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Business Events Restructurings

  • WILMINGTON, Del., Aug 7- Puerto Rico's bankruptcy, aimed at restructuring $72 billion of debt, violates the U.S. Puerto Rico is barred from traditional municipal bankruptcy protection under Chapter 9 of the U.S. code. The fund, known for its years-long battle with Argentina over its defaulted debt, seeks to bar the oversight board from operating until it has been...

  • LONDON, Aug 17- Kingfisher, Europe's largest home improvement retailer, reported another fall in quarterly sales on Thursday, hurt by a slowdown at its B&Q business in the UK, weak sales in France and continued disruption from its restructuring plan. The firm, which trades as B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said...

  • LONDON, Aug 17- Kingfisher, Europe's largest home improvement retailer, reported another fall in quarterly sales on Thursday, hurt by weak French markets, a slowdown at its B&Q business in the UK and continued disruption from its restructuring plan. The firm, which trades as B&Q and Screwfix in Britain and Castorama and Brico Depot in France and other markets, said...

  • Bankruptcy Judge Brendan Shannon in Wilmington, Delaware, granted a 90- day halt on lawsuits brought by Hawaii, New Mexico, the U.S. Virgin Islands as well as individuals. Takata argued for a six-month freeze on hundreds of lawsuits so management could complete a $1.6 billion sale of its viable operations, crucial to its reorganization, and replace air bag...

  • In its filing with the U.S. Bankruptcy Court in Delaware, Takata said the Chapter 15 petition was critical to ensure the "continuation of Takata's business, preserving tens of thousands of jobs and ensuring that Takata's business partners continue to have access to critical components that ensure the safety of drivers worldwide." Takata and automakers face...

  • WILMINGTON, Del., Aug 7- Puerto Rico's bankruptcy, aimed at restructuring $72 billion of debt, violates the U.S. Puerto Rico is barred from traditional municipal bankruptcy protection under Chapter 9 of the U.S. code. Aurelius owns around $3 billion of debt guaranteed by Puerto Rico's constitution.

  • Aug 1- Sportswear maker Under Armour Inc cut its full-year sales forecast due to weak demand for its products in North America, and launched a restructuring plan that involves closing facilities and leases as well as job cuts. It expects full-year earnings of 37- 40 cents per share, missing analysts' average estimate of 42 cents per share, according to I/B/E/S.

  • The funds say their cross-holdings reflect a long-term commitment to Puerto Rico, and give them more of a stake than other creditors in righting the island's ship. It adds a wrinkle to already complex restructuring talks, muddying the path to recovery for investors who tied up their savings in Puerto Rico. While it is not rare for a creditor to hold multiple...

  • The funds say their cross-holdings reflect a long-term commitment to Puerto Rico, and give them more of a stake than other creditors in righting the island's ship. It adds a wrinkle to already complex restructuring talks, muddying the path to recovery for investors who tied up their savings in Puerto Rico. While it is not rare for a creditor to hold multiple...

  • The funds say their cross-holdings reflect a long-term commitment to Puerto Rico, and give them more of a stake than other creditors in righting the island's ship. It adds a wrinkle to already complex restructuring talks, muddying the path to recovery for investors who tied up their savings in Puerto Rico. While it is not rare for a creditor to hold multiple...

  • The funds say their cross-holdings reflect a long-term commitment to Puerto Rico, and give them more of a stake than other creditors in righting the island's ship. It adds a wrinkle to already complex restructuring talks, muddying the path to recovery for investors who tied up their savings in Puerto Rico. While it is not rare for a creditor to hold multiple...

  • The funds say their cross-holdings reflect a long-term commitment to Puerto Rico, and give them more of a stake than other creditors in righting the island's ship. It adds a wrinkle to already complex restructuring talks, muddying the path to recovery for investors who tied up their savings in Puerto Rico. While it is not rare for a creditor to hold multiple...

  • OSLO, July 26- Offshore drilling contractor Seadrill again delayed restructuring its $14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy was likely. Once the biggest offshore rig firm by market value and the crown jewel in the business empire of Norwegian billionaire John Fredriksen, Seadrill shares have fallen 99...

  • OSLO, July 26- Offshore drilling contractor Seadrill delayed the restructuring of its $14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy proceedings were likely. The crown jewel in the business empire of billionaire of John Fredriksen, has struggled as energy firms have slashed investment due to a more than 50 percent...

  • TORONTO, July 21- Sears Canada Inc said it would start liquidation sales on Friday at 54 stores that it plans to close as part of a court-approved restructuring plan to improve its performance following years of declining sales. Sears Canada, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a...

  • CHICAGO, July 20- Global grain trader Bunge Ltd's cost cutting and restructuring plans could buy it time in the face of a takeover bid from a larger rival as it struggles to stay independent during a slump in the commodities market, analysts said. In its restructuring announcement, seen as a defense against both Glencore and activist investor Carlson Capital,...

  • NEW YORK, July 18- After three years of futile efforts to restructure some $9 billion of debt at Puerto Rico's PREPA, creditors of the now-bankrupt power utility are asking a U.S. federal judge to appoint a receiver to manage PREPA's assets. Political appointees of Puerto Rico's Governor Ricardo Rossello, they argued, cannot be trusted to do so.

  • Former Chicago Alderman Edwin Eisendrath and the group of investors beat out Tronc Inc, which owns the Chicago Tribune as well as other U.S. newspapers. Terms of the deal between ST Acquisition Holdings and Sun-Times parent Wrapports LLC were not disclosed. The group is comprised of corporate restructuring expert William Brandt, the Chicago Federation of...

  • MOSCOW, July 13- The outlook for a restructuring of $2 billion of controversial borrowing by Mozambique state firms will be better next year as the southern African country receives more earnings from its energy resources, a senior Mozambican diplomat said. An International Monetary Fund delegation has landed in Mozambique to follow up on a damning external...

  • FRANKFURT/ LONDON, July 12- Italy's Generali has put its 44 billion euro German life insurance portfolio up for sale as it restructures in Europe, sources close to the matter said. Morgan Stanley is evaluating options, including a sale, for Generali Leben which ceased underwriting new business in 2015 but still offers life insurance in Germany under different...