Those special situations include spinoffs, mergers, bankruptcies, restructurings, and recapitalizations.
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Meanwhile, humiliating debt restructurings and rumours of corruption alienate locals.
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Other island agencies are undergoing debt restructurings out of court.
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That said, employees can be let go in restructurings too.
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Organizational restructuring: When done correctly, restructurings can significantly extend your runway.
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Potential large corporate defaults and/or debt restructurings are downside risks.
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Political and event risk leading to such restructurings is also a consideration.
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A law passed in 2014 set up a process for such restructurings.
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GP-led fund restructurings and spin-outs try to close this gap.
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Sharp has since been through two restructurings and bailouts by its banks.
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After endless corporate restructurings, management upheavals and sales, last year Time Inc.
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It also topped first quarter league tables in terms of restructurings handled.
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These individuals have increasingly been teaming up to seek better terms in restructurings.
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Citigroup has undergone massive changes in 2019, including layoffs and multiple divisional restructurings.
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The restructurings are a key condition for lifting the sanctions on the companies.
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"Typically, businesses don't unveil major restructurings when everything is going well," he said.
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The holdouts rejected those restructurings and sued for full repayment in the U.S. courts.
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Such a debt reduction could be more severe than some other recent sovereign restructurings.
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Equity investors rarely have a say in corporate restructurings, typically dominated by major debtholders.
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Another factor in the restructurings are institutional investors seeking stronger governance and more independent boards.
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Given the vagaries of the American retail business, there will be more restructurings like J.Crew's.
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McKinsey's filing and Alix's response escalate the battle for market share from lucrative bankruptcy restructurings.
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McKinsey's filing and the response escalate the battle for market share of lucrative bankruptcy restructurings.
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There were bankruptcies, there were restructurings, but we believe they're on the path to recovery.
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They should support nonprofits, underlying individuals (both clients and staff), restructurings and even managed dissolutions.
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It has worked on barely 15 cases since it started its restructurings practice in 2001.
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Corporate defaults reflect the impact of protracted debt restructurings that have extended for over two years.
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Start-ups need risk taking investors, but so too do high-growth companies, turnarounds and restructurings.
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" They added they will not direct supervised institutions to categorize loan modifications as "troubled debt restructurings.
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"My sense is there will be — almost no matter what — major restructurings in the energy space."
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Restructurings and bankruptcy matters:Court-appointed examiner and mediator in DynegyRadioShackSemGroupLyondellBasellSentinel Management GroupEducation:Fordham University School of Law
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"There are restructurings that are being pulled forward," said Brian Hermann, a partner with Paul Weiss.
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These include the legal nature of collective action clauses that would simplify future sovereign debt restructurings.
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Other companies he has advised on restructurings include mall owner General Growth Properties and Zenith Electronics.
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A large majority of creditors accepted about 30 cents on the dollar in 2005 and 2010 restructurings.
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LONDON (Reuters Breakingviews) - New Look is leading a hot trend on Britain's high street: hefty debt restructurings.
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His father is a forensic accountant and corporate financial adviser specializing in bankruptcy restructurings, working from Cossayuna.
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Restructurings have been finalized for the island's sales tax-backed debt and for its Government Development Bank.
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The company said it also made provisions for smaller cost savings and restructurings in other business units.
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Most SSA sovereigns started from relatively low levels of debt after restructurings and debt forgiveness in the 2000s.
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The restructurings have reduced the borrowers' debt levels, and restructured loans have been performing well with limited impairment.
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Moves to cancel such share restructurings at Brazilian companies have in the past been preludes to asset sales.
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In most financial restructurings, it seems fair to ask every creditor to bear a share of the burden.
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Thyssenkrupp's European steel business, which accounts for around a fifth of group sales, has been through repeated restructurings.
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A wave of corporate restructurings followed: from steel giant Metinvest and Ukrainian Railway to First Ukrainian International Bank.
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The holdouts refused to participate in Argentina's restructurings after it defaulted on $100 billion of debt in 2001.
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Since 2012, Sharp has been through two restructurings and bailouts by banks and 6,000 jobs have been cut.
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The government encourages air cargo companies and logistics firms to jointly conduct restructurings, it said on its website.
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Circumstances like corporate restructurings, insider buying, recapitalization, managerial incentives, and spin-offs top his list of attractive opportunities.
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Gidumal is also president of Virtus, a New York-based hedge fund specializing in restructurings and distressed securities.
|
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Guzman, an academic and protégé of Nobel Prize-winning economist Joseph Stiglitz, is an expert in bond restructurings.
|
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Negotiations for the latest in a series of restructurings by Belize were conducted mainly in New York and Miami.
|
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The restructurings were confined mainly to oil and gas and shipping industries and did not spread to other sectors.
|
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Perhaps because they are focused on grinding, multi-year restructurings aimed at digitising back-office processes and lowering costs.
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Some investors and executives believe a wave of mergers and restructurings will be required to prop up declining margins.
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"There is an over-capacity of branches," he said, pointing to recent restructurings announced by rivals Wolseley and Grafton.
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Weaker contractual protections make this worse: creditors often recover less from restructurings, says Fraser Lundie of Hermes Investment Management.
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Even so, the case sets up what may be one of the most complex financial restructurings in American history.
|
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Osterloh, an industry veteran from Motorola who now leads consumer device efforts, has overseen multiple restructurings within the division.
|
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Even as unfunded liabilities have risen, real state-level reforms and restructurings have been surprisingly hard to come by.
|
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GM's looming change in its India strategy follows a series of restructurings and reviews it has undertaken across Asia Pacific.
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SO REALLY, YOU HAVE HUGE OPPORTUNITIES BECAUSE YOU'RE ABLE TO REALLY GO OUT THERE TODAY AND DO ALL THESE RESTRUCTURINGS.
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About 93 percent of creditors accepted around 30 cents on the dollar in restructurings carried out in 2005 and 2010.
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Friday's statement laid bare creditor animosity for Tanure, an investor with a mixed and litigious track record in past restructurings.
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Many loan investors lost money on struggling French clothing retailer Vivarte, which has been through several debt restructurings since 25.
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The holdouts rejected two prior debt restructurings in 2005 and 2010 that paid out roughly 65.693 cents on the dollar.
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Most holders of Argentine bonds accepted about 30 cents on the dollar in the country's 2005 and 2010 debt restructurings.
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This year he is overseeing some Ukrainian and Russian corporate restructurings and expects a pick-up in African business too.
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But the study finds that it has engaged in at least 140 restructurings and write-offs of external debt since 2000.
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These kind of bonds have so far only emerged from debt restructurings as a way to coax creditors to accept writedowns.
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Our FLR calculation excludes goodwill created through internal restructurings as well as goodwill related to the group's non-insurance related operations.
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For example, it will be able to impose negotiated restructurings as long as a majority of creditors agree with restructuring terms.
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Cortefiel, where Spain accounts for just under half of core earnings, has been through a number of financial restructurings since 2005.
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In July a draft law was submitted to Turkey's parliament introducing tax exemptions to loan restructurings and legal protection for bankers.
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Osman shared three stock picks that embody his strategy of exploiting special situations, including spin-offs, insider buying, and corporate restructurings.
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Bondholders were given two chances to exchange the defaulted bonds for new, cheaper ones over the years, but some rejected the restructurings.
