Business Events Corporate Restructuring

  • The Chapter 11 filing to reorganize debts of the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of store closures, and years of deals by billionaire Chief Executive Officer Eddie Lampert in an attempt to turn around the company he acquired in 2005 for $11 billion. Lampert and his hedge fund ESL Investments Inc own just...

  • Oct 12- Sears Holdings Corp is planning to close up to 150 of its department and discount stores and keep at least another 300 open as part of a plan to restructure under U.S. bankruptcy protection, people familiar with the matter said Friday. The beleaguered 125- year-old retailer, once the largest in the United States, hopes to sell stores and other assets,...

  • Oct 11- Sears Holdings Corp Chief Executive Officer Eddie Lampert is exploring a bid for some of the cash-strapped U.S. retailer's businesses and real estate once it files for bankruptcy, an alternative to a traditional court-supervised reorganization, people familiar with the matter said on Thursday. Under the scenario, the 125- year-old department store...

  • Oct 11- Sears Holdings Corp Chief Executive Officer Eddie Lampert is exploring a bid for some of the cash-strapped U.S. retailer's businesses and real estate once it files for bankruptcy as an alternative to a traditional court-supervised reorganization, people familiar with the matter said on Thursday. Under this scenario, the 125- year-old department...

  • The bankruptcy filing would end a standoff between Chief Executive Officer Eddie Lampert, the retailer's biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan proposed by Lampert that would involve asset sales and a debt restructuring. His history of financial engineering at Sears for more than a...

  • The bankruptcy filing would end a standoff between Chief Executive Officer Eddie Lampert, the retailer's biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan proposed by Lampert that would involve asset sales and a debt restructuring. His history of financial engineering at Sears for more than a...

  • SAN JUAN, Oct 5- Puerto Rico's unsecured creditors will drop their opposition to a deal to restructure roughly $4 billion of debt issued by the U.S. commonwealth's defunct Government Development Bank, under an agreement revealed on Friday. During a U.S. District Court hearing, lawyers for the government, the unsecured creditor committee and Puerto Rico's...

  • *Mattress Firm receives $775 mln of new funding. JOHANNESBURG, Oct 5- Steinhoff's Mattress Firm Inc, the largest U.S. mattress retailer, has filed for voluntary bankruptcy protection, giving it breathing room to restructure and shore up its finances as its South African parent company fights for survival. "Mattress Firm has been facing significant operational...

  • Oct 2- The top lenders of Toys' R' Us have decided to cancel the bankruptcy auction of its brand name and other intellectual property assets and instead plan to revive the Toys' R' Us and Babies' R' Us brand names, a court filing on Monday showed. Toys "R" Us filed for Chapter 11 bankruptcy protection in September last year, hoping to restructure some $5 billion in debt, much of...

  • PARIS, Oct 2- French carmaker PSA Group is open to new industry tie-ups and is attracting attention from competitors after its lightning turnaround and swift progress in restructuring recently acquired Opel, Chief Executive Carlos Tavares said. The maker of Peugeot cars, which came close to bankruptcy in 2013-14, has rebounded under Tavares to record levels...

  • Sept 24- Starbucks Corp is planning an organizational restructuring including leadership changes, according to a memo from its Chief Executive Officer Kevin Johnson. The changes come at a time when the world's largest coffee retailer is facing a raft of challenges, including a cooling U.S market and heavy competition from rivals, while undertaking a massive...

  • Sept 24- Sears Holdings Corp would have to sell more real estate and restructure its debt, Chief Executive Officer Eddie Lampert's hedge fund said in a regulatory filing, as the retailer looks to avoid bankruptcy. To avoid bankruptcy, loss-making Sears last year sold its Craftsman tool brand to power tool maker Stanley Black& Decker for $900 million and signed a...

  • Sept 20- Sportswear maker Under Armour Inc said on Thursday it would cut about 3 percent of its global workforce as part of a restructuring plan. The company said it now expects annual adjusted earnings of 16 to 19 cents per share, compared with its previous forecast of 14 to 19 cents. The workforce cuts are expected to be completed by March 2019.

  • *Workers' fears of activist Elliott overblown- Sievers. DUESSELDORF, Germany, Sept 18- Thyssenkrupp employees will not block a restructuring of the group as long as their interests are protected, its newly elected works council chief said. I will not back a restructuring of the company against the interests of employees, " Dirk Sievers told Reuters.

  • *Workers' fears of activist Elliott overblown- Sievers. DUESSELDORF, Germany, Sept 18- Thyssenkrupp employees will not block a restructuring of the group as long as their interests are protected, its newly elected works council chief said. I will not back a restructuring of the company against the interests of employees, " Dirk Sievers told Reuters.

  • RIO DE JANEIRO, Sept 17- Shareholders in Oi, Brazil's largest fixed-line telecom firm, on Monday approved a slate of new board members and a 4 billion real capital raise seen as key to the firm's restructuring process. The shareholders approved Eleazar de Carvalho to serve as new board chairman at the meeting, an important step in sorting out the reorganized...

  • SAN JUAN, Sept 13- Creditors overwhelmingly approved a plan to restructure bonds issued by Puerto Rico's insolvent Government Development Bank, according to preliminary voting results announced on Thursday. Commonwealth's Fiscal Agency and Financial Advisory Authority said final results are expected on or around Sept. 19. Puerto Rico has been trying to...

  • MAPUTO, Sept 4- Mozambique's private creditors face substantial losses from the government defaulting on its debt, ratings agency Moody's said in a report published on Tuesday. Moody's added in the report on the southern African country's creditworthiness that government attempts at debt restructuring would likely extend beyond 2018 and that...

  • *China deals, purchasing alliances preparing the future. PARIS, Aug 31- French retailer Auchan said on Friday that costs from its three-year restructuring plan to boost sales and profits weighed on its first-half results, driving core profit down by more than a fifth. Unlisted Auchan Retail however said stabilising sales in its core French market, a purchasing...

  • *Beijing holds major China- Africa summit next week. JOHANNESBURG/ BEIJING, Aug 31- A wave of African nations looking to restructure debt with China on the eve of a major Beijing summit provides a reality check for the continent, where most countries still view Chinese lending as the best bet to develop their economies. Ethiopia and Zambia, heavy borrowers from...