On a recent Monday, restructuring banker Elizabeth Abrams was on a conference call negotiating for hedge fund creditors ahead of the $50 billion bankruptcy of Energy Future Holdings Corp. She happened to be sitting in a hotel conference room in San Juan, Puerto Rico -- where she’s advising the government on addressing $73 billion in debt.
Puerto Rico’s record $3.5 billion sale of junk-rated municipal debt buys the struggling U.S. territory at least 15 months of financial breathing room. It took demand from hedge funds to get the deal done.
Oct. 27 (Bloomberg) -- Jim Millstein, chairman and chief executive officer of Millstein & Co. and former chief restructuring officer at the U.S. Treasury Department, Wilbur Ross, chairman of WL Ross & Co., and John Studzinski, global head of Blackstone Advisory Partners, participate in a panel discussion about the euro region's debt crisis and its impact on global dealmaking. Bloomberg's Jeffrey McCracken moderated the panel at the Bloomberg Link Dealmakers Summit in New York yesterday. (Source: Bloomberg)
The federal government’s role as the backer of most U.S. home loans is becoming entrenched as fiscal issues distract Congress and the White House from a housing- finance overhaul that would shift more risk to private capital, according to lawmakers and analysts.
AMR Corp.’s reorganization in bankruptcy has made the American Airlines parent a possible acquisition target for US Airways Group Inc. and buyout firm TPG Capital in what may be a final round of industry consolidation.
Securities and Exchange Commission Chairman Mary Schapiro authorized hiring a chief compliance officer and will require employees get “pre-clearance of all trades” and be prohibited from trading securities of issuers under investigation, amid a probe by federal prosecutors into trading by two agency lawyers.
American International Group Inc.’s rescue is coming to an end more than four years after the U.S. took over the company to save the global economy in a bailout that fueled resentment against Wall Street.
Robert Benmosche , chief executive officer of American International Group Inc. , said he was undergoing treatment for cancer and remained committed to repaying the insurer’s $182.3 billion taxpayer bailout.