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Around a quarter of the volume of completed restructurings were in the industrial sector while a fifth were in the financial sector.
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The total number of "significant" banks directly supervised by the ECB fell to 127 from 129 after a merger and two restructurings.
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That poses problems, since many passed as part of sweeping restructurings of state electricity sectors or were followed by additional policy changes.
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The Paris Club traditionally handles restructurings of debt owed by sovereign borrowers to its members on the basis of intra-governmental loans.
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Tesco and Morrisons have reported annual profit growth but that's partly because their profits were re-based after huge restructurings in 2211.3.
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During the debt restructurings, 93% of bondholders had agreed to exchange their defaulted bonds for new ones, accepting a haircut of 65%.
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The proposed legislative package is seen including energy sector loan restructurings, incentives in the tourism sector and paid military service, Hurriyet reported.
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If voluntary restructurings fail to achieve a deep debt haircut by February, the oversight board must authorize the court-facilitated bankruptcy process.
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Ongoing restructurings have been upended, and many deals already in progress have been torn up amid massive price swings in capital markets.
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Dogus Holding was among several large Turkish companies which sought restructurings last year, when a lira crisis pushed the economy into recession.
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At Kekst, Obiedo advised clients on a variety of matters, including bankruptcies and restructurings, contested M&A deals, and international corruption investigations.
|
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Separately, CSRC said on Friday it would simplify disclosure rules regarding corporate restructurings in a bid to shorten the period of share suspensions.
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They were all Chapter 11 restructurings, which lets a company stay in business while shedding debt it owes to banks, employees and suppliers.
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Some of the shoeseller's competitors, such as discounter Payless ShoeSource Inc and trendy label Nine West Holdings Inc, have also undergone debt restructurings.
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Among those in attendance were lawyers from Cleary Gottlieb Steen & Hamilton LLP, including Lee Buchheit, a partner who specializes in sovereign debt restructurings.
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Further portfolio restructurings, divestitures and spin-offs are likely in 2016 as companies seek to lower costs and secure funds for needed investments.
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Many of 2019's filings are pre-planned, Chapter 11 restructurings, where creditors agree in advance on a financial restructuring plan, Clark said.
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DVB said the large number of vessels still on order from shippers could play into a rise in distressed sales, bankruptcies and restructurings.
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Noble then hired investment bank Moelis & Company and lawyers Kirkland & Ellis, specialists in debt restructurings, the first sign of a possible wholesale restructure.
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Puerto Rico has won court approval for restructurings of debt from its Government Development Bank and Sales Tax Financing Corporation known as COFINA.
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Earlier this month, Reuters reported that efforts to clean up the debt have stalled after initial plans for restructurings were put on hold.
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The hedge funds refused to accept a steep discount in two restructurings over the years, while others took 22016 cents on the dollar.
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Those restructurings resulted in 92 percent of its defaulted debt being swapped and investors being paid less than 30 cents on the dollar.
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The total number of "significant" banks directly supervised by the ECB fell to 127 from 129 due to a merger and two restructurings.
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Crippled during the global credit crisis in 2008, GFH Financial went through several debt restructurings but has resumed expanding in the financial services sector.
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Fitch notes that non-performing assets (NPAs), inclusive of accruing troubled debt restructurings, compared favorably to large regional bank peer average at year-end.
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Unlike other recent oil restructurings, which have all but wiped out equity holders, Paragon's existing equity investors will retain 65 percent of the company.
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Among those in attendance were lawyers from Cleary GottliebSteen & Hamilton LLP, including Lee Buchheit, a partner who specializes in sovereign debt restructurings, sources said.
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Many loan investors are still scarred after losing money on struggling French clothing retailer Vivarte, which has been through several debt restructurings since 2013.
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Earlier this month, Reuters reported that the efforts to clean up the debt have stalled after initial plans for restructurings were put on hold.
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Excluding special items, including costs from acquisitions and restructurings, the company earned 53 cents per share, topping the analysts' average estimate of 52 cents.
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The International Monetary Fund will likely take the lead in what would be one of the largest and most complicated sovereign debt restructurings ever.
|
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Event-driven strategies bet on mergers and acquisitions and other so-called special situations, which include events such as corporate restructurings, litigation or activism.
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On April 13th a court in New York cleared the way for Argentina to repay bondholders who had rejected earlier debt restructurings (see article).
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Lazard is working on several of these restructurings, including luxury department store Neiman Marcus Group and shoe and accessories seller Nine West Holdings Inc.
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The company has leading market positions in underwriting, fixed-income business and advisory in large complex corporate restructurings, especially those involving cross-border placements.
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The Boy Scouts of America bankruptcy filing sets up what may be one of the most complex and uncertain financial restructurings in American history.
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The injunctions at issue prevented Argentina from servicing its restructured debt until it paid the investors, who spurned its 2005 and 2010 debt restructurings.
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"On the midstream side, we have a negative rating outlook, but we don't necessarily anticipate a huge bump up in restructurings quite yet," he said.
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TOKYO, Nov 29 (Reuters) - Nomura Holdings Inc said on Wednesday it would start a new private equity business, aimed at restructurings, successions and management buyouts.
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"This interest rate cut will certainly benefit companies in terms of loan repayments and restructurings," said Burak Ovunc said, chief executive of shoe retailer FLO.
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Moody's is predicting that more debt-for-equity swaps and distressed exchanges are likely and that borrowers could have to return for several debt restructurings.
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Zielke last month met with his counterpart at Deutsche Bank to discuss a potential merger, but concluded that both needed to first complete their restructurings.
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The situation underscores how mounting litigation stemming from years of delayed project deliveries and high debt have led more Brazilian real estate companies into restructurings.
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The risk for European authorities is that holders of English law bonds could delay bank restructurings, complicating a process that is meant to happen swiftly.
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Néstor and his successors undertook multiple restructurings of the outstanding bonds, telling bondholders that their best hope of getting repaid was to accept Argentina's terms.
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Van Conway, a restructuring expert who worked on Detroit's bankruptcy, told Bloomberg that Lampert's constant restructurings have ultimately done little to keep the company afloat.
|
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Haluk Burumcekci, of Burumcekci Consulting, said 22019 revenues had been boosted by central bank profits, transfers from legal reserves, one-off contributions and tax restructurings.
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Existing clauses in euro zone bond contracts require separate restructurings for each bond issuance, making it easier for bondholders to block haircuts, or value reductions.
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"Most countries just liquidate companies," said Richard Gitlin, a bankruptcy lawyer specializing in international debt restructurings who has worked with Mr. Alix in the past.
