Business Events Restructurings

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  • China will focus on mergers and restructuring, not bankruptcies, Xiao Yaqing, the head of the State-owned Assets Supervision and Administration Commission, told a news conference. As it tries to rejuvenate its economy, China aims to reduce the number of central government-managed enterprises and launch pilot programmes that will allow more private...

  • BEIJING, March 12- China's economic restructuring will not lead to the kind of mass layoffs that took place in the 1990 s, the country's state assests regulator said on Saturday. China will focus on mergers and restructuring, not bankruptcies, Xiao Yaqing, the head of the the State-owned Assets Supervision and Administration Commission, told a news conference.

  • March 11- Credit Suisse Group AG said it would lay off 163 employees at its New York office, as part of a restructuring plan under new Chief Executive Tidjane Thiam. Credit Suisse, Switzerland's second-biggest bank, made a total of around 200 redundancies in its London- based operations last month. The Zurich- based bank said in February it had accelerated cost...

  • BERLIN, March 11- Thai Airways International PCL, halfway through a restructuring plan, has not yet agreed with Airbus and Boeing on delivery deferrals for aircraft it no longer needs as it tries to fill seats on its existing planes, its president told Reuters on Friday. Thai Airways is one of several state-controlled companies undergoing reform since the Thai...

  • MEXICO CITY, March 9- Mexican construction firm ICA has readied a bankruptcy protection filing in case it fails to restructure its hefty debt load outside of court, people familiar with the matter said, adding the board was meeting on Wednesday to discuss its plans. ICA, which has defaulted on about $60 million in interest payments since December, is struggling...

  • Brent crude has rallied in recent weeks to above $40 a barrel, but prices are still far below the $60 per barrel break-even level for the Houston- based company. Energy XXI has been working with PJT Partners LP and Vinson& Elkins LLP on restructuring options, according to the filing. The biggest energy producer to go bankrupt over the past year has been Tulsa,...

  • BEIJING, March 5- China aims to keep its economy growing by at least 6.5 percent over the next five years while pushing hard to create more jobs and restructure inefficient industries, Premier Li Keqiang said on Saturday. Growth of 6.5 percent would mark a ripping pace for most countries but would still be the slowest in China in a quarter century as world's No. 2...

  • LONDON, March 3- Temporary power provider Aggreko reassured investors on Thursday that it was on track to deliver a planned 80 million pounds of savings, boosting its shares. Chief Executive Chris Weston told Reuters he expected the company return to growth over the next two years, as the effects of its restructuring plan begin to take effect on the business.

  • TOKYO, March 3- Toshiba Corp is asking three Japanese lenders for additional loans of about $1.8 billion to fund restructuring in the wake of an accounting scandal, sources with direct knowledge of the matter said on Thursday. Toshiba is seeking about 200 billion yen from Sumitomo Mitsui Banking Corp, Mizuho Bank and Sumitomo Mitsui Trust Bank, said the sources,...

  • March 1- Puerto Rico's power utility PREPA said on Tuesday it amended a restructuring agreement with its creditors to extend a number of deadlines. PREPA in December agreed a deal with creditors to restructure more than $8 billion debt. The amended agreement includes extending the date for initiating a rate case for its electricity rates, which is now set for...

  • BEIJING, March 1- China aims to lay off 5-6 million workers from "zombie enterprises" over the next two to three years as part of efforts to curb industrial overcapacity and pollution, two sources with ties to the country's leadership said. The restructuring of state-owned enterprises from 1998 to 2003 led to around 28 million redundancies and cost the central...

  • 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...