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Business Events Restructurings

  • NEW YORK, Dec 15- Venezuela is more likely to default on its sovereign bonds than on those of state-run oil company PDVSA given how essential the latter's cash flow is to the country's fortunes, bondholders and legal experts have said. Both asset classes cratered last month after President Nicolas Maduro told creditors that Venezuela wanted to restructure its...

  • RIO DE JANEIRO, Dec 19- Creditors of Oi SA began gathering in Rio de Janeiro on Tuesday to vote on a plan to take the Brazilian telecoms operator out of bankruptcy protection, despite a flurry of legal actions by a key shareholder trying to stop the vote. By mid-morning, creditors in Latin America's largest-ever bankruptcy case started trickling into the 22,000-...

  • SAO PAULO/ RIO DE JANEIRO, Dec 19- Creditors of Oi SA were to gather in downtown Rio de Janeiro on Tuesday to vote on a plan to take the Brazilian telecoms operator out of bankruptcy protection, despite a flurry of legal actions by a key shareholder trying to stop the vote. Oi's management appeared likely to win over enough support from creditors to restructure some...

  • The other came from an " Ad-Hoc Group" of unsecured bondholders, including about 40 investors from the United States, Europe and Asia. "Indeed, the debtors recently received proposals from each of Barclays and the Ad Hoc Group," Seadrill said in the court documents filed last Friday. Seadrill said it would continue to engage with both Barclays and the Ad Hoc Group "in...

  • NEW YORK, Dec 15- Venezuela is more likely to default on its sovereign bonds than on those of state-run oil company PDVSA given how essential the latter's cash flow is to the country's fortunes, bondholders and legal experts have said. Both asset classes cratered last month after President Nicolas Maduro told creditors that Venezuela wanted to restructure its...

  • BRASILIA, Dec 15- Brazilian telecoms regulator Anatel still plans to vote against a plan put forth by carrier Oi SA to exit bankruptcy protection, the body's president, Juarez Quadros, said on Friday. Creditors are set to meet in Rio de Janeiro on Tuesday to vote on a company plan to restructure some 65 billion reais in debt. A negative vote by Anatel, which holds 14...

  • SINGAPORE, Dec 15- Commodities trader Noble Group Ltd is negotiating a debt restructuring program with its creditors to stay out of an insolvency process and expects to receive proposals soon, its chairman said on Friday. Paul Brough, a restructuring specialist who was appointed chairman this year, said the company was pulling out all stops to avoid an...

  • *Noble has about $3.5 billion in debt. SINGAPORE, Dec 15- Struggling commodities trader Noble Group Ltd expects to soon receive a proposal from creditors on its debt restructuring and its priority is to stay out of an insolvency process, its chairman said. Hong Kong- based Noble has about $3.5 billion in debt.

  • SINGAPORE, Dec 15- Noble Group Ltd expects to soon receive a proposal from creditors on its debt restructuring, its chairman said, as the struggling commodities trader seeks to keep its business running. The company remained open to strategic investors and its current priority was to stay out of an insolvency process, Chairman Paul Brough, a restructuring...

  • The Israel- based company, the world's largest generic drugmaker, said on Thursday the move will result in a reduction of 14,000 jobs globally, with the majority to come in 2018.. The two-year restructuring plan is intended to reduce Teva's cost base by $3 billion by the end of 2019, out of an estimated cost base for 2017 of $16.1 billion. Shares in Teva were up 14.6...

  • TEL AVIV, Dec 14- Teva Pharmaceutical Industries will cut its workforce by more than a quarter, give up many of its manufacturing plants and suspend its dividend on ordinary shares in a much-anticipated overhaul to help pay back its massive debt. The two-year restructuring plan is intended to reduce Teva's cost base by $3 billion by the end of 2019, out of an...

  • RIO DE JANEIRO/ BRASILIA, Dec 13- Brazilian telecommunications firm Oi SA has reached a deal with two major creditor groups on a plan to exit bankruptcy protection, in a major breakthrough for Latin America's largest ever in-court debt restructuring. The company said in a filing on Wednesday that the Ad Hoc Group of Oi Bondholders and International Bondholders...

  • WILMINGTON, Del., Dec 13- A U.S. judge shot down on Wednesday a request by creditors of Westinghouse Electric Co LLC for a bigger role in the nuclear technology company's bankruptcy just days after its parent company Toshiba Corp proposed a restructuring plan. Bankruptcy Judge Michael Wiles dismissed claims by the official committee of unsecured creditors...

  • TEL AVIV, Dec 13- Reports that Teva Pharmaceutical Industries is planning a restructuring involving mass layoffs in Israel sparked calls on Wednesday for a half-day general strike to be held in protest. Saddled with nearly $35 billion in debt since acquiring Allergan's Actavis generic drug business for $40.5 billion, Teva made a series of changes after Kare...

  • TEL AVIV, Dec 13- Reports that Teva Pharmaceutical Industries is planning a restructuring involving mass layoffs in Israel sparked calls on Wednesday for a half-day general strike to be held in protest. Saddled with nearly $35 billion in debt since acquiring Allergan's Actavis generic drug business for $40.5 billion, Teva made a series of changes after Kare...

  • TEL AVIV, Dec 13- Israel- based Teva Pharmaceutical Industries will unveil a restructuring plan on Thursday, the company said on Wednesday, after a financial news website said the jobs of more than a half of its Israeli workforce were set to be cut. The plan includes closing its research and development center in the coastal city of Netanya, selling its logistics...

  • RIO DE JANEIRO/ BRASILIA, Dec 13- Brazilian telecommunications firm Oi SA has reached a deal with two major creditor groups on a plan to recover the company from bankruptcy protection, in a major breakthrough for Latin America's largest ever in-court debt restructuring. The company said in a filing on Wednesday that the Ad Hoc Group of Oi Creditors and...

  • TEL AVIV, Dec 13- Israel- based Teva Pharmaceutical Industries will unveil a restructuring plan on Thursday that will include laying off more than half its Israeli workforce, the Calcalist financial news website said. Saddled with nearly $35 billion in debt since acquiring Allergan's Actavis generic drug business for $40.5 billion, Teva made a series of...

  • Dec 7- Sinopec USA, a subsidiary of Chinese oil and gas conglomerate Sinopec, has sued Venezuela's state oil company PDVSA in a U.S. court, claiming it never received full payment for an order of steel rebar. The legal action signals a split with another of Venezuela's biggest backers as the cash-strapped country seeks to restructure some $60 billion in debt in a...

  • SEOUL, Dec 7- Shares in South Korean tyre manufacturer Kumho Tire shares plunged by close to the daily trading limit of 30 percent on Thursday after a South Korean newspaper reported the company could be facing a court-led debt restructuring program. The Sekye Ilbo newspaper, citing an official familiar with the matter, said that the Korea Development Bank, one...