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Since 2003 it has advised on over 160 completed transactions, comprising over $50bn of primary market debt issuance, waivers and amendments and loan restructurings throughout Europe.
|
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During his time in the Paris office of the US-listed business he has advised European, African and Asian clients on debt restructurings and other mandates.
|
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The economic policy leaders have been through the debt restructurings that happened in the 2415s when Zhu Rongji had to do a lot of debt restructuring.
|
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In total, the announced restructurings and postponements of Boeing and Airbus aircraft delivery will reduce capital expenditure for 2019 and 2020 by $2.1 billion, it said.
|
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In South America, by contrast, where the economic outlook is cloudier, the going discount is about 30%, and negotiations over several GP-led restructurings have collapsed.
|
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However, the reduced presence in CEE following restructurings is likely to put pressure on profitability, given the Austrian market's low growth potential and low-margin nature.
|
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A small group of holdout investors, including the hedge fund billionaire Paul E. Singer, refused to take part in two debt restructurings by Argentina since then.
|
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The firms faced multi-billion dollar debt restructurings; Binladin has laid off tens of thousands of people while Oger's bankers say it has essentially stopped operating.
|
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Aronson has been active in credit, distressed strategies and special situations for nearly 30 years and has been deeply involved in many U.S. and overseas restructurings.
|
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The new regulatory framework put in place since 2015 has enhanced the restructuring toolkit and contributed to a rise in restructurings, albeit from a low level.
|
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Existing clauses in euro zone bond contracts require separate restructurings for different types of bonds, making it easier for bondholders to block haircuts, or value reductions.
|
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And we see that already as we speak so over the next couple of days you'll see major layoffs, you'll see restructurings, you'll see people scramble.
|
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Leake and Laukitis said their goal is to keep clients out of formal Chapter 11 proceedings, if it's possible to do so through negotiations and restructurings.
|
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The replacement confirms last week's announcement of a wider management reshuffle at the group, which has had a string of profit warnings and two botched restructurings.
|
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The city's plan promises to restore financial stability, said Michael Sweet, a partner at the Fox Rothschild law firm in San Francisco who handles municipal restructurings.
|
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That is new: in past cases, parts of Essar have moved in and out of debt restructurings without the central group having to give up any stakes.
|
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More than a hundred companies have undergone similar restructurings since 1994, when Congress amended bankruptcy laws to help asbestos defendants cabin off liability in personal injury suits.
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In total, the announced restructurings and postponements of Boeing and Airbus aircraft delivery will reduce capital expenditure for 2019 and 2020 by $83 billion, the company said.
|
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Thousands of journalists have lost their jobs this year through restructurings and layoffs, while cities like Youngstown, Ohio have lost their one and only daily local newspaper.
|
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Sovereign-debt woes crippled the affected countries' economies; meanwhile, debt defaults and restructurings saddled big American banks with large losses, pushing some to the brink of insolvency.
|
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The country defaulted for the second time in 12 years in July 2014 due to a dispute with holdout creditors that had rejected its prior debt restructurings.
|
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The investors and New York-based Abadi, which specializes in restructurings in emerging markets, are discussing the terms of a bid, including the timing, the sources said.
|
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"Banks, bondholders, companies are all singing the same tune: don't to go to court," said Knoepfelmacher, who has overseen 44 major restructurings over the past two decades.
|
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As part of a series of policy announcements, Meirelles said a revision of Brazil's bankruptcy protection law will create mechanisms allowing companies to borrow during their restructurings.
|
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A wave of messy restructurings in the industry led to higher prices and service disruptions, prompting the federal Surface Transportation Board to be wary of more mergers.
|
|
After completing restructurings for Puerto Rico's sales tax-backed debt and its Government Development Bank, the island's federally created financial oversight board is addressing core government debt.
|
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Their task is fiendishly complicated, with businesses' survival chances often hinging on the prospects for debt restructurings, turnaround plans, securing new investment or even hiring new managers.
|
|
However, the two lenders have shelved the project as they want to complete their restructurings before taking any steps in the direction of a merger, the source said.
|
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Once adopted, the code would aim to hasten debt recoveries and restructurings by setting a deadline of 180 days to decide the fate of a company that defaults.
|
|
While the holdout creditors may have won this battle over bigger payouts in sovereign debt restructurings, they may have lost the war over creditor rights in the future.
|
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At $90 billion, activity in Europe, the Middle East and Africa accounted for the bulk of deals, while U.S. restructurings made up $37.9 billion, according to the report.
|
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"Increased competitive pressure could result in further business restructurings, such as bankruptcies," the government said in response to the query from the pro-business Free Democratic Party (FDP).
|
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Ending the litigation would be an historic step for Argentina, which has battled creditors who refused to accept the terms of earlier debt restructurings in 2005 and 2010.
|
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In a statement, the banking association said the agreement regulates the principles for loan restructurings, taking into account recent market developments and their effects on the Turkish economy.
|
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Paulson, who had a lot of success with bankruptcies and debt restructurings in the last cycle, appears to be cautious about the timing for initiating the first deal.
|
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A federal appeals court in New York cleared the way for Argentina, which defaulted on its debt in 2001, to repay bondholders who had rejected earlier debt restructurings.
|
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This backdrop has also allowed such banks to gain market share from rivals, such as Credit Suisse and Deutsche Bank, which are in the middle of distracting restructurings.
|
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Restructurings are a traumatic subject for voters who remember the country's 2001-2002 default, which punctuated an economic meltdown that tossed millions of middle-class Argentines into poverty.
|
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Restructurings are a traumatic subject for voters who remember the country's 2001-2002 default, part of an economic meltdown that tossed millions of middle-class Argentines into poverty.
|
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Some have already announced restructurings and layoffs, but he expects to see more of that, and 222 will be a year of consolidation and cost cutting as well.
|
|
A bearded and barrel-chested billionaire, Mr. Alix seems almost astrologically drawn to distressed enterprises, working out restructurings the way other people work out the Sunday crossword puzzle.
|
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Perhaps Climate Change's second and third Parts will contemplate such restructurings; both, I was told, will be films, a medium whose dramatic possibilities seem suited to Kline's project.
|
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Though China is often depicted as an unforgiving lender, the study finds that it has engaged in at least 140 restructurings and write-offs of external debt since 2000.
|
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The carrier also planned to increase flights on higher-margin long-haul routes, but workers remained skeptical over its plans, given a string of failed restructurings in the past.
|
|
Cortefiel has been through several financial restructurings since 20.8530 - most recently in March 2014 when the business amended and extended around €1.4bn of debt through a scheme of arrangement.
|
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Thomas Felsberg, who has worked on more than 100 restructurings, doubled the number of lawyers in his firm dealing with restructuring to 25 over the past couple of years.
|
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The "pre-agreement" (it still has to be approved by Argentina's Congress) is fairly small: it covers only 22005% of the "holdouts" who rejected restructurings in 22010 and 2010.
|
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The Centaurus funds, which managed $182 million in assets as of June 30, uses a so-called event driven strategy, betting on corporate changes such as mergers and restructurings.
|
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With the major restructurings of the past five years failing to revive profitability, the European banks are now being forced to think of more innovative ways to cut costs.
|
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In 2009, the city faced a severe debt crisis, that required support from neighboring emirate, Abu Dhabi, as well as a spider web of debt restructurings and roll-overs.
|
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The writers claim that a litigation victory for Argentina's creditors in 2012 will make future sovereign restructurings "virtually impossible" and that the only solution is global anti-creditor legislation.
|
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Macri prided himself on getting the country out of default early in his term when he negotiated a settlement with holders who had not participated in Argentina's earlier restructurings.
|
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Mayor Rahm Emanuel launched fiscal reforms last year that included debt restructurings after the city's credit ratings began to sink due to escalating pension costs and nagging budget deficits.
|
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Now, companies will be able to negotiate job cuts and restructurings through voluntary departures directly with labor representatives inside the business, rather than under strict industrywide collective bargaining agreements.
