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BANKRUPTCY & RESTRUCTURING
Goldman exits China's ICBC, seven years and billions later 
20 May 2013
Goldman Sachs launched on Monday the sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China, offering to sell its entire remaining stake in the world's biggest bank by market value...
News
New York Life in exclusive negotiation to sell Taiwan unit -sources 
16 May 2013
U.S.-insurer New York Life is in exclusive negotiations with Yuanta Financial to sell its Taiwan assets, two sources with close knowledge of the deal told Reuters on Friday, joining other global rivals in exiting the Taiwan market...
News
Austria misses EU deadline to sell Kommunalkredit 
16 May 2013
Austria's Kommunalkredit [KAFINK.UL] could still be sold and does not need to be wound down, the country's market watchdog said on Thursday after Vienna missed an EU privatisation deadline for the lender...
News
Greece plans to spin off 30 percent of power utility PPC 
15 May 2013
Greece has added some detail to a long-overdue plan for energy market liberalisation, saying it would sell about a third of the production capacity of power utility PPC to a private competitor in about two years...
News
New faces at Rio, BHP woo investors with austerity talk 
14 May 2013
New bosses at two of the world's largest mining companies, BHP Billiton and Rio Tinto, wooed investors on Tuesday with promises to slash billions of dollars of spending and press ahead with asset sales, boosting returns...
News
TPG sells stake in India's Shriram Transport for $300 mln 
10 May 2013
U.S. private equity firm TPG Capital raised about $300 million by selling its roughly 10 percent stake in Indian commercial vehicle financier Shriram Transport Finance Co Ltd to India's Piramal Group, generating a near seven times return on a 2006 investment...
News
Apache plans to sell $4 bln in assets by year-end 
9 May 2013
Oil and gas producer Apache Corp said it plans to sell assets worth $4 billion, doubling its divestiture program for the year, to reduce debt and buy back shares...
News
RBS moves executives to prepare for Citizens share sale 
9 May 2013
Royal Bank of Scotland's chief executive Stephen Hester has moved two of his key lieutenants into new roles as he prepares for a sale of shares in its U.S. arm Citizens Financial Group...
News
Lehman puts Ritz-Carlton Maui resort up for sale 
7 May 2013
Lehman Brothers Holdings has put the Ritz-Carlton, Kapalua Resort, a 54-acre luxury condo and hotel resort in Maui, Hawaii, on the block as it continues to sell off its real estate holdings to pay off creditors, said two sources familiar with the deal...
News
Investment funds seen getting up to $3.6 bln in Kelda stake sale 
3 May 2013
Infracapital and Citi Infrastructure could reap up to 2.3 billion pounds ($3.6 billion) from the sale of a 30 percent stake in Kelda Group, which controls Yorkshire Water, bankers specialising in utilities said...
News
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Activist investor to push for new debt deal at PagesJaunes 
13 May 2013
Activist investor Guy Wyser-Pratte said he is seeking board seats at French phone directories company PagesJaunes to force its biggest shareholder...
News
Independent News secures debt deal, plans rights issue 
26 Apr 2013
Ireland's Independent News & Media has struck a deal to cuts its debt by two thirds, its second restructuring in four years that will see its lenders take...
News
British courts scheme for acquisitions through extra-territoriality arrangements  Premier Article
18 Apr 2013
Cross-border deals are moving offshore and into foreign schemes of arrangement, as Jersey and England open up their courts…
News
AMR files bankruptcy exit plan in step towards merger with US Airways  Premier Article
15 Apr 2013
AMR Corp, the parent company of American Airlines, filed formal plans to exit bankruptcy on Monday, bringing its proposed $11 billion merger with US Airways Group closer to reality...
News
Cyprus rescue proves taxing for companies seeking a haven  Premier Article
26 Mar 2013
The near bankruptcy of Cyprus and its fraught rescue plan have raised difficult questions over how the country’s…
Analysis
Iberdrola cuts debt, looks for growth abroad  Premier Article
14 Feb 2013
Spanish power company Iberdrola said it was on track to meet debt targets after selling assets, and that expansion abroad and in its renewables business would drive growth...
News
Yellow Pages publisher Hibu says debt deal likely in "near future"  Premier Article
12 Feb 2013
Yellow Pages publisher Hibu Plc, which is grappling with a heavy debt load, said it remains in talks with lenders and expects to reach a deal on restructuring its debt "in the near future."...
News
Punch Taverns identifies debt restructuring solutions  Premier Article
7 Feb 2013
Punch Taverns said on Thursday it had identified a number of restructuring solutions for its debt, which it said already had the support of a significant group of shareholders...
News
Budget officials flee San Bernardino amid bankruptcy chaos  Premier Article
24 Jan 2013
Top budget officials in crisis-hit San Bernardino, California, are quitting the city at a crucial juncture in its quest to seek bankruptcy protection...
