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Business Events Restructurings

  • LUXEMBOURG, Oct 9- The euro zone bailout fund should play a role in monitoring government fiscal policies and their compliance with EU budget rules while managing automatic debt restructuring of bailed-out governments, a German paper on euro zone reforms said. The document, prepared for discussions of euro zone finance ministers on Monday in Luxembourg, lays...

  • SAO PAULO, Oct 2- Brazilian wireless carrier Oi SA's two biggest creditor groups on Monday reaffirmed their commitment to an alternative debt-restructuring plan, about a month after pushing back against a proposal from the company's management. Both groups and the ECAs are owed a combined 22.6 billion reais, or more than one-third of Oi's 65 billion reais in...

  • SAO PAULO, Oct 2- Oi SA's two biggest creditor groups on Monday announced an alternative plan to restructure the wireless carrier's debt, about a month after presenting a first attempt to wrestle a revamped proposal passed the company's management. In a statement, the International Bondholder Committee and the Ad-Hoc Group of Oi bondholders said they would...

  • The company, controlled by Norwegian-born billionaire John Fredriksen, and its consolidated entities presented a restructuring plan to address $12.8 billion in debt and other liabilities, the biggest bankruptcy ever in the offshore rig industry. **John Fredriksen, via his family's investment vehicle, Hemen Investments Limited; Centerbridge Credit...

  • *Billionaire John Fredriksen to remain major shareholder. WILMINGTON, Del./ OSLO, Oct 2- Seadrill Ltd's $12.7 billion debt restructuring faces a critical phase as hold-out creditors prepare to challenge the plan put forward by John Fredriksen, its largest shareholder, as soon as a hearing next week. Chapter 11 bankruptcy protection in Texas on Sept. 12, presenting...

  • Oct 2- U.S. paper maker Appvion Inc and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Sunday, the company said. Appvion listed assets in the range of $100 million- $500 million and liabilities in the range of $500 million- $1 billion, the Delaware bankruptcy court filing showed. Appvion, headquartered in Appleton, Wisconsin and owned by its...

  • Sept 27- Canadian steel producer Stelco Holdings Inc, which emerged from bankruptcy protection three months ago, said on Wednesday it has filed a preliminary prospectus with securities regulators in Canada for a proposed initial public offering of its shares. Stelco, which is owned by U.S. restructuring firm Bedrock Industries Group LLC, is seeking to raise US...

  • NEW YORK, Sept 26- Hartford, Connecticut's cash-strapped capital city, suffered a fresh round of credit rating downgrades deeper into junk territory by two Wall Street credit agencies on Tuesday, a day after the city's bond insurers said they were open to debt restructuring. The downgrades by S&P Global Ratings and Moody's Investors Service put Hartford...

  • SAN FRANCISCO, Sept 26- The thought of Toys' R' Us closing stores due to its recent bankruptcy filing is too much for one nine-year-old to bear, according to court papers. Bankruptcy Judge Keith Phillips, who is overseeing the bankruptcy case. Toys' R' Us filed for Chapter 11 bankruptcy protection earlier this month to restructure $5 billion of its long-term debt.

  • SAO PAULO, Sept 20- Bondholders in Brazilian phone carrier Oi SA want a bankruptcy judge to bar investors who are shareholders as well as creditors from voting next month on a restructuring plan due to a potential conflict of interest, according to a document seen by Reuters on Wednesday. The document underscores the potential for more legal wrangling ahead of...

  • *Operations outside U.S., Canada not part of bankruptcy. Sept 18- Toys' R' Us Inc, the largest U.S. toy store chain, which filed for bankruptcy late Monday, will ask a judge on Tuesday for permission to borrow money so that it can start paying suppliers to ensure it has Lego building blocks and Barbie dolls for the holiday season. The Chapter 11 filing, to restructure $5...

  • *Ukraine liable for big payments if economy takes off. LONDON, Sept 15- Two years after a landmark debt restructuring, Ukraine is seeking a bond swap to avoid a mass of near-term repayments. Ukraine threw in $3.6 billion in GDP warrants- bonds indexed to economic growth- to sweeten its 2015 restructuring that forced investors to write off 20 percent of the original...

  • LONDON, Sept 15- Ukraine issued GDP-linked securities, known as warrants, to creditors who wrote down 20 percent of bonds' original value as part of a 2015 debt restructuring. The warrants pay out if Ukraine's economic growth exceeds certain thresholds. These variables are taken from the International Monetary Fund's World Economic Outlook, except for the...

  • *Ukraine liable for big payments if economy takes off. LONDON, Sept 15- Two years after a landmark debt restructuring, Ukraine is seeking a bond swap to avoid a mass of near-term repayments. Ukraine threw in $3.6 billion in GDP warrants- bonds indexed to economic growth- to sweeten its 2015 restructuring that forced investors to write off 20 percent of the original...

  • Sept 15- Women's shoe retailer Aerosoles Group said it had filed for Chapter 11 bankruptcy protection, the latest casualty in a struggling retail industry. The company had listed assets of $10 million to $50 million and liabilities of $100 million to $500 million, according to its bankruptcy court filing. Aerosoles has more than 300 stores around the world...

  • Sept 15- Women's shoe retailer Aerosoles Group said it had filed for Chapter 11 bankruptcy protection, the latest casualty in a struggling retail industry. The company had listed assets of $10 million to $50 million and liabilities of $100 million to $500 million, according to its bankruptcy court filing. Aerosoles has more than 300 stores around the world...

  • 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....