|
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He also said Bridgwater's stress tests of various companies and sectors shows that a number of companies and industries will have debt problems that will likely lead to restructurings.
|
|
By early 2020, Fallon will have reduced Pearson's staff by 10,000 from around 39,6633 when he took over, and cut costs by 950 million pounds ($1.3 billion) in three restructurings.
|
|
According to the report on Thursday, Penney in recent weeks had been talking with lawyers and bankers who specialize in advising troubled companies on debt restructurings and other financial workouts.
|
|
Although some of its jilted bondholders accepted a big write-down of the money they were owed in restructurings agreed in 2005 and 2010, others held out for full payment.
|
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The distressed multiple is at the low end of the sector due to the likely loss of attractiveness among potential buyers following numerous failed restructurings in an adverse market environment.
|
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Argentina's recently elected president, Mauricio Macri, paved the way by reaching a deal with investors who had refused to accept earlier restructurings of debt on which the country had defaulted.
|
|
In addition, as with most restructurings there are other implementation costs which are directly attributable to those programs but do not qualify for special accounting treatment which can be meaningful.
|
|
The cash-strapped city is trying to wean itself off of bond restructurings to free up money for the budget and discontinue variable-rate debt and related interest rate swaps.
|
|
With oil prices at their lowest level in over a year, the services sector should brace for a wave of restructurings and consolidation, analysts and attorneys told Reuters in interviews.
|
|
The types of restructurings that fall under the scope range from amend and extend agreements, to debt to equity swaps and transfer of problem loans and assets to special purpose funds.
|
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But the banks see no need to sell Tier 2 loans yet because they are still receiving payments on them and the BDDK banking watchdog is helping restructurings, one attendee said.
|
|
Because of gender discrimination, women are more likely to have been placed on mommy tracks or disadvantaged by a glass ceiling, and have less clout to wield during layoffs or restructurings.
|
|
The declines are largely thanks to major, multinational companies like U.S. Steel, 3M, General Motors and Kennametal, which have announced restructurings and plant closings based on overseas weakness and trade uncertainty.
|
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But the soy harvest, a deal with holdout investors who had refused debt restructurings after a record 2002 default and declining interest rates have helped the peso firm to current levels.
|
|
Excluding special items, including costs of restructurings, Lilly earned 83 cents per share, below the average analyst estimate of 85 cents per share compiled by Thomson Reuters I/B/E/S.
|
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Those creditors spurned Argentina's 2005 and 2010 debt restructurings, which resulted in 92 percent of its defaulted debt being swapped and investors being paid less than 30 cents on the dollar.
|
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These investors, like the big hedge funds, are known as holdout investors because they have refused to take part in two debt restructurings by Argentina after the country defaulted in 2001.
|
|
El Koury, born and raised in Puerto Rico, worked on myriad corporate matters at Cleary, including mergers and acquisitions, restructurings and other financial transactions, the oversight board said in a statement.
|
|
Susheel Kirpalani, the head of Quinn Emanuel's bankruptcy practice, said a wave of bankruptcies and restructurings would hit a variety of sectors, including all consumer-facing sectors with high fixed costs.
|
|
At the same time, the city is weaning itself off of one-time revenue fixes, such as so-called scoop and toss restructurings of outstanding bonds to push off debt payments.
|
|
As Toshiba has ruled out ceding control of the chips business, it may also seek state help, as other troubled Japanese technology companies have done in previous restructurings, the sources said.
|
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Fernandez call the holdout hedge funds "vultures" because they were effectively holding a sovereign government hostage by not participating in the earlier debt restructurings agreed to by 93 percent of other creditors.
|
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Buchheit, the doyen of sovereign debt restructurings, explains that the U.S. government can unilaterally call an effective standstill to court proceedings by declaring Venezuelan assets temporarily immune from attachment by U.S. courts.
|
|
Capita's new boss, Jonathan Lewis, has announced all the company's awful news in one go, thus clearing the decks for the restructurings and probable redundancies that he hopes will restore Capita's fortunes.
|
|
This is a startling reversal of fortunes for a clique of businessmen who have held on to companies through multiple past restructurings, and whose number includes some of corporate India's grandest names.
|
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In another instance of an alliance, oil and gas investment bank Petrie Partners in November said it had joined forces with financial advisory firm Rothschild to win new business in energy restructurings.
|
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NEW YORK (Reuters) - If Puerto Rico's record-setting bankruptcy follows the template of other municipal restructurings, general obligation bondholders may be in for a long ride, despite constitutional guarantees on their debt.
|
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Plainfield, a $5 billion-plus firm in Greenwich, Connecticut, ended up liquidating its portfolio and shutting down following heavy client redemptions and loan restructurings, even though it reduced leverage before the crisis.
|
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Oklahoma City-based SandRidge and Bonanza Creek, headquartered in Denver, have both recently emerged from bankruptcy, having been swept up in a wave of restructurings following a historic crash in oil prices.
|
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Noble's rescue is viewed as one of the most complex debt restructurings due to its global trading business and the mix of creditors, from banks to different strata of bondholders and shareholders.
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Taking a look at Fitch's latest list, "a number of these names have been at the forefront of past restructurings," Joshua Friedman, a legal analyst for Debtwire, told CNBC in an interview.
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"The scale of fees that potentially are there in the Italian banking market - from restructurings and consolidation - are substantial," said Peter Hahn, professor of banking at the London Institute of Banking & Finance.
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But the vast majority will have to do significant down rounds, restructurings, and work out a long-term strategy where traditional metrics of cash flow, operating profit, long-term sustainability really matter.
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Companies have gone on the defensive to survive the crisis, and many face painful debt restructurings, José Olympio Pereira, who heads Credit Suisse Group AG's Brazilian unit, said at the same event.
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PJT, the consultancy created last year by spinning off the advisory arm of Blackstone, was advising on restructurings worth over $52 billion at the end of the first quarter, TR data showed.
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He also said that DOJ's objection could imperil pre-negotiated Chapter 11 bankruptcies for companies facing asbestos liability – even though Congress expressly enacted provisions in the Bankruptcy Code to enable these restructurings.
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Odebrecht, which was laid low by a corruption investigation that has rippled across Latin America, filed for bankruptcy protection on Monday, kicking off one of Latin America's largest, in-court debt restructurings.
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ISTANBUL (Reuters) - A draft law submitted to Turkey's parliament introduces tax exemptions to loan restructurings and legal protection for bankers as Ankara tries to make it easier for banks to restructure bad debt.
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The draft law seen by Reuters contains some of the demands banks put to the government during the talks, such as tax exemptions on restructurings and amendments to protect bankers involved in restructuring.
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The U.S. Chamber of Commerce had warned in a friend-of-court filing that the lower court ruling expanded the law to ban out-of-court restructurings supported by a majority of bondholders.
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"These restructurings are likely to be followed, or accelerated in parallel, by a long overdue consolidation of the Italian banking system through mergers and acquisitions of small and mid-sized banks," he added.
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She said such debts were akin to private claims since they were held for investment purposes rather than as classic intra-governmental loans that the Paris Club traditionally treats when restructurings are needed.
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Its uncharacteristic support for bondholders comes after several restructurings at smaller oil and gas-related companies which exposed a lack of protection and support for individual retail bondholders, mainly high-net-worth investors.
