Business Events Corporate Restructuring

  • Jan 17- Sears Holdings Corp Chairman Eddie Lampert won a bankruptcy auction to buy the once iconic U.S. retailer after presenting an improved offer of $5.2 billion, Sears said on Thursday, allowing it to keep its more than 400 stores running. Sears picked Lampert's hedge fund ESL Investments Inc as the winner at a bankruptcy court-supervised auction after his...

  • Jan 15- U.S. discount retailer Payless ShoeSource Inc has hired an adviser to help evaluate strategic alternatives, including a sale or restructuring, less than 18 months after it emerged from bankruptcy, people familiar with the matter said on Tuesday. Payless exited bankruptcy in 2017 with about $400 million in loans, after slashing its debt pile from over...

  • Jan 15- PG&E Corp's chances of emerging from bankruptcy proceedings hinge in part on an arcane California legal rule that threatens to keep the utility owner perpetually on the hook for liabilities from catastrophic wildfires even beyond the more than $30 billion the company expects to face from recent blazes. The doctrine, known as "inverse condemnation,"...

  • SINGAPORE, Dec 20- Noble Group, the once mighty commodity trader, on Thursday completed its drawn out $3.5 billion debt restructuring to emerge as a smaller, unlisted Asia- focused coal-trading business. The completed restructuring effectively closes the saga of Noble's collapse from Asia's biggest commodity trader with a market value of over $6 billion to...

  • SINGAPORE, Dec 20- Noble Group, the once mighty commodity trader, on Thursday completed its drawn out $3.5 billion debt restructuring to emerge as a smaller and unlisted Asia- focused coal-trading business. "The completion of the company's restructuring allows the company's business to move forward under its new holding company, Noble Group Holdings Ltd," the...

  • Dec 18- Citigroup Inc is shuffling its prime brokerage business, according to an internal memo seen by Reuters, amid reports that the unit could lose millions on a bad loan to an Asian hedge fund. Bloomberg earlier reported that Citi faces a loss of up to $180 million related to risky foreign-exchange bets. The business will be led by Chris Perkins, who also oversees...

  • Houston- based Parker listed total debts of $695.5 million and assets of $937.2 million in its bankruptcy petition. The drilling company, which has not turned an annual profit since 2014, owes $585 million to unsecured bondholders, $2.18 million to National Oilwell Varco, $749,487 to Hi-Tech Tubular Service, and $388,800 to Schlumberger NV, according to its...

  • HOUSTON, Dec 12- Oilfield services provider Parker Drilling Co said it filed for bankruptcy protection on Wednesday under an agreement with a group of debtors that will allow it to quickly restructure. The plan, which is subject to court approval, will reduce its funded debt by two-thirds and inject $95 million of equity capital through a backstopped rights...

  • *Switzerland's second-biggest bank announces new buyback plan. ZURICH, Dec 12- Credit Suisse plans to buy back 2 to 3 billion Swiss francs of shares over the next two years and raise its dividend, voicing confidence that its strategy is working after a painful three-year restructuring. Switzerland's second-biggest bank confirmed commitments to distribute...

  • SINGAPORE, Dec 6- Noble Groups $3.5 billion debt rescue plan was thrown into doubt on Thursday when Singapore authorities said they would block the re-listing of shares in what was once Asias top commodity trader. Singapore regulators took the decision after reviewing the findings so far of a probe into Singapore- listed Noble by Singapore police, the Monetary...

  • SINGAPORE, Dec 6- Singapore's central bank and the Singapore Exchange said on Thursday they have decided not to allow Noble Group Ltd to transfer its listing status to a restructured entity. The decision follows a review in an ongoing probe into Noble by the Commercial Affairs Department of the Singapore Police, the Monetary Authority of Singapore and the...

  • Dec 5- Puerto Rico dispersed millions of dollars in holiday bonuses to government workers on Wednesday despite a warning from its federally appointed oversight board that doing so could harm the bankrupt U.S. commonwealth's ability to make payroll later in the current fiscal year. Puerto Rico has been in federal court since 2017 trying to restructure around...

  • SAO PAULO, Nov 29- Brazilian construction conglomerate Odebrecht SA is working with local restructuring firm RK Partners to renegotiate a portion of its bank debt, four sources with knowledge of the matter said on Thursday. RK Partners is the second restructuring firm the corruption-ensnared conglomerate has hired recently. One of the people said Odebrecht...

  • Four stocks to buy if US-China trade talks go south

    Jim Cramer says the stocks of Dollar Tree, CVS, McDonald's and Constellation Brands are all buys if the United States and China can't agree on trade.

  • Cramer flags four stocks to buy if US-China trade talks go south

    Jim Cramer says the stocks of Dollar Tree, CVS, McDonald's and Constellation Brands are all buys if the United States and China can't agree on trade.

  • Combination of file photos showing U.S. President Donald Trump and Chinese President Xi Jinping. 

    Jim Cramer says the stocks of Dollar Tree, CVS, McDonald's and Constellation Brands are all buys if the United States and China can't agree on trade.

  • Nov 29- Puerto Rico concluded a U.S. bankruptcy court-approved restructuring of its Government Development Bank debt, marking its first consensual deal with creditors under a federal oversight law, government officials announced on Thursday. The GDB deal addresses only about $4 billion of the $120 billion of debt and pension obligations Puerto Rico is...

  • Trump said on Twitter that the 25 percent tariff placed on imported pickup trucks and commercial vans from markets outside North America in the 1960 s has long boosted U.S. vehicle production. The United States currently has a 2.5 percent tariff on imported cars and sport utility vehicles from markets outside North America and South Korea.

  • President Donald Trump on Wednesday said auto tariffs are "being studied now" after General Motors Co this week announced U.S. layoffs and plant closures, saying it would help boost U.S. production.

  • JOHANNESBURG, Nov 28- Gold Fields said on Wednesday it had offered union members striking at its South Deep mine in South Africa an increased severance package to try to resolve the dispute which has halted production. Gold Fields, which employs about 3,600 people in South Africa, said in August it would restructure its South Deep operations and would cut about...