Global equities led fund inflows in the seven days to Jan. 13, Refinitiv Lipper data showed, bolstered by expectations of U.S. stimulus measures and extended bets on global economic recovery.
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HOUSTON (Reuters) - U.S. oil and gas producer Chesapeake Energy’s Chapter 11 bankruptcy plan was approved by a U.S. judge on Wednesday, giving lenders control of the firm and ending a contentious trial.
FILE PHOTO: A Chesapeake Energy natural gas well pad rests on the hill in Litchfield Township, Pennsylvania, January 9, 2013. REUTERS/Brett Carlsen/File Photo
Chesapeake will emerge from bankruptcy with about $3 billion in new financing, a $7 billion reduction in debt, and $1.7 billion cut from gas processing and pipeline costs.
Investors who committed last spring to back the restructuring as energy tumbled stand to benefit enormously. A rebound in energy prices raised Chesapeake’s value to about $5.13 billion, the judge hearing the case said.
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Jan 12 (Reuters) - A federal appeals court on Tuesday overturned the convictions of four former Wilmington Trust Co executives charged with concealing from regulators the amount of troubled loans on the company’s books following the 2008 global financial crisis.
Former President Robert Harra, Chief Financial Officer David Gibson, Controller Kevyn Rakowski and Chief Credit Officer William North had been charged with underreporting the amount of Wilmington’s “past due” commercial real estate loans to the Federal Reserve and the Securities and Exchange Commission.
Prosecutors said the defendants wanted to make Wilmington’s finances look better, enabling it to raise $273.9 million in a February 2010 stock offering, just over a year after accepting $330 million from the federal government’s bank bailout program.
BP Plc has given the operator of a Caribbean refinery more time to fully restart and retain its crude oil supply agreement after the plant failed to hit operating targets last year, according to people familiar with the matter.
BP Plc has given the operator of a Caribbean refinery more time to fully restart and retain its crude oil supply agreement after the plant failed to hit operating targets last year, according to people familiar with the matter.