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This includes taking on debt and planning for organizational restructurings, neither of which are issues that the typical entrepreneur is inclined to consider, especially after just closing a new round of equity financing.
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Some bankers hope that with several banks nearing the end of major restructurings and cost cutting, combined with a bumper start for European dealmaking and market activity, 2017 could see pay pick up.
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In the previous quarter the bank wiped the slate clean of loan losses and recorded a net reversal of 330 million crowns, citing a number of successful restructurings in the Norwegian oil sector.
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Operating environment weakness is also adding pressure on asset quality, particularly in the contracting and real estate development loan portfolios where restructurings are rising, and some banks are seeing higher loan impairment charges.
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In some neighborhoods the figures are especially stark: More than a quarter of the restructurings have been in the ZIP codes encompassing Park Slope and Boerum Hill, according to the city's Buildings Department.
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Fitch attributes some of Citi's weaker relative asset quality profile to its high balance of troubled debt restructurings (TDRs), as well as its exposure to higher loss content credit card loans and Mexico.
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Fitch attributes some of Citi's weaker relative asset quality profile to its high balance of troubled debt restructurings (TDRs), as well as its exposure to higher loss content credit card loans and emerging markets.
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Dietsch, 56, joins Thyssenkrupp during one of its largest ever restructurings: a planned spin-off of its elevators, car parts and plant engineering units into a separately listed entity to be called Thyssenkrupp Industrials.
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The sale of new equity and new secured debt is being conducted through a rights offering, a strategy that has been attacked in other restructurings as unjustly enriching the investors who backed the process.
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Zetsche did push through several restructurings in the last decade to try to restore the premium status of the Mercedes-Benz brand in the wake of an expensive merger with mass market manufacturer Chrysler.
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The other investment Faraday Future recently announced came in the form of bridge financing (or a short-term loan) from Chicago firm Birch Lake Associates, which is known for dealing with restructurings and bankruptcies.
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In private equity's core markets of Europe and America, where investors expect continued growth, secondary stakes are selling on average at just a 5% discount to their net asset value, making restructurings look attractive.
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While STI's level of NPAs remains somewhat elevated, this includes a large balance of mortgage-related troubled debt restructurings (TDRs), of which, 97% of these accruing TDRs are current, mitigating the associated credit risk.
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AOL Chairman and CEO Tim Armstrong told CNBC's "Fast Money Halftime Report " on Tuesday that companies like Twitter and Yahoo are in a strong position, despite the slew of headlines on the companies' restructurings.
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Market sentiment was also hit by a weekend announcement from China's securities regulator that it would tighten rules on major restructurings by listed companies to curb speculation around shell companies used for backdoor listings.
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This avoids the holdout problem that so often plagues out-of-court restructurings, and the English courts have been quite willing to bless plans involving companies that have but the slightest connection with Britain.
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The debt restructuring request is likely to be met with concern by Saudi banks bruised by several multi-billion-dollar corporate debt restructurings in recent years in the kingdom, one of the sources said.
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"In the near term, a tie-up does not make sense, neither for Engie nor for Suez, both of which are already engaged between now and 2018 in their own company restructurings," he said.
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The changes, which include high-profile hires, noteworthy departures, meaningful promotions, and consequential restructurings, have rattled rank-and-file employees unaccustomed to frequent leadership changes and led Apple to put several projects on hold.
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These are just the Vision Fund portfolio companies to announce layoffs this week, in the past several months we've already seen restructurings at Fair, Wag, Katerra, Opendoor, Ola, Brandless, Uber and, of course, WeWork.
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Buchheit, who is well known for international debt restructurings such as the one for Greece, said Cuba "will need to clean those Augean stables " before major investors will consider putting money into the island.
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The pipeline of emerging restructurings will likely swell in coming years as debt contracted during the easy-money years falls due, Martin Gudgeon, head of European Restructuring and Special Situations at PJT Partners said.
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Collardi said the hiring would continue into the second half and that struggles at rivals, some of whom are undergoing restructurings and are facing financial pressures, had made it easier to poach new private bankers.
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A sharp drop in crude prices since mid-2014 has led energy firms to reduce their demand for services from suppliers, idling equipment and triggering a series of debt restructurings in the oil services industry.
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The plan aims to avoid lengthy litigation and bankruptcies and would rely instead on mediators and supervisors, while creditors will have a say in restructurings, with majority decisions removing the scope for minority shareholder holdouts.
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Bondholders of several companies that went through debt restructurings in formal bankruptcies in recent years lost almost all the value of their holdings after court rulings ordered that government-led creditors be repaid in full.
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The country's Senate voted to allow the government to sell up to $12.5 billion in bonds to pay for the agreements with all the creditors who did not participate in Argentina's two earlier debt restructurings.
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Policies considered include compensation for the exchange rate spread, incentives for voluntary restructurings including higher capital requirements for CHF loans, and relaxing eligibility criteria to an existing fund financed by banks to support distressed borrowers.
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Another employee, who was also laid off Thursday and worked in the company's talent-management department, said they had no idea about the restructurings until the past week despite being part of the HR team.
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The replacement confirms last week's announcement of a wider reshuffle of top management at the crisis-ridden group, which has suffered a dramatic loss of investor confidence amid numerous profit warnings and two botched restructurings.
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The Centaurus funds, which managed $182 million in assets as of June 30, use a so-called global event driven strategy, betting on corporate changes such as mergers and restructurings in Europe, Asia and Latin America.
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ISTANBUL (Reuters) - Goldman Sachs is in talks with Turkish banks and companies to buy large distressed loans following a wave of corporate restructurings in the country last year, two sources close to the matter told Reuters.
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Fitch attributes some of Citi's weaker relative asset quality profile to its high, albeit improving, balance of troubled debt restructurings (TDRs), as well as its exposure to higher loss content credit card loans and emerging markets.
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Earlier this week, a person familiar with the matter said that Deutsche and Commerzbank had held talks on a potential combination, but shelved the project as they want to complete their restructurings before any such move.
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As with previous agreements reached between Argentina and holdout creditors who refused to participate in its 2005 and 2010 debt restructurings, the deal requires the South American country to repeal two laws that bar those settlements.
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The hedge funds, known as "holdouts" for having rejected the roughly 70 percent repayment cuts offered in Argentina's 2005 and 2010 bond restructurings, are expected to fight any bank loan deal until their suit is settled.
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The House bill, a rare piece of bipartisan legislation, would establish a federal oversight board to negotiate various debt restructurings while seeking to institute balanced budgets on the island, a U.S. territory with 3.5 million residents.
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The three oil and gas exploration and production companies with operations across the United States, said they would skip a total of $2400 million in interest payments last month, as they negotiated debt restructurings with creditors.
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Even in the medium term, some see fresh fees coming out of commodity restructurings, continued outbound deals from China, the opening up of Argentina, and big-ticket IPOs coming from big clients such as Saudi Aramco.
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It is a move that will increase the pressure on a group of holdout bondholders that refused to take part in two debt restructurings by Argentina after it defaulted on $100 billion of debt in 2001.
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By adjusting Ebitda, based on any number of factors including acquisitions and synergies, currency, future cost-saving programs and one-off costs such as restructurings, bankers are able to apply lower leverage multiples than reported Ebitda.
