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Argentina's fight with bondholders reaches U.S. top court

By Lawrence Hurley WASHINGTON (Reuters) - The U.S. Supreme Court on Monday wades into Argentina's multi-billion dollar legal fight with bond investors who turned down two debt restructuring offers after the country's 2002 default. The relatively narrow case that the nine justices are due to hear concerns whether the investors can force banks in New York with which Argentina does business to disclose information about the country's non-U.S. assets as the investors seek repayment.

Bankrupt Detroit reaches first deal with retirees group

By Karen Pierog (Reuters) - Detroit reached its first deal with a retired workers group on Tuesday over pension and healthcare benefits and was close to a deal with at least one of its pension funds, giving a major boost to the city's plan to exit bankruptcy in October.

Mexican judge cuts off payments to creditors of firm in fraud case

Mexico City, Apr 15 (EFE).- A Mexican judge has ordered that payments to creditors of Oceanografia, a company under investigation for allegedly defrauding U.S.-based financial giant Citigroup's Banamex unit of $380 million, be cut off while bankruptcy proceedings continue, judicial officials said Tuesday. Judge Felipe Consuelo Soto ruled that the bankruptcy proceedings should move forward and ordered the suspension of payments to creditors, a spokesman for the Federal Judiciary Council, or CJF, told Efe.

Mexican judge cuts off payments to creditors of firm in fraud case

Mexico City, Apr 15 (EFE).- A Mexican judge has ordered that payments to creditors of Oceanografia, a company under investigation for allegedly defrauding U.S.-based financial giant Citigroup's Banamex unit of $380 million, be cut off while bankruptcy proceedings continue, judicial officials said Tuesday. Judge Felipe Consuelo Soto ruled that the bankruptcy proceedings should move forward and ordered the suspension of payments to creditors, a spokesman for the Federal Judiciary Council, or CJF, told Efe.

Detroit closer to exiting bankruptcy after swaps deal approval

By Cherie Curry DETROIT (Reuters) - Detroit's plan to get out of bankruptcy cleared a major hurdle on Friday when a U.S. Bankruptcy Court judge approved the cash-strapped city's third attempt at settling costly interest-rate swap agreements with two investment banks. The city will pay $85 million to UBS AG and Bank of America unit Merrill Lynch Capital Services, much less than had been proposed on two previous attempts.

Coldwater Creek files for Ch. 11 bankruptcy protection; was unable to find potential buyer

SANDPOINT, Idaho - The women's clothing retailer Coldwater Creek has filed for Chapter 11 bankruptcy protection after failing to find a potential buyer or a source of capital to help fund its turnaround efforts. Coldwater Creek said Friday that its stores and its website are still open and selling clothing and other goods to shoppers. But it expects to start sales to liquidate its inventory in early May. It plans to hold going out of business sales in the coming months.

Politics in his future? Detroit case has 'done me in', Orr says

By Hilary Russ NEW YORK (Reuters) - Detroit's emergency manager Kevyn Orr had political ambitions - once. But just over a year after taking on what is now the biggest municipal bankruptcy in U.S. history, the experienced bankruptcy attorney says any notions he had of running for public office have been eradicated. "This has erased any political aspirations, dead or barely alive, that I ever had, and I was a political science major," Orr said. "This has done me in."

Detroit reaches bankruptcy agreement over $388M in bonds; mediators hope for more deals

DETROIT - The city of Detroit reached a deal in bankruptcy over $388 million in bonds, mediators announced Wednesday, a significant agreement that could influence other creditors to try to get a settlement. Detroit will pay 74 cents for each dollar. Roughly $50 million in tax revenue that won't be needed to pay the balance instead will go to a fund to help low-income retirees who are expected to see smaller checks when the bankruptcy case ends.

Puerto Rico hires a second U.S. restructuring firm

(Reuters) - Puerto Rico's Government Development Bank, the U.S. commonwealth's financing arm, has hired Cleary Gottlieb Steen & Hamilton, a New York-based law firm with a specialist practice in financial restructuring, the firm and bank said on Monday.

Detroit manager seeks city's bankruptcy exit by October 15

DETROIT (Reuters) - Detroit's emergency manager, Kevin Orr, on Thursday said in testimony before a U.S. bankruptcy court that he wants the city to exit bankruptcy by October 15, just weeks after his 18-month term as state-appointed emergency manager is scheduled to end.
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