News
The REITing is on the wall for debt markets  Premier Article
11 Jan 2013
As bank lending remains constrained, real estate investment trusts (REITs) and property companies are turning to the bond market to refinance their existing commitments…
Analysis
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British Land to exit mainland Europe as economic crisis bites 
14 May 2013
Property developer British Land is looking to sell its 255 million pound ($391 million) portfolio of retail properties in mainland Europe after the assets lost almost a fifth of their value on the back of the economic crisis in Spain and Portugal...
News
British courts scheme for acquisitions through extra-territoriality arrangements  Premier Article
18 Apr 2013
Cross-border deals are moving offshore and into foreign schemes of arrangement, as Jersey and England open up their courts…
News
Regulatory watch: FSA replacement tests its powers with Cyprus restructuring  Premier Article
3 Apr 2013
It has been just three days since the UK instilled the Prudential Regulation Authority (PRA) in place of the FSA…
Analysis
EADS shareholders back sweeping ownership change  Premier Article
27 Mar 2013
Airbus parent EADS won backing for sweeping changes in its structure, claiming "emancipation" from political interference as shareholders tore up a Franco-German ownership pact...
News
Foxconn to shift China retail focus online after Metro ends JV  Premier Article
1 Mar 2013
Foxconn Technology Group said it will shift its China retailing focus to online sales after a joint venture with German retailer Metro AG...
News
D.C. law firm Patton Boggs lays off lawyers, sources say  Premier Article
1 Mar 2013
The Washington, D.C., law firm Patton Boggs has laid off an unknown number of lawyers and administrative staff, according to two sources...
News
Barclays to axe 3,700 jobs in strategic overhaul  Premier Article
12 Feb 2013
Barclays is to axe at least 3,700 jobs and prune its investment bank, under a restructuring plan launched by its new chief executive which seeks to cut 1.7 billion pounds ($2.7 billion) in annual costs and improve standards...
News
Budget officials flee San Bernardino amid bankruptcy chaos  Premier Article
24 Jan 2013
Top budget officials in crisis-hit San Bernardino, California, are quitting the city at a crucial juncture in its quest to seek bankruptcy protection...
News
Multiparty M&A adds complexity to deals  Premier Article
24 Jan 2013
Mergers and acquisitions are becoming a whole lot more complicated as three-way mergers spring to the fore. Combining not two, but three businesses together…
Analysis
Corporate governance: regulations and increased scrutiny show varying impact on bonuses  Premier Article
18 Jan 2013
Executive pay fell sharply at many companies across the globe in the immediate aftermath of the 2008-2009 financial crisis. Some companies, particularly...
Analysis
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Battery maker B456 Systems' bankruptcy plan approved 
21 May 2013
B456 Systems Inc, the lithium-ion battery maker which received a $249 million U.S. government grant, won court approval for its bankruptcy plan on Monday...
News
FirstGroup launches rights issue as profit collapses 
20 May 2013
Bus and rail operator FirstGroup said it hoped to raise 615 million pounds ($934 million) through a rights issue to cut its 2 billion pounds debt as full-year profit collapsed...
News
Clearwire investors aim to force Sprint to sweeten bid 
17 May 2013
Minority shareholders of Clearwire Corp are expected to vote down a buyout offer from Sprint Nextel Corp next week and force the No.3 U.S. wireless company...
News
PE watch: J.C. Flowers' Cabot acquisition includes unusual debt provisions 
16 May 2013
The private equity secondary market is showing no signs of slowing down. On May 15, British consumer debt company Cabot Credit…
Analysis
Suntech lenders agree to defer $541 mln bond repayment again 
15 May 2013
China-based solar panel maker Suntech Power Holdings Co Ltd, whose main unit is in insolvency proceedings, said it reached an agreement with...
News
TUI AG CEO shakes up group in drive for dividend 
15 May 2013
German tourism group TUI AG's new chief is cutting costs, restructuring loss-making resorts and cruise operations, and will boost cooperation with unit TUI Travel in a shake-up aimed at resuming dividend payments in 2014/15...
News
Ally reaches deal with ResCap creditors 
14 May 2013
Ally Financial Inc on Tuesday agreed to an important deal with creditors of its bankrupt Residential Capital LLC subsidiary that will allow the lender finally to separate...
News
Solvay sees no need for further restructuring 
14 May 2013
Solvay has no plans for further restructuring once its current programmes are completed and is looking at possible acquisitions in the United States, its chief executive said on Tuesday...
News
Traders to gain control of Europe's fuel as refiners close 
14 May 2013
Oil trading houses are poised to gain more control of Europe's fuel supply as its refiners close, and the shutdowns could have a significant impact on prices and energy security, the West's energy agency said on Tuesday...
News
EU regulators approve Unicaja, Banco CEISS merger 
14 May 2013
The European Commission gave approval on Tuesday for the restructuring of Spain's Banco CEISS and said the lender's takeover by larger peer Unicaja would ensure its long-term viability...
News
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