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Pirro Schwarzman, who was formerly a partner in the restructuring group at Kirkland & Ellis, will focus on representing debtors in out-of-court restructurings, Chapter 11 bankruptcies and distressed acquisitions, Ropes & Gray said in a statement.
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Not because it was itself a terrible product — but because it did a bad job replacing a beloved one and then was left to twist in the winds of Google's ever-changing corporate priorities and restructurings.
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SAO PAULO (Reuters) - Brazilian conglomerate Odebrecht SA filed on Monday for bankruptcy protection, aiming to restructure 51 billion reais ($13 billion) of debt in what would be one of Latin America's largest-ever in-court debt restructurings.
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BUENOS AIRES (Reuters) - Argentina paid creditors on Friday who had refused debt restructurings after a record 2002 default, closing the book on nearly a decade of messy litigation as new President Mauricio Macri embraces global financial markets.
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It's not unusual for big investors like Icahn to look for opportunities in the debt of companies that have gone bankrupt in order to profit from asset sales, restructurings or if the company ever goes public again.
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LONDON (Reuters) - Completed distressed debt and bankruptcy restructurings fell by a third in 2015 compared with the previous year with failed Icelandic bank Glitnir and Ukraine's sovereign debt accounting for the top deals, Thomson Reuters data showed.
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Yildiz was among several large Turkish companies that sought debt restructurings before and after last year's Turkish currency crisis, which cut the value of the Turkish lira by 30%and complicated companies' ability to manage cash flows.
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Intu, which warned in April that it would be hit by administrations and restructurings initiated by tenants including New Look, Toys R Us and Prezzo, said it expected 2019 rental income growth to be around 1 percent.
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A further seven came after debt exchanges, six were de facto restructurings, three due to deferred interest payments, two due to debt moratoriums, and one each because of debt acceleration, distressed restructuring, judicial reorganization and regulatory intervention.
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BERLIN (Reuters) - Increasing competitive pressures inside and outside Europe could lead to additional airline restructurings and bankruptcies, the German government said in a response to a parliamentary query that was published on Thursday by the Handelsblatt newspaper.
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The escalation will not show immediately amongst others, given the reporting handling of NPLs where you have to keep them on the red column for a year after they have been restructured but viable restructurings are happening.
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The agreement, which went into effect on Wednesday, regulates the framework for loan restructurings, taking into account recent market developments and their effects on the Turkish economy, the TBB banking association said in a statement, without elaborating.
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LONDON (Reuters) - European borrowers are starting to raise more debt governed by their own laws rather than the English legal system, creating uncertainty for investors over how bond defaults and bank restructurings will be treated post-Brexit.
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"The main reasons for the mergers and liquidations at the fund level were mergers of fund managers as well as restructurings of the general product offerings," Detlef Glow, Head of EMEA Research at Thomson Reuters Lipper, said.
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If Title III of the bill is necessary to attract Democratic votes, however, it can be limited to voluntary restructurings and subject to sufficient prior fiscal measures that restore Puerto Rico's debt capacity without a taxpayer's bailout.
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BRASILIA/SAO PAULO, June 28 (Reuters) - Loan defaults in Brazil jumped in May to a fresh record, the central bank said on Wednesday, reflecting the impact of the country's harshest recession ever and protracted corporate debt restructurings.
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Young Conaway has served either as the future claims representative or as counsel to the future claim representative in the Chapter 113 restructurings of more than two dozen companies with asbestos liability in the past 20 years.
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Analysts said the plans announced this week could serve as models for future debt restructurings, but stressed that success would ultimately depend on the ability of the firms themselves to use healthier balance sheets to improve their competitiveness.
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GM's looming change in its India strategy follows a series of reviews and restructurings undertaken across Asia Pacific starting in 2013 under Stefan Jacoby, vice president, GM International (GMI), which oversees markets beyond the Americas, Europe and China.
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While STI's level of NPAs remains somewhat elevated, this includes a large balance of mortgage-related troubled debt restructurings (TDRs), of which, 89%% of TDRs are accruing, and of those, 98% are current, mitigating the associated credit risk.
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A comprehensive plan is needed to address these risks, so Beijing should consider creating a group with a clear mandate to promote and implement restructurings of state-owned enterprises (SOEs) and address the associated banking consequences, he continued.
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However the economy has faced severe headwinds since last year when the lira plunged 30 percent to the dollar, hitting some businesses' ability to pay off loans and leading them to seek debt restructurings or protection from creditors.
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THESE STEMMED PRIMARILY FROM OIL-RELATED OPERATIONS, WHERE A NUMBER OF COMPANIES HAVE BEEN THROUGH SUCCESSFUL RESTRUCTURINGS * SAYS WILL NO LONGER PROVIDE A GUIDING ON LOAN LOSSES Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)
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Late Friday, the judge presiding over Argentina's decade-long battle with creditors who did not participate in its 2005 and 2010 restructurings, signaled he would be willing to lift an injunction preventing Argentina from servicing its foreign debt.
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Recoveries for senior creditors of defaulted Kazakh banks (typically in the 30%-50% range) have depended on the extent to which the authorities supported banks' restructurings with capital injections, and so were essentially the outcome of political decisions.
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Argentina plans on Monday to launch the sale of its first international bond issue in 15 years, raising funds for an April 22 payment to creditors who had resisted prior debt restructurings, according to a finance ministry official.
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It went through a series of restructurings in the last decade, including a bankruptcy in 2010 in which the company reported up to $1 billion in debts, before being acquired four years ago by two private equity funds.
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"The dramatic reduction in global travel demand is already increasing financial pressure on airlines, which Fitch expects will result in increased lease deferrals or restructurings, airline bankruptcies, and ultimately, aircraft repossessions," the ratings agency said in a statement.
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Fitch calculates a nonperforming asset ratio (inclusive of accruing troubled debt restructurings) of 0.71% as of second quarter 2017 (2Q17), lower than the 103% reported a year prior and a significant improvement from the 1.8% level reported for FYE2015.
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After completing debt restructurings for Puerto Rico's sales tax-backed debt and Government Development Bank, the board has said it will soon unveil a core government debt adjustment plan that includes outstanding general obligation bonds and unfunded pension liabilities.
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FRANKFURT (Reuters) - After a year of major restructurings, Germany's big utility companies are under pressure to either buy up or cooperate with small and nimble players that are eating away at their core business, industry consultants and analysts say.
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PARIS, July 1 (Reuters) - IMF chief Christine Lagarde said on Friday the Paris Club of creditor nations should not get into the business of handling debt restructurings of government bonds held by sovereign wealth funds and other state entities.
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Alvarez & Marsal's managing director in Dubai, Neil Hayward, said the Gulf region is nearing the end of a downward economic cycle, where debt restructurings offer only temporary solutions to problems that require a rethink of the whole company's operations.
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He added that the company's performance has been strong this year, but several investors said it could still be a difficult deal to sell given several high-profile restructurings in the vending machine sector, such as Autobar in 2014.
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Sectorwise, Kreuzkamp said financials were the most attractive because banks and other firms involved in the 1203 financial crisis had now run the gauntlet of ensuing litigation and restructurings and are ready to concentrate again on operating their businesses.
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The Scandinavian high-yield bond market experienced a slowdown in new issue activity in 2015, with a particularly weak performance for the oil-focused Norwegian part of the market where debt restructurings are now high on the agenda, ABG noted.
