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Business Events Restructurings

  • 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...

  • WILMINGTON, Del./ CHICAGO, Dec 6- A U.S. subsidiary of Spanish renewable energy firm Abengoa SA pressed a judge on Tuesday to approve its plan to exit bankruptcy over objections from a holdout creditor, who said the plan violated U.S. law by favoring the company's foreign parent. Bankruptcy Judge Kevin Carey in Wilmington, Delaware, said he wanted additional written...

  • CHICAGO, Dec 6- The bank lenders of Caesars Entertainment Corp's operating unit said they might walk away from a plan to bring the casino unit out of its $18 billion bankruptcy, potentially sending a high-stakes reorganization plan into disarray. The committee of bank lenders, which includes Blackstone Group LP's GSO Capital Partners, has yet to resolve a...

  • The plan, announced late on Monday, to spin off JBS's international businesses and its Brazilian poultry unit Seara under Holland- based JBS Foods International B.V. is part of a much simpler, revised corporate reorganization plan intended to reduce company financing costs. The new reorganization comes less than two months after Brazil's BNDES development...

  • The camera maker plans to reduce its jobs and close its entertainment unit as part of its efforts to turn the company around.

  • SAO PAULO, Nov 29- Brazilian phone company Oi SA said on Tuesday a court status protecting two Dutch subsidiaries from creditors could turn into a bankruptcy procedure in the Netherlands, potentially complicating its own court-supervised reorganization at home. "Oi hopes this does not impact significantly its in-court reorganization efforts in Brazil," Oi...

  • SAO PAULO, Nov 29- Brazil's Oi SA said on Tuesday a court process protecting two of its subsidiaries in the Netherlands from creditors could be converted into a bankruptcy process in that country, potentially complicating Oi's own court supervised reorganization in Brazil. The process in the Netherlands relates to Oi's two investment vehicles based in that...

  • SAO PAULO, Nov 29- The biggest shareholder in Oi SA, the Brazilian telephone carrier operating under bankruptcy court protection, is not opposed in principle to a share dilution, newspaper Valor Econômico cited an executive at the shareholder as saying. Pharol owns 27.5 percent of Oi's voting stock through Bratel BV, a wholly-owned subsidiary.

  • Nov 23- U.S. fashion jewelry and accessories budget retailer Charming Charlie LLC is seeking to hire a financial adviser to help find relief from its debt burden, according to people familiar with the matter. Charming Charlie has had investments from private equity firms TSG Consumer Partners and Hancock Park Associates. The Houston- based retailer has about...

  • Nov 23- U.S. fashion jewelry and accessories budget retailer Charming Charlie LLC is seeking to hire a financial adviser to help find relief from its debt burden, according to people familiar with the matter. Charming Charlie has had investments from private equity firms TSG Consumer Partners and Hancock Park Associates. The Houston- based retailer has about...

  • BRUSSELS, Nov 22- Companies would be given more breathing space to restructure their debts in times of crisis under a European Union draft law unveiled on Tuesday, inspired by U.S. insolvency rules and aimed at avoiding bankruptcies and saving jobs. In a bid to encourage risk-taking start-ups, the proposal would make it easier for entrepreneurs in Europe to get a...

  • Nov 18- The federal board overseeing Puerto Rico's financial restructuring on Friday set a target date of Jan. 31, 2017 to certify a fiscal turnaround plan for the U.S. territory, and heard from bondholders and industry leaders about the merits of a draft of the proposal. The board, created this year under the Puerto Rico rescue law known as PROMESA, is working on...

  • The plan of reorganization was filed in the U.S. Bankruptcy Court for the Southern District of New York with the full support of its creditors committee, the company said in a statement. The plan outlines the company will emerge as a single air carrier under the name Republic Airline Inc, it said. Republic offers about 1,000 daily flights to more than 100 cities in...

  • Nov 16- Regional carrier Republic Airways Holdings Inc, which sought Chapter 11 bankruptcy protection in February, said on Wednesday it filed a plan to emerge from bankruptcy in the first quarter of 2017.. A plan of reorganization was filed in the U.S. Bankruptcy Court for the Southern District of New York with the full support of its creditors committee, the...

  • NEW YORK, Nov 16- Carl Icahn, the activist investor who owns over $1.2 billion worth of Herbalife shares, said the stock is cheap, especially now that the cloud of a government investigation has lifted, and that the company will create a lot of jobs. The company is in better shape now, Icahn said, after it agreed to restructure its business and to pay $200 million to the...

  • LONDON, Nov 14- Mozambique wants to strike a debt restructuring deal before the end of this year and aims to treat bondholders on par with its other commercial creditors, the country's legal advisor told Reuters. "There is virtually no capacity for Mozambique to pay anything to commercial creditors in coming years," said Ian Clark, a partner at law firm White& Case...

  • SAO PAULO, Nov 10- Phone carrier Oi SA, which in June filed for Brazil's largest ever in-court reorganization, has hired financial advisory firm Laplace Finanças to help restructure about 41.2 billion reais in debt with banks and bondholders, a person with direct knowledge of the matter said on Thursday. The board of Rio de Janeiro- based Oi formalized the hiring...

  • SAO PAULO, Nov 9- The board of Brazilian wireless phone carrier Oi SA has elected a new financial advisor for debt restructuring talks with bondholders and bank creditors, Chief Executive Officer Marco Schroeder said in an interview Wednesday. Schroeder declined to name the advisor, which will replace PJT Partners, because the contract has not been signed.

  • *Announces share buyback of 550 mln euros. DUBLIN, Nov 7- Budget airline Ryanair raised its long-term passenger growth forecast by 10 percent on Monday to 200 million travellers a year by 2024, saying it planned to take advantage as intense fare competition forces higher-cost rivals to retrench. "We have EU incumbents retrenching, restructuring... creating more...

  • ING Group's plans to shed 7,000 jobs and invest in its digital platforms to make annual savings of 900 million euros ($1 billion) by 2021, drew swift criticism from unions.