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Business Events Corporate Restructuring

  • CHICAGO/ NEW YORK, July 12- Five of the seven board members of the bankrupt Puerto Rico Electric Power Authority- including its CEO, named one day ago- resigned on Thursday, leaving the utility with no leadership amid a massive restructuring effort following the devastation wrought by Hurricane Maria. But Puerto Rico Governor Ricardo Rossello on Thursday...

  • July 12- Five of the seven board members of the bankrupt Puerto Rico Electric Power Authority resigned on Thursday, effectively leaving the utility with no leadership amid a massive restructuring effort following the devastation wrought by Hurricane Maria. They followed a statement from Puerto Rico Governor Ricardo Rossello on Thursday telling the board...

  • SAO PAULO/ BRASILIA, July 10- BRF SA, one of the world's largest pork and poultry processors, said on Tuesday it would furlough 1,400 workers at a plant in southern Brazil for up to five months, following on a major restructuring plan announced last month. The furloughs will affect staff associated with the chicken slaughtering and processing lines in its Chapeco...

  • OSLO, July 2- Offshore drilling rig contractor Seadrill said on Monday it had successfully completed its reorganization, emerging from a U.S. To reduce its debts, the company pushed forward maturities of $5.7 billion bank loans, equitised about $2.4 billion in unsecured bonds and $1 billion in obligations for newly built rigs. It also raised more than $1 billion...

  • SAO PAULO, June 29- Brazil's BRF SA, one of the world's largest pork and poultry processors, announced on Friday a large restructuring plan that includes selling operations in Europe, Argentina and Thailand to cut debt. In a securities filing and a conference call with investors and analysts, the company said it will adjust operations in 22 of its 35 plants to match...

  • NEW YORK, June 29- Gadget and gift chain Brookstone is exploring restructuring options including a potential U.S. bankruptcy as sales at its shops fall amid a wider downturn at brick-and-mortar retailers across America, people familiar with the matter said on Friday. The chain, which has roughly 100 stores in malls and about 20 in U.S. airports, has tapped law firm...

  • NEW YORK, June 29- Gadget and gift chain Brookstone is exploring restructuring options including a potential U.S. bankruptcy as sales at its shops fall amid a wider downturn at brick-and-mortar retailers across America, people familiar with the matter said on Friday. The chain, which has roughly 100 stores in malls and about 20 in U.S. airports, has tapped law firm...

  • SINGAPORE, June 22- Debt-laden commodities trader Noble Group said on Friday it had secured $100 million in trade finance facilities from a group of investors, winning fresh support for a $3.4 billion debt restructuring plan that is key to its survival. In a regulatory statement, Noble, once Asia's largest commodity trader, said a consortium of investors, which...

  • *Says Goldilocks Investment will support revised plan. June 20- Embattled commodities trader Noble Group is set to embark on a $3.4 billion debt restructure that it sees as crucial to its survival after winning over a key shareholder with a sweetened equity offer. Noble's shares surged as much as 57 percent following a two-day trading halt after it said Abu...

  • *Says Goldilocks Investment will support revised plan. Abu Dhabi- based Goldilocks Investment Co Ltd, which holds 8.1 percent of Noble, had been resisting a plan to restructure Noble that proposed halving the firm's debt in return for handing over 70 percent of equity to senior creditors, with shareholders getting 15 percent. "By reaching agreement with...

  • The Burj Al Arab with the flag of the United Arab Emirates in Dubai, UAE.

    The offer from Abu Dhabi Capital Management (ADCM) is well below the $125 million offered by New York-based private equity firm Cerberus Capital Management.

  • JOHANNESBURG, June 12- Steinhoff has won more creditor support to give the South African retailer time to restructure debts totalling 9 billion euro in a fight for survival. The company, which grew rapidly from a small local furniture outfit to a multi-national retailer, said on Tuesday that holders of 93 percent, 83 percent and 75.5 percent of three convertible...

  • JOHANNESBURG, June 12- Steinhoff has won more creditor support to give the South African retailer time to restructure debts totalling 9 billion euro in a fight for survival. The company, which grew rapidly from a small local furniture outfit to a multi-national retailer, said on Tuesday that holders of 75 percent, 83 percent and 75 percent of three convertible...

  • June 12- McDonald's Corp plans to take $80 million to $90 million in charges during the second quarter from a restructuring at its U.S operations that includes layoffs. The news comes a week after the Wall Street Journal said that the restaurant chain is planning a new round of layoffs to flatten out its management structure further. "We are putting into place a...

  • Cramer’s Exec Cut: From audits to spin-offs, CEOs break down how major changes affect business

    Jim Cramer sits down with CEOs across industries to get an inside read on the latest stories making headlines.

  • LONDON, June 7- The Chief Executive of Britain's Co-operative Bank has resigned after less than 18 months during which he oversaw its rescue. Liam Coleman oversaw a restructuring and recapitalisation plan with U.S. hedge fund creditors last June, after the Co-operative Bank's capital base fell to levels which were unacceptable to regulators.

  • LONDON, June 7- House of Fraser said it needed to close 31 stores to survive, in a plan likely to result in as many as 6,000 job losses, making the department store group the latest in a long line of retail casualties in Britain. "These proposals are central to the significant restructuring of the business, without which House of Fraser does not have a viable future," the...

  • Dion Weisler

    HP Inc. now expects 4,500 to 5,000 employees to leave the company by the end of fiscal 2019 as part of an ongoing restructuring plan, the PC maker said.

  • June 5- HP Inc now expects 4,500 to 5,000 employees to leave the company by the end of fiscal 2019 as part of an ongoing restructuring plan, the PC maker said on Tuesday. HP, formed in 2015 when the then Hewlett-Packard Co was spilt into two, said in a regulatory filing https://www.sec.gov/Archives/edgar/data/47217/000004721718000026/hp-43018x10q. ht m it now...

  • Elon Musk

    Amid calls for an independent chairman, Tesla shareholders will take up the issue at the electric automaker's annual meeting on Tuesday.