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A rash of recent announcements about restructurings, a new alliance between Ford and Volkswagen (VW) and the likelihood of more to come are aimed at avoiding pain in an industry heading for a downturn and preparing for longer-term upheavals.
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Argentina says $6.2 billion in deals have been reached with creditors who spurned its 2005 and 2010 debt restructurings, which resulted in 92 percent of its defaulted debt being swapped and investors being paid less than 30 cents on the dollar.
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RBS announced the bad bank closure in a memo on Thursday to the 80 remaining staff who work there, closing a chapter on one of the biggest ever financial restructurings for what was once the biggest bank in the world.
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BUENOS AIRES (Reuters) - Argentina is expected to take a big step toward reentering the global financial system on Wednesday, with the Senate set to pass a landmark deal to repay creditors who rejected earlier restructurings of the country's sovereign debt.
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Merkel has also voiced support for a strengthening of the euro zone's ESM bailout mechanism, but her suggestions that it could assume economic surveillance responsibilities from the European Commission and oversee debt restructurings are unlikely to be welcomed in Paris.
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These holdouts, so named for their refusal to participate in Argentina's two restructurings after the country defaulted on $100 billion of debt in 2001, sought billions in bond repayments and eventually succeeded in preventing Argentina from paying any of its creditors.
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Judge Thomas P. Griesa heard from 15 lawyers representing the holdout investors big and small, Argentina, the banks, and even a group of exchange bondholders investors who agreed to take a so-called haircut during one of Argentina's two restructurings.
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Some critics see the agreement as another example of the considerable sway that the largest institutional investors hold in the US$8trn US corporate bond market - from commanding larger allocations on new bond sales to calling the shots in debt restructurings.
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NEW YORK, June 29 (Reuters) - Investors in Puerto Rico's debt-burdened economy still face risks of default on some of the island's $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings.
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Speculation about Deutsche has been stoked by news that its top executives held talks with rival Commerzbank on a potential combination in August, but shelved the project as they first want to complete their restructurings, sources close to the matter have said.
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Fitch's review of major loans reveals that, on top of NPLs, there were a few higher-risk exposures (reflecting borrower's high leverage, prior restructurings and/or high loan-to-value ratios) which, net of specific reserves, accounted for a moderate 23% of FCC.
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Of those 2.7 billion euros in loans, just under 2 billion is accounted for by customers who have not engaged with the bank for as long as seven years, whose mortgages are unsustainable or have been unable to meet attempted restructurings, it said.
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The board has completed debt restructurings for Puerto Rico's sales taxed-back debt and Government Development Bank and expects to unveil soon a proposed plan of adjustment for the island's core government debt, which includes a more than $50 billion unfunded pension liability.
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"Many of the larger companies were able to do some out-of-court restructurings to weather the storm, but as depressed commodity prices continued, the market drove them into bankruptcy," said Stephen Pezanosky, a restructuring partner with Haynes and Boone in Dallas.
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Argentina has offered to pay about $6.5bn in cash to US holdouts that refused debt restructurings after its 2001 default on $100bn, in an attempt to put an end to a decade-long legal dispute dubbed the "sovereign debt trial of the century".
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Such collective action approaches have proven effective at driving competing interests toward reasonable compromises in debt restructurings, but the commonwealth has resisted this approach thus far because it does not involve the sort of cram-down that bestows huge advantages upon the debtor.
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The credit rating agency said it expects Bridgeview, which has used restructurings in the past to ease debt service payments and minimize property tax hikes, to continue the practice, possibly pushing bond maturities out to years beyond the useful life of the stadium.
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The Horsehead matter shows, Professor Dick said, why it may be necessary in more bankruptcy restructurings to give shareholders a chance to be heard early in the process, so they can serve as a counterweight to the outsize influence of big creditors.
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Odebrecht filed for bankruptcy protection in June, aiming to restructure 51 billion reais ($13.57 billion) of debt, in what would be one of Latin America's largest-ever in-court debt restructurings, after the group was caught in a sweeping political corruption investigation.
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NEW YORK, March 11 (Reuters) - Plunging oil prices and the economic fallout from the global coronavirus outbreak are setting the stage for a potential wave of debt restructurings and bankruptcies, especially in the energy and services sectors, according to company advisers and analysts.
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Combined with other tweaks it would mean the money bond holders get back - the recovery rate - will be lower than in many government debt restructurings around the world, but debt-to-GDP in Lebanon is also higher than most of those instances.
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"The agencies encourage financial institutions to work with borrowers, will not criticize institutions for doing so in a safe and sound manner, and will not direct supervised institutions to automatically categorize loan modifications as troubled debt restructurings," a Fed statement said[here].
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During a parliamentary hearing, Visco addressed a frequently-voiced concern that introducing new conditions called "single limb collective action clauses" (CACS) in sovereign bond issues, as envisaged by the reform of the European Stability Mechanism (ESM), would make debt restructurings more likely.
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The company has significant support from its landlords with regard to lease structures — both the ones it will be renegotiating to stay in, and others that it will exit — said Jim Van Horn, a bankruptcy lawyer at Barnes & Thornburg LLP, who specializes in retail restructurings.
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The rating agency also noted that the $5.7 billion CPS budget continues to rely on $480 million in pension funding from Illinois that remains entangled in a state budget impasse, as well as $334 million in one-time revenue from reserves and bond restructurings.
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Miller was chairman of US insurer AIG and is still a director there and at Dow Chemical and Symantec, and has worked on large financial restructurings while holding senior positions at firms including AIG, Bethlehem Steel, Chrysler, Hawker Beechcraft and United Airlines, Freitag said.
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Macri, less than three months in office, is likely to cobble together the votes needed to implement the deal announced on Monday to pay $4.65 billion "holdout" hedge funds that rejected steep cuts in repayment terms offered in the country's 2005 and 2010 bond restructurings.
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The rise of multiple streaming networks, restructurings at various studios, and an ongoing fight between TV writers and the agencies that represent them all sum up to lots of new opportunities for writers, producers, actors, and the production folks who make entertainment for screens.
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The judge hearing the case said on Friday he wants Congress to repeal laws that allow bond payments to be processed in Buenos Aires rather than New York and ban the government from offering better terms than those included in Argentina's 2005 and 2010 debt restructurings.
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The government says it would like to issue billions of dollars in international bonds next month, once a deal is finalized with creditors who rejected Argentina's 2005 and 2010 debt restructurings and went to court for full repayment of obligations the country defaulted on in 2002.
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On April 272th, more than 14 years on from a catastrophic $82 billion sovereign default, a federal appeals court in New York upheld a ruling that allows the country to pay its "holdout" creditors, holders of its defaulted debt who rejected restructurings in 2005 and 2010.
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The de-escalation will not show immediately given the handling of NPLs where you have to be keep them on the red column (of accounts) for a year after they have been restructured but viable restructurings are happening and the fact that the economy is growing again helps.
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To avoid the barrier set up by the opinion in the Newman case, the indictment describes the tangible benefit as loans Mr. Walters made to Mr. Davis totaling nearly $1 million during the period when he was providing information about earnings announcements and corporate restructurings at Dean Foods.
