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Business Events Restructurings

  • NEW YORK, April 12- Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its creditors have reached a new deal to restructure $8.9 billion in debt through new bonds with longer maturities, the U.S. territory's government announced on Thursday. The agreement, which must be approved by Puerto Rico's federally appointed oversight board, could save $2.2 billion in debt servicing...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its bondholders have reached a new deal to restructure $8.9 billion in debt, the U.S. territory's government announced on Thursday. The agreement, which still needs approval by Puerto Rico's federally appointed oversight board, could save $2.2 billion in debt servicing costs over five years, Governor...

  • NEW YORK, April 6- Puerto Rican power utility PREPA and its bondholders have reached a new deal to restructure $8.9 billion in debt, the U.S. territory's government announced on Thursday. The agreement could save an extra $1.5 billion in debt servicing costs over five years, compared with a prior pending deal between the parties, Governor Ricardo Rossello's...

  • CHICAGO, April 4- Discount footwear retailer Payless ShoeSource said it had filed for Chapter 11 protection on Tuesday with a plan to restructure debt and immediately close 400 underperforming stores in the United States and Puerto Rico. Privately owned Payless Inc joins a long list of U.S. brick-and-mortar retailers to fall victim to declining mall traffic...

  • *Restructuring talks extended by 3 months to July 31. OSLO, April 4- Drill rig operator Seadrill warned investors that its shares will lose almost all of their value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Seadrill, which first warned in February that...

  • *Restructuring talks extended by 3 months to July 31. OSLO, April 4- Drill rig operator Seadrill warned investors that its shares will lose almost all of their value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Seadrill, which first warned in February that...

  • The West Phoenix oil platform, operated by Seadrill Norge AS, right, stands with other unused platforms in the Port of Cromarty Firth in Cromarty, U.K.

    Seadrill warned its stock will lose almost all of its value as the Norwegian company prepares for potential bankruptcy proceedings.

  • OSLO, April 4- Rig firm Seadrill warned on Tuesday that its stock will lose almost all of its value and its bonds will be hit as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. Shares in Seadrill, which was once the crown jewel in shipping tycoon John Fredriksen's empire, were down 40 percent...

  • *Restructuring talks extended by 3 months to July 31. OSLO, April 4- Rig firm Seadrill warned shareholders on Tuesday that their stock will lose almost all of its value as the Norwegian company prepares for potential bankruptcy proceedings to restructure $14 billion in debt and liabilities. The company said its banks and other lenders had agreed to extend...

  • SAO PAULO, March 31- Odebrecht Ôleo& Gás SA, the offshore oil drilling company owned by Brazil's Odebrecht SA, has won a temporary relief from a relevant group of bondholders that will help it pay for operational and capital expenses, signaling progress in talks aimed at restructuring $5 billion in debt. In a Friday statement, the company known as OOG said...

  • MOSCOW, March 31- Russian banks are yet to sign a "standstill agreement" with Croatia's Agrokor as part of debt restructuring talks, but they plan to do so in the near future, two Russian sources close to the talks said on Friday. Media reports earlier on Friday said heavily indebted Agrokor had signed a deal with creditors overnight to restructure its debt.

  • NEW YORK, March 29- Westinghouse Electric Co's financial distress sparked a feeding frenzy among Wall Street lenders keen to give the nuclear developer a lifeline while it reorganizes in bankruptcy, according to court papers and people familiar with the matter. Westinghouse, the nuclear arm of Japanese conglomerate Toshiba, filed for Chapter 11 bankruptcy...

  • March 29- Amazon.com Inc plans to cut 263 jobs at its money-losing parenting products unit Quidsi this summer as part of a business restructuring, it said in a notice filed with New Jersey on Wednesday. The New Jersey- based subsidiary operates Diapers.com, Soap.com and other websites. Amazon's stock briefly hit a record high of $876.44 before closing at $874.32.

  • March 29- Amazon.com Inc plans mass layoffs at its money-losing parenting products subsidiary Quidsi as part of a business restructuring, the company said in a document filed with the state of New Jersey on Wednesday. The e-commerce giant plans to terminate 263 employees in New Jersey this summer, according to a notice filed with the state's Department of...

  • NEW YORK, March 29- Creditors of Puerto Rico's struggling power authority, PREPA, have presented the island's government with a counter-offer to restructure the utility's $8.9 billion of debt, two people familiar with discussions said on Wednesday. While details of the offer remain confidential, the revelation that the parties involved are working on a deal...

  • NEW YORK, March 28- A congressional subcommittee on Tuesday urged Puerto Rico Governor Ricardo Rossello to finalize an $8.9 billion debt restructuring at the island's power utility, PREPA, before a deadline to close the deal expires on Friday. In a letter to Rossello, California Republican Doug LaMalfa, who chairs the U.S. House Subcommittee on Indian, Insular...

  • March 28- A congressional subcommittee on Tuesday urged Puerto Rico Governor Ricardo Rossello to finalize an $8.9 billion debt restructuring at the island's power utility, PREPA, before the deal expires on Friday. In a letter to Rossello, California Republican Doug LaMalfa, who chairs the U.S. House Subcommittee on Indian, Insular and Alaska Native Affairs,...

  • The Cyprus- based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Ocean Rig's chief executive, George Economou, said last year that the company would consider alternatives, including a possible reorganization under US bankruptcy laws.

  • SAO PAULO, March 24- The two biggest bondholder groups in Brazilian telephone operator Oi SA said on Friday they "strongly oppose" the terms of a new debt restructuring plan the company intends to present in bankruptcy court. Oi is Brazil's No. 4 wireless carrier. Last June, the company sought court protection from creditors on about 65 billion reais in Brazil's...