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Business Events Business Failures

  • NEW YORK, July 20- Elias Sanchez, Governor Ricardo Rossellós liaison to Puerto Ricos financial oversight board who has been criticized over his financial disclosures, resigned on Thursday. Puerto Rico is in a historic economic crisis, with $72 billion in debt it cannot repay, a 45 percent poverty rate, and insolvent public pensions. Espacios Abiertos, a Puerto...

  • SAN FRANCISCO, July 10- Consumer electronics company Jawbone had more than enough money to take on Fitbit and other health-tracking devices in the "wearables" market. Top-tier venture capital firms Sequoia, Andreessen Horowitz, Khosla Ventures and Kleiner Perkins Caufield& Byers, and then a sovereign wealth fund, invested hundreds of millions of dollars in...

  • SAN FRANCISCO, July 10- Consumer electronics company Jawbone had more than enough money to take on Fitbit and other health-tracking devices in the "wearables" market. Top-tier venture capital firms Sequoia, Andreessen Horowitz, Khosla Ventures and Kleiner Perkins Caufield& Byers, and then a sovereign wealth fund, invested hundreds of millions of dollars in...

  • District Judge Dora Irizarry in Brooklyn accepted the resignation of Bart Schwartz, chairman of professional monitoring firm Guidepost Solutions LLC. However, Irizarry stopped short of approving changes the SEC proposed to the court order describing the receiver's duties, saying she would rule on that later. Some Platinum investors have criticized the...

  • Nonetheless, the blog's authors concluded that liquidity remained resilient after examining the effects of the 2013 "taper tantrum" in the Treasury market, the Oct. 15, 2014 "flash rally" in the Treasury market and the liquidation of the Third Avenue's high-yield bond fund in December 2015. "We find that dealer balance sheets have continued to stagnate and that...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in sales due to competition from big-box retailers and online merchants. "It's just been baby steps toward the ultimate end," said Sally Seston, managing director at Retail Category Consultants...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in its sales due to competition from big-box retailers and online merchants. "It's just been baby steps toward the ultimate end," said Sally Seston, managing director at Retail Category Consultants...

  • MUMBAI, June 16- India's central bank has asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet Ispat and Energy Ltd, sources with direct knowledge of the matter said. This follows a change enacted in laws last month that gives the Reserve Bank of India greater power to address the $150...

  • LUXEMBOURG, June 16- European Union finance ministers agreed on Friday on rules setting the order in which bank creditors would be hit in case of wind-downs, in a bid to accelerate the build-up of banks' capital buffers to reduce the chances of public-funded bailouts. The deal, reached at a regular meeting of EU finance ministers in Luxembourg, defines a common EU...

  • LUXEMBOURG, June 16- European Union finance ministers are set to agree on Friday on rules setting the order in which bank creditors would be hit in case of wind-downs, in a bid to accelerate the build-up of banks' capital buffers to reduce the chances of public-funded bailouts. The agreement, likely to be reached in a regular meeting of EU finance ministers in...

  • BRUSSELS, June 14- European Union regulators should consider the social impact of winding down banks when they apply new liquidation rules that could affect depositors, retail investors and senior bondholders, a German-Italian joint paper said. The rules have been criticised by Italy, which reached a preliminary deal with the EU this month for an exception so...

  • NEW YORK, June 12- FINRA requires brokers to disclose 23 types of incidents that might give investors concern, such as regulatory sanctions, lawsuit judgments and bankruptcies. Reuters obtained that bulk FINRA data from researchers at Columbia University Law School Datalab, who wrote code to extract it from FINRAs Brokercheck website. To analyze it, reporters...

  • WASHINGTON, June 6- Ben Bernanke has a plea for U.S. policymakers on behalf of his regulatory heirs: Keep big banks out of bankruptcy court in the event of a future Wall Street meltdown. Bankruptcy court may be the wrong place for banks to meet their maker, the former Federal Reserve chairman said on Tuesday at the Brookings Institution in Washington.

  • WILMINGTON, Del., June 6- The owner of the Joe's Crab Shack casual dining chain filed for Chapter 11 bankruptcy on Tuesday amid falling sales, and plans to sell the company for at least $50 million to a private equity firm, according to a court filing. Ignite Restaurant Group Inc, which also owns the Brick House Tavern+ Tap chain, has been closing weaker locations and...

  • WASHINGTON, June 2- U.S. discount retailer Dollar Express has filed a lawsuit accusing rival Family Dollar and its parent company Dollar Tree Inc of driving it out of business, the third government-required divestiture to fail in recent years. Dollar Express was formed in 2015 when private equity group Sycamore Partners II LP bought some 330 stores in 35 states...

  • Bankruptcy Judge Kathy Surratt-States of St. Louis to reject a request by an official committee of creditors to hire an expert to review pre-bankruptcy transactions. Creditors have said in court filings that San Francisco private equity funds Golden Gate Capital and Blum Capital, which together hold 98.5 percent of the company and control its board,...

  • NEW YORK, May 15- Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a so-called Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico,...

  • NEW YORK, May 15- Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a so-called Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico,...

  • NEW YORK, May 15- Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a so-called Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico,...

  • WHEATON, Ill., May 11- German grocery chain Aldi Inc is trying to beat the world's biggest retailer at its own game: low prices. Already with 1,600 U.S. stores, Aldis internal studies show its prices are 21 percent lower than its lowest-priced rivals, including Wal-Mart Stores Inc, according to Chief Executive Jason Hart. Hart's plan calls for spending $1.6 billion to...