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While effective credit losses in this business line are historically very low due to the presence of good collateral and guarantee structures, problems in the debtors' repayment capacity arise from time to time, which could lead to loan restructurings and additional challenges in terms of asset liability management.
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As of the third quarter of 2017 (3Q17), non-performing loans (including accruing troubled debt restructurings) stood at 0.65%, a modest uptick from a year ago, while net charge-offs in 13 have been 21 bps of average loans, in line with peer averages and quite stable from prior periods.
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So far, the federal judge hearing Puerto Rico's bankruptcy cases has approved restructurings of billions of dollars of debt from the island's Government Development Bank and Sales Tax Financing Corporation, known as COFINA, while the Electric Power Authority reached a deal with creditors that could lead to its bankruptcy exit.
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"If Venezuela is really serious about having constructive negotiations around their debt stack and debt service issues, and around broader economic issues, they need to meet with creditors in a neutral location," said Bill Derrough, global co-head of restructuring at investment bank Moelis & Co and a veteran of high profile debt restructurings.
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On February 230th it agreed to an expensive settlement worth $4.65 billion with four of the largest "holdout" creditors: those who rejected debt restructurings in 2005 and 2010 and instead pursued Argentina for full payment plus interest through the New York courts (it was under their law that the original bonds were written).
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The news comes after a week of high-profile talks between senior Argentine government officials and principals at a group of holdout hedge funds, so named for their refusal to partake in Argentina's debt restructurings after its 2001 default and who have sought billions in bond repayments, according to a statement from Mr. Pollack.
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But while the House Republicans drafting the rescue package have worked closely with Treasury, they remain skeptical of Puerto Rico's financial disclosures and want the oversight board to first audit each unit of government, allowing restructurings only "in certain areas" and "where necessary," according to a legislative summary reviewed by The New York Times.
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The U.S. judge hearing the case on Friday signaled his willingness to lift injunctions that he had placed on debt payments if Congress repeals laws that allow Argentine bond payments to be processed in Buenos Aires rather than New York and also prohibit the government from offering better terms than those included in Argentina's 2005 and 2010 debt restructurings.
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The ratings also consider the still difficult, albeit gradually stabilising operating environment, reasonable coverage of existing non-performing loans (NPLs, loans more than 90 days overdue) by loan impairment reserves (LIR), reduced near-term refinancing risks following both banks' Eurobond restructurings in 2015, stabilised deposit trends, underpinned by the recent stabilisation of the hryvnia, and solid liquidity cushions.
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In contrast, any House bill that does not permit fair negotiations and instead includes the "cram down" provisions favored by the Obama administration that would force nonconsensual debt restructurings on creditors will fail to preserve Puerto Rico's access to the capital markets, which is critical for the commonwealth's economic future and its ability to meet citizens' needs.
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The bondholder letters, sent by Milberg, Proskauer Rose and McDermott Will & Emery, allege that Argentina has refused to negotiate with small investors who collectively hold nearly $23 billion in defaulted bonds, despite recently reaching agreements with the majority of bondholders who declined to participate in previous sovereign debt restructurings, including the hedge funds NML Capital and Aurelius Capital.
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Economists have expressed concerns about the transparency of non-performing loans held by Turkish banks which surged after last year's lira crisis led to a sharp rise in the cost to borrowers of servicing foreign debt.. Several large Turkish companies, including Dogus Holding and Yildiz Holding, sought restructurings last year and Turkish Finance Minister Berat Albayrak last month promised a $5 billion injection for state banks and to take energy and construction loans off bank balance sheets via two new funds.
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Those new changes included: Severe cutbacks ordered by Mr. Zuckerberg in how much Instagram was promoted on the main Facebook platform; a long fight over whether Instagram should offer a robust video TV service that would have competed with another on Facebook; the feeling that Instagram was understaffed compared to other less successful initiatives like Oculus; management restructurings that were perceived as moving Instagram down the pecking order; and, most of all, a growing perception that Instagram's success, especially among young audiences, was somehow hurting the main platform.
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RATING SENSITIVITIES Future developments that may, individually or collectively, lead to an upgrade include: - Further signs of a stabilisation in the banking sector, including a pick-up in loan restructurings - Further track record of economic recovery and reduction in private sector indebtedness - Continued fiscal adjustment leading to a decline in the government debt-to-GDP ratio - Narrowing of the current account deficit and reduction in external indebtedness - A sustained track record of market access at affordable rates Future developments that may, individually or collectively, lead to a negative rating action: - Re-intensification of the banking crisis in Cyprus - A reversal of fiscal discipline, resulting in a less favourable trajectory in debt-to-GDP - A return to recession or deflation with adverse consequences for public debt - A lack of market access, putting pressure on government and banking system liquidity.
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REPORTS FOURTH QUARTER AND FISCAL 210 RESULTS * Q212 ADJUSTED NON-GAAP EARNINGS PER SHARE $2.81 * Q4 EARNINGS PER SHARE ESTIMATE $2.89 — REFINITIV IBES DATA * PLANS TO SOURCE APPROXIMATELY 15% OF ITS PRODUCTS FROM CHINA IN 2020 * COMPANY'S SUPPLIERS THROUGHOUT ASIA SOURCE A SIGNIFICANT AMOUNT OF FABRIC FROM CHINA * SUPPLIERS HAVE NOT YET DETERMINED, WITH CERTAINTY, IMPACT OF PRODUCTION DELAYS * FINANCIAL IMPACT OF ANY DELAYED RECEIPTS FROM CHINA IS NOT KNOWN AT THIS TIME * AUTHORIZES NEW $500 MILLION SHARE REPURCHASE PROGRAM AND 103% INCREASE IN QUARTERLY DIVIDEND TO $0.60 PER SHARE * GUIDANCE FOR FY AND Q1 DOES NOT INCLUDE ANY ADJUSTMENTS FOR POTENTIAL EFFECTS OF CORONAVIRUS SITUATION * EXPECT FY ADJUSTED EARNINGS PER SHARE WILL INCREASE APPROXIMATELY 4% TO 6% VERSUS 2019 * PROJECTS Q1 2020 NET SALES WILL BE COMPARABLE TO Q1 OF FISCAL 2019 * FORECAST FOR Q1 2020 ADJUSTED EPS EXCLUDES ANTICIPATED EXPENSES OF ABOUT $10 MILLION TO $12 MILLION RELATED TO ORGANIZATIONAL RESTRUCTURINGS Source text for Eikon: Further company coverage:
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OSLO, Jan 5 (Reuters) - Thorodd Bakken, head of Nordea Norway's Corporate & Investment Bank, expects more restructuring to take place in the offshore supply shipping industry in 2017, he told Reuters on the sidelines of a business conference on Thursday: * Markets remain very demanding for offshore supply ship owners and it will continue to be so in 2017, he said * Expect several restructurings to be completed, though they may be followed by a second or even a third round of restructuring as the market does not seem to improve * It's important that consolidation continues, it has started and it will continue * Hopes Nordea's loan impairments from oil related industry peaked in 2016 * Some of the key players in the Norwegian offshore supply industry are Farstad, where a refinancing process with Siem Oil Service Invest was terminated on Thursday, Solstad Offshore and Havila Shipping * Nordea is the Nordic region's largest bank and the second largest in Norway (Reporting By Stine Jacobsen, writing by Ole Petter Skonnord, editing by Terje Solsvik)
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