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Business Events Corporate Restructuring

  • July 7- Berkshire Hathaway Energy, a unit of Warren Buffett's Berkshire Hathaway Inc, said on Friday it would acquire Oncor Electric Delivery Company LLC in a deal that puts Oncor's equity value at about $11.25 billion. Berkshire Hathaway Energy said it agreed to buy reorganized Energy Future Holdings Corp, Dallas- based Oncor's bankrupt parent, for $9 billion...

  • July 6- Sears Canada Inc on Thursday sought court approval for its restructuring efforts, two weeks after the Canadian retailer filed for creditor protection. The company set Oct. 4 as the deadline to obtain court approval of successful bids, while the company's sale and investment solicitation process has an expected completion date of Oct. 25.

  • DUBAI/ LONDON, July 5- London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi- listed Dana Gas to restructure $700 million of its Islamic bonds, sources familiar with the case said on Wednesday. The sources were speaking after a High Court judge heard legal arguments from Dana Gas and Deutsche Bank, which is representing investors in...

  • July 5- U.S. denim retailer True Religion Apparel Inc said on Wednesday it filed for bankruptcy protection and signed a restructuring agreement with a majority of its lenders. True Religion, a company whose denims have gradually fallen out of style, filed for creditor protection under Chapter 11 in the U.S. bankruptcy court in the District of Delaware, and listed...

  • July 5- Embattled retailer True Religion Apparel Inc said on Wednesday it filed for bankruptcy protection and signed a restructuring agreement with a majority of its lenders. True Religion, a U.S. denim company whose signature products have gradually fallen out of style, filed for creditor protection under Chapter 11 in the U.S. bankruptcy court in the...

  • HONG KONG/ SHANGHAI, July 4- Embattled China Huishan Dairy Holdings Co Ltd is planning to carve up shares in the company among its creditor banks and existing shareholders as part of restructuring plans as it struggles to pay back billions of dollars of debt. As of March 31, Huishan owed $3.9 billion to creditors including Industrial and Commercial Bank of China,...

  • HONG KONG/ SHANGHAI, July 4- Embattled China Huishan Dairy Holdings Co Ltd is planning to carve up shares in the company among its creditor banks and existing shareholders as part of restructuring plans as it struggles to pay back billions of dollars of debt. As of March 31, Huishan owed $3.9 billion to creditors including Industrial and Commercial Bank of China,...

  • SAN FRANCISCO, July 3- Microsoft will undergo a reorganization that will impact its sales and marketing teams, company executives told employees on Monday. The re-shuffling will impact those under Microsoft Chief Marketing Officer Chris Capossela, Executive Vice Presidents Judson Althoff and Jean-Philippe Courtois, all of whom sent messages to their...

  • June 30- Puerto Ricos financial oversight board on Friday voted to allow the PREPA power utility to restructure its $9 billion debt load through a form of bankruptcy, potentially heralding a messy end to three years of arduous out-of-court talks. The board, created under the 2016 federal Puerto Rico rescue law, known as PROMESA, is in charge of managing the U.S....

  • June 28- Puerto Rico's financial oversight board said on Wednesday it was still in debt restructuring talks with creditors of the island's power utility, PREPA, a day after rejecting a proposed deal to restructure $9 billion of the utility's bonds. Puerto Rico is facing a historic economic crisis, marked by $70 billion of debt, a 45 percent poverty rate and a...

  • June 28- The judge in Puerto Rico's landmark bankruptcy on Wednesday shot down a proposal to appoint fiduciary agents to represent warring creditors in debt restructuring talks. Judge Laura Taylor Swain, at a hearing in San Juan, denied the proposal by the federal board in charge of managing Puerto Rico's finances, giving credence to concerns of some creditors...

  • June 28- A New York Supreme Court Justice sided with J. Crew Group Inc in a dispute with some of its senior lenders, allowing the U.S. preppy retailer to move forward with a restructuring deal to cut its $2.1 billion debt pile. The lenders had asked Justice Shirley Werner Kornreich to halt the deal because it unfairly gave collateral in the company, the J. Crew brand, to J....

  • June 28- A New York Supreme Court Justice sided with J. Crew Group Inc in a dispute with some of its senior lenders, allowing the U.S. preppy retailer to move forward with a restructuring deal to cut its $2.1 billion debt pile. The lenders had asked Justice Shirley Werner Kornreich to halt the deal because it unfairly gave collateral in the company, the J. Crew brand, to J....

  • June 27- The federal board overseeing Puerto Rico's finances disapproved a $9 billion debt restructuring deal covering the bankrupt U.S. territory's public power monopoly, The Wall Street Journal reported on Tuesday, citing people familiar with the matter. Insurers of billions of dollars of Puerto Rican bonds had sued the island's financial oversight...

  • WILMINGTON, Del., June 27- Lawyers for people injured by exploding Takata Corp air bags told a U.S. bankruptcy court judge on Tuesday that the company's restructuring plan is being skewed to benefit automakers over victims. TK Holdings Inc, the U.S. business of Takata, filed for Chapter 11 bankruptcy on Sunday due to tens of billions of dollars of liabilities from...

  • RIO DE JANEIRO, June 27- Shareholders of Vale SA on Tuesday approved a share conversion plan, its press office said, in a bid to boost transparency, give equal votes to all shares and limit the possibility of government meddling in the world's No. 1 iron ore producer. Minority holders backed the extension for up to three and a half years of an agreement by controlling...

  • June 26- New York- based hedge fund Paulson& Co on Monday reported a 6.3 percent stake in embattled Canadian drugmaker Valeant Pharmaceuticals International Inc. The disclosure comes a week after billionaire investor John Paulson, whose hedge fund firm is the biggest owner of Valeant, joined the company's board as it restructures to repay debt.

  • 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...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close stores as it restructures its operations, following years of declining sales as it has lost customers to big-box retailers, more nimble apparel companies and online merchants. Existing lenders have agreed to provide up to C $450 million in interim financing to help the company,...