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Business Events Restructurings

  • LONDON, Sept 15- U.S. nuclear reactor maker Westinghouse does not expect to come out of Chapter 11 bankruptcy proceedings before the end of this year but hopes to complete its restructuring early next year, its chief executive said. CEO Jose Gutierrez said that majority shareholder Toshiba continues to look for a buyer for the company and that while investment...

  • LONDON, Sept 15- U.S. nuclear reactor maker Westinghouse does not expect to come out of Chapter 11 bankruptcy proceedings before the end of this year but hopes to complete its restructuring early next year, its chief executive said. CEO Jose Gutierrez said that majority shareholder Toshiba continues to look for a buyer for the company and that while investment...

  • OSLO, Sept 12- Seadrill Ltd, the indebted oil rig firm controlled by Norwegian billionaire John Fredriksen, has agreed a restructuring that almost wipes out existing shareholders after filing for Chapter 11 bankruptcy protection. "With our improved capital structure, we will be in a strong position to capitalise when the market recovers," said Anton Dibowitz,...

  • NEW YORK, Sept 12- Trian Partners, the activist fund seeking a seat on Procter& Gamble Co's board, stepped up its criticism of the company's business structure on Tuesday, a day after P&G's chief executive attacked Trian's proposed reorganization as "dangerous." Trian last week released a 94- page plan to boost shares of the consumer products giant, ahead of the Oct....

  • *To shift headquarters to Boston, close some sites. The company named longtime Biogen Inc finance chief Paul Clancy as CFO in June, months after appointing former Baxalta executive Ludwig Hantson as CEO. Alexion's restructuring efforts showed the drugmaker was focused on execution and serious about controlling costs, Cowen& Co analyst Eric Schmidt said.

  • ASTANA, Sept 8- Kazakhstan's sovereign wealth fund is putting plans in place to float the Central Asian nation's flagship carrier and a leading uranium miner as early as next year, a fund executive said. Dauren Tasmagambetov, head of asset restructuring and privatisation at wealth fund Samruk Kazyna, said both Air Astana and miner Kazatomprom had already...

  • *Trinity Mirror in talks to buy Daily Express and Star. LONDON, Sept 8- The publisher of Britain's Daily Mirror is in talks to buy rival titles the Daily Express and Daily Star, raising the prospect of a fresh round of painful restructuring in the embattled newspaper industry. Trinity Mirror, which has over 260 national and regional titles including the...

  • Sept 7- Procter& Gamble Co on Thursday said activist investor Nelson Peltz's plan to boost shareholder value would result in higher costs, lower profits and another restructuring that could lead to a breakup of the company. Peltz's Trian Partners released its long-awaited proposal on Wednesday, and called for P&G to be organized into "three largely autonomous...

  • NEW YORK, Sept 6- Toys "R" Us Inc has hired law firm Kirkland& Ellis LLP to help weigh restructuring options ranging from a bankruptcy filing to raising financing as bricks and mortar retail goes through a major downturn, according to a person familiar with the matter. The privately held toy retailer had previously said it was working with investment bank Lazard Ltd...

  • SAO PAULO, Aug 29- A Rio de Janeiro court decided that billions of reais in debt the telecom company Oi SA has with Brazil's regulator Anatel should be included in the firm's in-court debt restructuring, Oi said on Tuesday. The decision, if confirmed, is a blow to Brazil's prosecutor's office, which wanted Oi's debt with the federal telecommunications watchdog to...

  • SHANGHAI, Aug 29- Hong Kong stocks fell on Tuesday in line with losses in other major global markets after North Korea fired a missile over Japan, escalating geo-political tensions. But equity markets in China, an economic ally of North Korea, remained around 20- month highs, bolstered by robust earnings reports and expectations of further restructuring of...

  • *Plan likely to involve raising $1 billion in new capital. OSLO, Aug 24- Offshore driller Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, aims to raise $1 billion in new capital, and said existing shareholders may not recover any of the value of their stocks, sending the firm's shares down. Seadrill said the restructuring plan was...

  • OSLO, Aug 24- Offshore drilling contractor Seadrill plans to launch a long-awaited Chapter 11 debt restructuring by Sept. 12, and aims to raise $1 billion in new capital, it said on Thursday. "Our primary objective at the moment is concluding final negotiations on our comprehensive restructuring plan, which is at an advanced stage and likely to be implemented via...

  • Aug 21- Sempra Energy said it will buy Oncor for $9.45 billion in cash after Energy Future Holdings Corp, which indirectly owns Oncor, abandoned a deal to sell the power transmission company to Warren Buffett's Berkshire Hathaway Inc.. San Diego- based Sempra expects to own about 60 percent of a reorganized Energy Future after the transaction that is valued at...

  • 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.