bankruptcy Court in Chicago, bank lenders said they had reached an agreement over their recovery terms and were withdrawing a...

  • CHICAGO, Dec 23- Shares of Caesars Entertainment Corp rose almost 10 percent on Friday after a court filing showed that creditors of the casino group's bankrupt operating unit had reached an agreement over their recovery terms, raising hopes that a high-stakes restructuring plan will be salvaged. A dispute between creditors holding secured debt in Caesars...

  • CHICAGO, Dec 23- Creditors of Caesars Entertainment Corp's bankrupt operating unit have reached an agreement to revise the terms of their recoveries, according to a filing with the U.S. Bankruptcy Court in Chicago on Friday.

  • Looking ahead to next year, restructuring advisers said they expect more energy-related bankruptcy filings, as the sector prepares for an upturn that could follow implementation of President-elect Donald Trump's pro-drilling agenda or OPEC's plan to cut oil production for the first time in eight years. Denver- based Bonanza Creek, with oil and natural gas...

  • CHICAGO, Dec 22- Leading global coal producer Peabody Energy said on Thursday its main creditors support a plan to wipe more than $5 billion of debt from its balance sheet and exit the largest energy-related U.S. bankruptcy this year. Under a reorganization plan filed with the U.S. Bankruptcy Court in St. Louis, Peabody said it expects to cut its debt to $1.95...

  • The government of Puerto Rico will now face a budget deficit of $67.5 billion over the next 10 years if there are no changes made to its current laws, no new federal funding or any reduction in expenses, increases in revenue, structural reforms or restructuring of its long-term debt and pension obligations, the statement said. "According to the Revised Baseline...

  • Dec 9- U.S. apparel retailer J. Crew Group Inc is taking steps to negotiate with its creditors about cutting the value of its approximately $2 billion debt load, as its struggles with falling sales, people familiar with the matter said on Friday. A debt restructuring would underscore the challenges the company has faced since it was acquired by private equity...

  • COPENHAGEN/ SEOUL, Dec 9- Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the 2 M vessel-sharing alliance. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between heavily indebted...

  • Without bankruptcy, many of small and medium-sized service companies risk missing out on any upturn that could follow President-elect Donald Trump's pro-drilling agenda or OPEC's plan to cut oil production for the first time in eight years, restructuring advisors said. In June through October, nine companies with at least $100 million in debt filed for...