Business Events Restructurings

  • NEW YORK, May 13- iHeartMedia Inc has brought in Millstein& Co, an additional restructuring advisory firm, to help it evaluate options for its debt, including buying some of it back, according to people familiar with the matter. Millstein& Co was founded in 2012 by Jim Millstein, who was the chief restructuring officer at the U.S. Department of the Treasury from 2009 to...

  • May 12- Bankrupt solar company SunEdison Inc terminated the employment of Chief Financial Officer Brian Wuebbels and said it would delay filing its 10- Q report for the quarter ended March 31. The company said it has given Wuebbels a 30- day notice period, during which he will be an adviser to the company's Chief Restructuring Officer, John Dubel.

  • WASHINGTON/ SAN JUAN, May 12- As the U.S. Congress drags its feet on a bill to address Puerto Rico's $70 billion debt crisis, it could get kicked into high gear by an unlikely source: the Supreme Court. The highest U.S. court is due to rule by the end of June on the validity of a Puerto Rico law that would allow the U.S. territory to restructure the chunk of its debt issued by...

  • NEW YORK, May 11- U.S. oil and gas explorer SandRidge Energy Inc said on Wednesday that it would not be able to file its financial results for the quarter ended March 31 on time. The company, which disclosed the delay in a filing with the U.S. Securities and Exchange Commission, has been in talks with its creditors on a restructuring deal ahead of a potential bankruptcy.

  • May 11- Oil and gas producer Linn Energy LLC and its units, Berry Petroleum Co LLC and Linn Co, filed for Chapter 11 bankruptcy on Wednesday after an agreement with a key creditors group. Linn Energy, which has about $10 billion in debt, was founded in 2003 and went public in 2006.. Linn said its restructuring support agreement reached with its senior creditors would...

  • May 11- Argentina's credit rating has been upgraded to a' B' or stable, Fitch announced on Wednesday, due in part to the country's resumption of debt payments to restructured bondholders. With its first bond deal in 15 years, Argentina raised enough to pay the $9.3 billion owed to holdout investors with additional funds left over. "In addition, Argentina's ratings...

  • CHICAGO, May 6- Caesars Entertainment Corp said on Friday that it appointed a retired bankruptcy judge to the new role of chief restructuring officer after it warned it could be forced into Chapter 11 bankruptcy protection. Bankruptcy judge for the Southern District of New York in January, for the new role. Gerber presided over the General Motors bankruptcy in...

  • Treasury Secretary Jack Lew on Tuesday said Puerto Rico's financial crisis risks turning the commonwealth into a chaotic mess unless the U.S. Congress can enact a plan to restructure its debt. "The challenge is for Congress to act fast enough so that the unfolding crisis in Puerto Rico doesn't cascade out of control," Lew said during an on-stage interview at the...

  • *Latest miner to be hit by coal price slump. PRAGUE, May 3- The main business of Czech miner New World Resources filed for insolvency on Tuesday, but still hopes to agree a reorganisation plan and continue operations. "Although this was a very tough decision to make, this voluntary step is the right choice for the future of OKD, and mainly its employees and the region,"...

  • Fairway listed assets in the range of $100 million to $500 million, and liabilities of $100 million to $500 million, according to a court filing. The company said it has hired Dennis Stogsdill of turnaround management firm Alvarez& Marsal Inc as chief restructuring officer. The case is in U.S. Bankruptcy Court, Southern District of New York, Case No: 16-11241..

  • SAN JUAN/ NEW YORK, May 2- Puerto Rico's Government Development Bank said it reached a tentative debt restructuring framework with some of its major creditors, just hours after declaring it will skip making a $422 million bond payment due on Monday. Talks between the GDB and some of its major creditors, who call themselves the Ad Hoc Group and hold roughly $935...

  • SAN JUAN, May 2- Puerto Rico's Government Development Bank, which announced plans to skip the bulk of a $422 million debt payment on Sunday, said it reached a framework deal with some creditors to keep negotiating a debt restructuring. In a televised speech on Sunday evening, Puerto Rico Governor Alejandro Garcia Padilla imposed a moratorium on the debt payment, a "...

  • SAN JUAN, May 2- Puerto Rico's Government Development Bank, which announced plans to skip the bulk of a $422 million debt payment on Sunday, said it has reached a deal with some creditors to keep negotiating a debt restructuring, potentially stemming the expected lawsuits arising from the default. In a televised speech on Sunday evening, Puerto Rico Governor...

  • MEXICO CITY, April 29- Mexico construction company ICA plans to file a pre-packaged bankruptcy for some units, exit its international business and sell its homebuilding operations as it seeks to restructure, according to a document seen by Reuters. The document, which outlines minutes of a meeting this month at which Chief Financial Officer Pablo Garcia...

  • WASHINGTON, April 26- China's massive corporate debt problem could be eased through debt-to-equity conversions or securitization of non-performing loans, the International Monetary Fund said on Tuesday, but only if these apply to viable firms that undergo restructuring. The IMF said in a blog posting on its website that it welcomes recent statements by...

  • SAO PAULO, April 25- Oi SA on Monday formally started talks to restructure $14.3 billion of bonds, pitting some of the world's biggest investors against each other as Brazil's most-indebted phone carrier fights for its survival. Reuters, citing sources, said the group of over 25 investment firms including BlackRock Inc, Citadel LLC and Pacific Investment...

  • SAO PAULO, April 25- Oi SA on Monday formally started talks to restructure $14.3 billion of bonds, pitting some of the world's biggest investors against each other as Brazil's most-indebted phone carrier fights for its survival. Reuters reported earlier in the day that the group, which includes Pacific Investment Management Co, BlackRock Inc and Citadel LLC,...

  • LONDON, April 25- British department stores group BHS collapsed into administration on Monday, putting about 11,000 jobs at risk. Philip Duffy and Benjamin Wiles, managing directors of Duff& Phelps, have been appointed joint administrators, the restructuring firm said. Its placing into administration, a form of creditor protection, means it is Britain's most...

  • LONDON, April 25- British department stores group BHS on Monday entered administration, a form of creditor protection, putting about 11,000 jobs at risk. Philip Duffy and Benjamin Wiles, managing directors of Duff& Phelps, have been appointed joint administrators, the restructuring firm said. Its collapse into administration is Britain's most high profile...

  • April 25- Oil producer Swift Energy Co said on Monday it emerged from Chapter 11 bankruptcy, less than four months after filing for creditor protection. Swift filed for bankruptcy on Dec. 31, joining about 40 other energy companies that entered bankruptcy in 2015 as oil prices plunged. The company said it has completed its financial reorganization, which was...