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Business Events Restructurings

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  • NEW YORK, June 28- Puerto Rico has a much larger fiscal deficit than assumed and faces financing gaps in coming years that can be bridged by debt restructuring, according to a copy of a key financial stability report by former IMF economists posted on local media websites. This can be achieved via a voluntary exchange of existing bonds for new ones with a longer or...

  • June 28- Puerto Rico is set to release a key financial stability report by former IMF economists on Monday, officials said on Sunday, in a crucial week for the island as bond deadlines come due and investor concerns increase about the possibility for debt restructurings and a limitation on government services. Puerto Rico is struggling with a $73 billion debt...

  • NEW YORK, June 26- Puerto Rico's distressed power authority PREPA and its creditors have been discussing a deal for the utility to avoid a potential default next week as a $400 million payment deadline looms, a source familiar with the talks said. PREPA is trying to restructure some $9 billion in debt but faces push-back from creditors reluctant to take reduced...

  • June 25- Texas' largest power company, Energy Future Holdings Corp, has scrapped a bankruptcy exit plan centered on the sale of its multibillion dollar power line stake and instead will pursue a reorganization, the company said in an internal memo on Thursday. The Luminant power generating business and its TXU retail utility would be spun off to the senior...

  • BERLIN, June 25- European Parliament President Martin Schulz said on Thursday he did not believe Greece would leave the euro zone and that an agreement between Athens and its creditors would be found, though it may take a few days. Greece failed to clinch a deal with its lenders on Thursday and euro zone finance ministers are due to meet on Saturday in a last-ditch...

  • June 25- General Mills Inc, the maker of Cheerios cereal and Betty Crocker cake mixes, said it would cut 675-725 jobs in its international business under a new restructuring plan aimed at cutting costs and boosting growth. While General Mills' U.S. sales for the third quarter ended Feb. 22 rose after five straight quarters of decline, international sales have...

  • June 25- General Mills Inc, the maker of Cheerios cereal and Betty Crocker cake mixes, said it would cut 675-725 jobs in its international business under a new restructuring plan aimed at cutting costs and speeding up growth. The restructuring is expected to result in savings of $45 million- $50 million per year, the company said on Thursday. The restructuring is...

  • June 25- Molycorp Inc, the only U.S. supplier of rare earths, filed for Chapter 11 bankruptcy protection on Thursday along with its North American subsidiaries to restructure $1.7 billion of debt in its U.S. and Canadian operations. Molycorp, whose shares have lost 86 percent of their value in the past year, said it had obtained agreement for up to $225 million in new...

  • June 25- Rare earths miner Molycorp Inc filed for Chapter 11 bankruptcy protection on Thursday along with its North American subsidiaries to restructure $1.7 billion of debt in its U.S. and Canadian operations. Molycorp has also obtained agreement for up to $225 million in new debtor-in-possession financing, it said in a statement. The Birmingham, Alabama-...

  • *Ukraine is seeking a writedown on its debt. LONDON, June 23- Ukraine is likely to pay all bond coupons falling due over the summer but a $500 million maturity in September could mark a halt to debt repayments if a restructuring deal has not been reached by then. War-ravaged and on International Monetary Fund life support, Ukraine has threatened to suspend payments...

  • NEW YORK, June 23- Puerto Rico's distressed power authority, PREPA, will meet in New York on Thursday with its creditors, which have offered a new debt restructuring plan in response to a PREPA proposal earlier this month, three people familiar with the talks told Reuters. Restructuring talks are in crunch time, with PREPA facing a July 1 interest payment it has said...

  • CALGARY, Alberta, June 23- Pipeline company TransCanada Corp and oil and gas producer Encana Corp both said on Tuesday they were cutting jobs, joining other Canadian energy firms that have laid off staff since global oil prices slumped. TransCanada, the backer of the controversial Keystone XL pipeline project, said it cut 185 jobs following a restructuring to...

  • LONDON, June 22- A committee of Ukraine's bondholders said on Monday that a debt restructuring plan proposed by Kiev was based on IMF estimates that were not yet publicly available, adding it hoped to meet with the Fund and Ukraine's government soon. Ukraine is negotiating with foreign bondholders to restructure $23 billion of debt as part of a broader...

  • Ukraine is negotiating with foreign bondholders to restructure $23 billion worth of debt, but talks have soured over a disagreement on the necessity of a writedown on the principal of the bonds. Yaresko warned at a press conference in Kiev that Ukraine would halt debt payments if the bondholders did not agree to a "last chance" offer in further talks.

  • LONDON, June 19- Investors have not traded Greek government bonds on the HDAT electronic platform for almost a month as the country struggles to reach a vital cash-for-reform deal with its creditors, data from Greece's central bank showed on Friday. The last barren period of this length on HDAT was just before Greece's debt restructuring in March 2012.

  • NEW YORK, June 18- Creditors of Puerto Rico's struggling electric power utility PREPA have agreed to extend a creditor agreement to June 30, the utility said on Thursday, a move which allows crucial restructuring talks to continue. PREPA, with about $9 billion of debt, also has a June 30 deadline by which to reach a restructuring deal with creditors.

  • NEW YORK, June 18- Bondholders of Puerto Rico's struggling electric power utility PREPA have offered to extend a creditor agreement to the end of this month, allowing crucial restructuring talks to continue, a source familiar with the bondholders said on Thursday. PREPA, with around $9 billion of debt, has a June 30 deadline by which to reach a restructuring deal...

  • NEW YORK, June 18- Bondholders of Puerto Rico's struggling electric power utility PREPA have offered to extend a creditor agreement due to expire on Thursday, to the end of June, a source familiar with the bondholders said. Talks to restructure the utility remain underway, the source said. At least 60 percent of creditors are needed to approve an extension.

  • June 18- Rig provider Hercules Offshore Inc said it had entered into a restructuring agreement with a majority of its debtors, which would lead to a Chapter 11 filing within the next few weeks. About $1.2 billion of Hercules' notes will be converted into new equity, leaving existing shareholders with 3.1 percent of the company's stock, Hercules said in a...

  • ST PETERSBURG, Russia, June 18- Russia's second-largest bank by assets, VTB, said on Thursday that miner Mechel had agreed to the bank's terms for restructuring its debt. Mechel, controlled by businessman Igor Zyuzin, has been discussing a debt restructuring with its main lenders, including VTB, Sberbank and Gazprombank. VTB's first deputy chairman, Yuri Soloviev,...