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Business Events Restructurings

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  • *PM says Ukraine needs dollars, not words, from creditors. Ukraine is holding talks to restructure sovereign and state-guaranteed debt to plug a $15 billion funding gap, but negotiations have soured in the past week, as bondholders repeated objections to any writedown on the principal owed and Kiev said that stance showed a lack of good faith.

  • WASHINGTON, May 15- United Launch Alliance, a joint venture of Lockheed Martin Corp and Boeing Co, on Friday said it was cutting its executive ranks by 30 percent in December through what it called voluntary departures by 12 executives. ULA, formed by the two largest U.S. weapons makers in 2006, has long been the sole company able to launch U.S. military and...

  • WASHINGTON, May 15- United Launch Alliance, a joint venture of Lockheed Martin Corp and Boeing Co, on Friday said 12 executives would leave the company in December under a voluntary layoff, a 30- percent reduction in executive ranks. Tory Bruno, chief executive of the venture, told Reuters in an emailed statement the layoffs were part of ULA's ongoing efforts to...

  • *Ukraine hopes for second $2.5 bln tranche of IMF aid. KIEV, May 15- Foreign creditors must agree to the "legitimate" deal offered by Ukraine in talks on restructuring some $23 billion worth of its debt, Prime Minister Arseny Yatseniuk said on Friday. "We ask, appeal and insist that external creditors appreciate the current situation and accept Ukraine's offer, which...

  • LONDON, May 12- A committee of Ukraine's biggest creditors said on Tuesday it had delivered a new, detailed proposal to Kiev to strike a compromise between Ukraine's need to restructure debt and creditors objective to avoid a principal writedown. The ad-hoc creditor committee, which includes investment firm Franklin Templeton and represents investors...

  • Citi sold its loan to Solus Alternative Asset Management, the sources said. Solus replaced Citi in an April 30 forbearance agreement with PREPA's lenders posted on the website of Puerto Rico's Government Development Bank. Citi's $146 million loan was part of a larger credit line of around $700 million, which PREPA uses to buy oil.

  • BUENOS AIRES, May 7- Hedge funds suing Argentina over its defaulted debt have had some funds in the country's Belgian diplomatic bank accounts frozen in a bid to pressure a settlement in the dispute, a move Buenos Aires described as "attempted extortion" and illegitimate. Argentina restructured most of that debt in 2005 and 2010, giving holders around 30 cents on...

  • BUENOS AIRES, May 7- Hedge funds suing Argentina over its defaulted debt have had two government bank accounts frozen in a bid to pressure the country to improve the terms offered in its previous bond restructurings, a source familiar with the situation said on Thursday. Argentina restructured most of that debt in 2005 and 2010, giving holders around 30 cents on...

  • *Hope to accelerate store openings in Russia if crisis ends. BERLIN, May 7- German retailer Metro AG plans to significantly increase investment in its business in the next five years and seek out acquisitions as it aims to accelerate sales growth and profitability after emerging from years of restructuring. Europe's fourth-biggest retailer said on Thursday...

  • KUALA LUMPUR, May 1- Malaysia's national carrier Malaysia Airlines is planning to sell off some of its aircraft as part of its restructuring efforts, aviation news website Flightglobal reported. After two air disasters and years of losses, the national carrier was taken private last year by Malaysian sovereign wealth fund Khazanah Nasional Bhd under a...

  • FRANKFURT, April 25- If running a global bank is complicated, cutting one back is even more difficult. Deutsche Bank faces a long and costly battle, analysts say, to sell Postbank and pare investment banking, the new strategic goals it outlined late on Friday. Germany's flagship lender comes late to restructuring after European rivals such as Barclays and Credit...

  • FRANKFURT, April 24- Deutsche Bank will cut back investment banking, sell its Postbank retail chain via a public share offering and reduce costs, the group said late on Friday, in a restructuring plan designed to boost profits. Germany's largest bank is under pressure to revive its performance as new regulations, legal headaches and weak markets eat into returns...

  • FRANKFURT, April 24- Deutsche Bank's supervisory board gathered on Friday to review a sweeping restructuring plan to cut back investment banking and dump the Postbank retail chain to restore profitability. The strategy decision, which may be announced as early as Friday evening, takes place under a cloud after U.S. and British authorities on Thursday imposed...

  • *Apollo deal could be debt for equity swap. LONDON, April 16- Steel trading firm Stemcor, one of the UK's largest private companies, could be taken over by U.S. distressed investment fund Apollo, as part of a $2 billion debt restructuring, according to banking and industry sources. A deal with Apollo would be a classic debt for equity swap, in which Apollo would write off...

  • TOKYO, April 16- Japan's Sharp Corp and its main banks are set to agree on Thursday to a $1.7 billion rescue and restructuring plan that will likely include a promise to split off its ailing smartphone display business, a person involved in the discussions said. As part of its second major bailout in three years, Sharp's lenders, Mizuho Bank and Bank of...

  • TOKYO, April 16- Japan's Sharp Corp and its main banks are to meet on Thursday to agree on a $1.7 billion rescue and restructuring plan for the loss-making electronics maker, a person involved in the discussions said. An agreement between the Osaka- based company and its main lenders, Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ, would be Sharp's second big bailout...

  • NEW YORK, April 15- Creditors of Puerto Rico's troubled power authority, PREPA, will give the utility another 15 days leeway under an agreement aimed at staving off a messy default, PREPA confirmed in a statement on Wednesday. Creditors accepted that proposal, PREPA said, as the sides debate how to restructure PREPA's $9 billion in debt. Earlier PREPA said the...

  • NEW YORK, April 15- Creditors of Puerto Rico's troubled power authority, PREPA, are planning to give the utility another 15 days leeway under an agreement aimed at staving off a messy default, sources familiar with the creditors' thinking said on Wednesday. Creditors plan to accept that proposal as sides debate how to restructure PREPA's $9 billion in debt, said...

  • MOSCOW, April 15- Russia's top lender, Sberbank, plans to file a bankruptcy lawsuit against Mechel after talks on restructuring the steel producer's debt failed, RIA news agency quoted Sberbank's head, German Gref, as saying on Wednesday.

  • NEW YORK, April 14- Negotiations between Puerto Rico's troubled electric power authority and a group of its creditors turned into a testy public exchange on Tuesday as an agreement to prevent a possible messy default by Wednesday's deadline proved illusive. The public dispute, highly unusual in restructuring negotiations that are normally conducted...