Business Events Restructurings

  • CHICAGO, Aug 17- A U.S. judge on Wednesday suggested the casino operating unit of Caesars Entertainment Corp ask its parent's private equity sponsors for money to fund a plan to exit its contentious $18 billion bankruptcy. Apollo Global Management LLC and TPG Capital Management LP formed the Caesars casino holding company in a 2008 buyout and the three groups...

  • SAO PAULO, Aug 16- Banks and bondholders accounting for more than half of Oi SA's debt of 65.4 billion reais are considering proposing a 5- year grace period and lower borrowing costs to speed up the Brazilian phone carrier's in-court reorganization, a person with direct knowledge of the talks said on Tuesday. The person, who requested anonymity because the...

  • SAO PAULO, Aug 12- Sete Brasil Participações SA presented a draft reorganization plan on Friday that includes seeking up to $5 billion in funding and downsizing business, three months after the Brazilian rig leaser sought court protection against 18 billion reais in looming debt payments. Rio de Janeiro- based Sete Brasil is asking creditors, which include...

  • BEIJING, Aug 12- China's economic activity slowed in July, with investment growing at its slowest pace since the turn of the century, as the world's second-largest economy grappled with the painful restructuring of its older industrial sectors. The increased stimulus hopes cheered investors, with China's blue-chip CSI300 Index ending at it highest close...

  • *China slowing investment in line with global trend. BEIJING, Aug 12- China's economic activity slowed in July, with investment growing at its slowest pace in more than 16 years in the year-to period, as the world's second-largest economy grappled with the painful restructuring of its older industrial sectors. "People are worried about a lack of solid demand over...

  • SAO PAULO, Aug 11- Oi SA is expected to burn less cash this quarter thanks to a June petition to win court protection from creditors, which is temporarily sparing Brazil's largest fixed-line phone carrier from paying debts, executives said on Thursday. Chief Executive Officer Marco Schroeder told analysts on a conference call that planned changes in industry...

  • *Company to hold conference call on Aug. 16. MADRID, Aug 10- Indebted renewable energy firm Abengoa said on Thursday it had reached a restructuring deal with its main creditors that will hand them control of the company, as it tries to avoid becoming Spain's biggest ever bankruptcy. Seville- based Abengoa- an engineering business which borrowed heavily over the...

  • SINGAPORE, Aug 11- Struggling Noble Group reported a second-quarter loss and said it will cut debt further as the commodities trader closed some of its low-return businesses to weather a brutal commodities downturn and regain investor confidence. Revenue at the Hong Kong- based company fell 32 percent to $12.5 billion in the quarter ended June and it swung to a...

  • SAO PAULO, Aug 10- Grupo Odebrecht SA, the engineering company ensnared in Brazil's worst corruption scandal, said on Wednesday that it had hired law firm E. Munhoz Advogados to advise on a debt restructuring plan. The Salvador, Brazil- based firm denied a report in July by Brazil Journal blog that an accommodation with creditors was under way.

  • RIO DE JANEIRO, Aug 10- Phone carrier Oi SA, which filed in June for Brazil's largest ever in-court reorganization, will present a plan to overhaul business and repay creditors later this month or by early September, Chief Executive Officer Marco Schroeder said on Wednesday. Schroeder told reporters in Rio de Janeiro, where Brazil's largest fixed-line phone...

  • "We continue to make progress towards stabilizing the organization," Chief Executive Joseph Papa, who took over from Michael Pearson in May, said in a statement. The Laval, Quebec- based company said it still expected full-year revenue of $9.9 billion- $10.1 billion and adjusted earnings of $6.60- $7.00 per share. The net loss attributable to the company increased...

  • Aug 8- Logan's Roadhouse Inc, a steakhouse chain with about 260 restaurants, filed for bankruptcy protection on Monday after struggling with falling sales, rising labor and food costs and competition from casual dining rivals. The Chapter 11 reorganization is expected to reduce debt by more than $300 million, and give bondholders including a Blackstone Group...

  • The Chapter 11 reorganization is expected to reduce debt by more than $300 million, and give noteholders equity in the reorganized company, according to filings with the U.S. bankruptcy court in Delaware. Logan's plans to close some poorly-performing restaurants as part of its reorganization, which has support from its bank lenders and most bondholders,...

  • The bank believes the Brexit vote could adversely affect how it operates throughout the European Union.

  • Aug 4- Cybersecurity firm FireEye Inc said it planned to layoff 300 to 400 of its 3,400 workers as it announced quarterly sales on Thursday that missed its own forecast and the company also cut its full-year outlook. Chief Financial Officer Michael Berry told Reuters that the job cuts were part of a restructuring effort that will reduce annual costs by about $80...

  • July 29- Power producer NextEra Energy Inc said it had agreed to buy reorganized Energy Future Holdings Corp and its stake in Oncor Electric Delivery Co in a deal with enterprise value of about $18.4 billion. Energy Future, the largest power company in Texas, filed for bankruptcy on April 29, 2014, in one of the largest ever bankruptcies in the United States.

  • July 29- Power producer NextEra Energy Inc said it had agreed to buy reorganized Energy Future Holdings Corp and its indirect stake in Oncor Electric Delivery Co in a deal with enterprise value of about $18.4 billion. The agreement will be filed as part of the restructuring of Energy Future, currently before the Delaware bankruptcy court, and it is designed to...

  • July 28- Claire's Stores Inc has decided to start negotiations with its creditors about restructuring its debt, as it seeks to avoid becoming the latest U.S. teen retailer to file for bankruptcy protection, according to people familiar with the matter. Apollo Global Management LLC, the private equity firm that owns Claire's, has asked law firm Morgan, Lewis&...

  • *Q2 net profit 170 Sfr vs Rtrs poll avg loss 192 mln Sfr. ZURICH, July 28- Credit Suisse posted an unexpected second-quarter net profit on Thursday, boosting Chief Executive Tidjane Thiam's efforts to restructure Switzerland's second-biggest bank. "This is clearly better than feared," Kepler Cheuvreux analyst Peter Casanova, who has a "hold" rating on the stock,...

  • SAO PAULO, July 25- Aurelius Capital Management LP has contacted bondholders in Oi SA's Netherlands- based units to challenge the basis of a prior restructuring accord that substantially lowered the recovery value of their bonds, seeking to gain clout in Brazil's biggest-ever bankruptcy reorganization. New York- based Aurelius, a distressed debt investment...