Business Events Restructurings

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  • The company's net income rose to $82 million, or 54 cents per share, in the fourth quarter ended Dec. 31, from $20 million, or 10 cents per share, a year earlier. MBIA's shares have been under pressure due to uncertainty over exactly how much of its $4 billion exposure to Puerto Rico's debt is at risk as the U.S. commonwealth negotiates a restructuring deal with...

  • NEW YORK, Feb 26- Boeing Co said on Friday that it is considering layoffs of airplane engineers, a plan that it said may cause it to reorganize or consolidate its engineering teams, according to an internal memo seen by Reuters. "We do not intend to backfill for people who retire from their executive or management0 roles unless the position is absolutely vital to...

  • Treasury counselor Antonio Weiss said on Thursday that without a proper restructuring regime, Puerto Rico will default and litigation will intensify, as he pushed Congress to act with legislation to help the island fix its crisis. A legislative solution for Puerto Rico, battling with $70 billion debt, may be edging closer. Puerto Rico wants access to a...

  • WEISS: PUERTO RICO CREDITORS WON'T NEGOTIATE WITHOUT RESTRUCTURING AUTHORITY.

  • According to court documents, the deal allows for the sale of the company or a reorganization and ends litigation between the company's unsecured creditors and Molycorp's lender, Oaktree Capital Management. Both told a U.S. Bankruptcy Court hearing on Tuesday in Wilmington, Delaware, that they would likely oppose the plan of reorganization that would be...

  • According to court documents, the deal allows for the sale of the company or a reorganization and ends litigation between the company's unsecured creditors and Molycorp's lender, Oaktree Capital Management. The unsecured creditors had accused Oaktree of using its position as lender to place an "exorbitantly expensive noose around Molycorp Group's neck"...

  • *Posts annual pretax loss of $1.5 billion. *Underlying pretax profit $800 mln vs forecast of $899 mln. LONDON, Feb 23- Standard Chartered reported its first annual loss since 1989 as hefty restructuring costs and weak commodity prices took their toll on the emerging markets-focused lender.

  • Earlier, CNBC reported a deal would create a company with combined sales of more than $90 billion, merging a maker of jet engines with a supplier of airplane cockpits. United Technologies, which like many multinationals has been hurt by a strong dollar, unveiled a $1.5- billion restructuring plan to cut costs in December, citing slowing growth in China and...

  • LONDON, Feb 19- Argentina may be on the home straight of the marathon legal battle over the restructuring of its debts, but investors need to be wary that there are plenty of other strained countries that litigation-loving funds can swoop on if they want. Rodrigo Olivares-Caminal, Chair in Banking and Finance Law at Queen Mary University in London says as a rule of...

  • NEW YORK, Feb 18- A group of creditors suing Argentina over defaulted bonds on Thursday urged a U.S. judge to reject the country's request to lift orders restricting it from servicing its restructured debts, saying doing so would impede ongoing settlement talks. Those injunctions required Argentina to pay creditors including NML and Aurelius Capital...

  • NEW YORK, Feb 18- Financially troubled Puerto Rico's push for a debt restructuring program could get a lift from the death of conservative Justice Antonin Scalia, who was viewed as likely to oppose granting such relief in an upcoming U.S. Supreme Court case. A Supreme Court victory could help strengthen the arguments of island officials and a number of Democrats...

  • NEW YORK, Feb 18- A group of creditors suing Argentina over defaulted bonds on Thursday urged a U.S. judge to reject the country's request to lift orders restricting it from servicing its restructured debts in light of a $6.5 billion offer to settle the dispute. In a brief filed in Manhattan federal court, bondholders including Elliott Management's NML Capital...

  • Bombardier said it would slash about 7,000 jobs over the next two years and ramp up hiring to support production of its struggling CSeries program.

  • *Forecasts 2016 rev of $16.5 bln- $17.5 bln, vs est $18.07 bln. Montreal- based Bombardier now has 678 total orders and commitments for the CSeries, including 243 firm orders. The company expects to record $250 million- $300 million in restructuring charges in 2016 in connection with the layoffs.

  • NEW YORK, Feb 16- Puerto Rico's Senate on Tuesday passed a bill aimed at overhauling the island's troubled power utility PREPA, pushing the agency a step closer to finalizing a deal with creditors to restructure more than $8 billion debt. The Senate approved the bill, with amendments made by the island's House of Representatives, which passed it on Monday.

  • NEW YORK, Feb 16- Puerto Rico's Senate on Tuesday passed a bill aimed at overhauling the island's troubled power utility PREPA, pushing the agency a step closer to finalizing a deal with creditors to restructure more than $8 billion debt. The Senate approved the bill, with amendments made by the island's House of Representatives, which passed it on Monday.

  • The offshore rig contractor on Sunday filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in the District of Delaware, becoming the first U.S. energy-related company to seek court protection from creditors this year amid a plunge in oil prices. The company had long-term debt of about $2.57 billion and cash of $732 million at Sept. 30,...

  • SINGAPORE, Feb 15- Malaysia Airlines has delayed plans to sell some of its Airbus A380 jumbo jets, and will now keep all six of them at least until 2018 after retiring its fleet of Boeing 777 s, its chief executive told Reuters. The Kuala Lumpur- based carrier has tried to unsuccessfully sell the planes for the last year to cut costs as part of a restructuring plan which...

  • Hedge fund Aurelius Capital Management issued the statement after Argentina on Thursday asked a federal judge in New York to vacate orders restricting it from servicing its restructured debts in light of last week's settlement offer by the country. Mark Brodsky, Aurelius' chairman, said given "the choice between accepting the substantial haircut we have...

  • NEW YORK, Feb 11- A U.S. judge on Thursday ordered creditors suing Argentina over defaulted bonds to establish why orders that restricted it from servicing its restructured debts should not be vacated after the country's $6.5 billion offer to settle the dispute. District Judge Thomas Griesa in Manhattan gave bondholders until mid-February to show why the...