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Business Events Restructurings

  • LONDON, May 10- Greek government borrowing costs hit their lowest level in more than five years on Wednesday as Athens looked set to clinch vital bailout loans from its international lenders. Greece's finance minister and central bank governor are scheduled to speak in Germany next week about Athens' prospects for returning to markets, although European...

  • SHANGHAI, May 10- China's lenders are swapping struggling corporates for more promising retail borrowers- restructuring branches, teams and even overhauling bankers' commissions in an unprecedented push that is fuelling a record jump in home loans. While retail lending also includes credit cards and consumer loans, mortgage lending has been a focus for...

  • May 8- Canada's Hudson's Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group, according to people familiar with the matter. The move is the clearest indication yet that Neiman Marcus' $4.7 billion debt pile poses significant challenges to a...

  • DUBAI, May 7- Shares of Dubai builder Drake& Scull slumped to a 14- month low in heavy trade on Sunday as investors reacted to the company's revised capital restructuring plan, while last week's fall in oil prices knocked down oil-sensitive shares. "The new news from the meeting is the 722 million dirhams additional write off from potentially unrecoverable...

  • SAN FRANCISCO, May 5- Puerto Rico's federally appointed financial oversight and management board on Friday filed for Title III bankruptcy protection for debt backed by sales tax revenues on the U.S. commonwealth, otherwise known as COFINA. Title III is an in-court debt restructuring process akin to U.S. bankruptcy that was part of the Puerto Rico rescue law...

  • The federal financial oversight board for Puerto Rico on Wednesday pushed the U.S. commonwealth into a court-sanctioned restructuring process akin to U.S. bankruptcy, known as Title III. Puerto Rico will use the court processes to restructure much of its $70 billion debt load and $49 billion in pension liabilities. Among those settlements, Harrisburg,...

  • May 4- A pair of bond insurers with about $9 billion at stake in Puerto Rico's debt crisis on Thursday sued the U.S. territory and its financial oversight board, objecting to a fiscal turnaround plan approved by the board in March. The suit filed by units of Assured Guaranty Ltd and MBIA Inc came a day after Puerto Rico announced a historic restructuring of its...

  • May 3- Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market. The move comes a day after several major creditors sued Puerto Rico over defaults its bonds. The debt restructuring petition was filed by Puerto Rico's financial oversight...

  • 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...