Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (6 lettori)

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03/16/2017 | 12:46pm EDT

Venezuelan state oil company PDVSA has offered Russian counterpart Rosneft a stake in a joint venture in the country's Orinoco Belt extra-heavy crude area, five industry sources said, in a sign of the Latin American nation's dire economic situation and Moscow's growing muscle there.
Rosneft (>> NK Rosneft' PAO), Russia's top oil producer, has been offered a 10 percent stake in the Petropiar joint venture. PDVSA [PDVSA.UL] has a 70 percent share, and U.S. oil company Chevron Corp (>> Chevron Corporation) holds 30 percent of the venture, which includes an oil field and a 210,000 barrel-per-day oil upgrader.
Two sources said the offer was part of a larger package put to Rosneft as PDVSA seeks to raise money for major debts with providers and bond payments.
It is unclear if Rosneft will accept the offer. Financial details of the potential transaction were not immediately available.
PDVSA and Venezuela's Oil Ministry did not respond to requests for comments. Chevron and Rosneft declined to comment.
A deal would have California-based Chevron working alongside state-owned Rosneft, which has been affected by U.S. sanctions against Russia. But Chevron's main concern is that accounting and transparency laws are less strict in Russia than in the United States, a source close to the matter said.
The proposal highlights Venezuela's need for cash after the nation's oil output fell about 10 percent last year, according to the Organization of the Petroleum Exporting Countries. This has worsened a recession that has millions of Venezuelans skipping meals.
MOSCOW'S MUSCLE
Rosneft has already been gaining ground in Venezuela, an OPEC member.
Last year, the company paid $500 million to increase its stake in the Petromonagas joint venture from 16.7 percent to 40 percent, the maximum foreign partners are allowed to have under oil sector regulations created under late leader Hugo Chavez.
That raised the ire of the opposition-led National Assembly, which said the purchase was illegal because Congress did not approve it. Critics have also said the stake was sold too cheaply.
In another controversial move, PDVSA last year used 49.9 percent of its shares in coveted U.S. subsidiary Citgo as collateral for loan financing from Rosneft. PDVSA said this month it had received $1.985 billion from an unnamed client in return for future oil shipments, with Citgo shares used as a guarantee.
In total, Rosneft has lent PDVSA between $4 billion and $5 billion, but the details of those deals have not been disclosed.
"We must thank life that Russia and the world have a Vladimir Putin," Venezuelan President Nicolas Maduro said at a deal-signing event with Rosneft head Igor Sechin last year.
"I wanted to be here at this event because of how important relations with the new Russia are."
(Additional reporting by Ekaterina Golubkova and Vladimir Soldatkin in Moscow; Writing by Alexandra Ulmer; Editing by Christian Plumb and Lisa Von Ahn)
By Alexandra Ulmer and Marianna Parraga
 

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Judge Announces Intention To Confirm Peabody Energy Plan Of Reorganization, Paving Way For Emergence
Significant Milestone Backed By Overwhelming Consensus Positions Peabody for Emergence
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ST. LOUIS, March 16, 2017 /PRNewswire/ -- Peabody Energy announced today that the judge presiding over the company's Chapter 11 process in United States Bankruptcy Court for the Eastern District of Missouri has ruled that he intends to confirm the company's amended plan of reorganization after finalization of language regarding a settlement with the U.S. Department of Justice.

The plan, which received overwhelming support from creditors with an overall approval rate of 93 percent and unanimous acceptance by all 20 voting classes, articulates Peabody's strategy to emerge from the Chapter 11 process with a strong balance sheet, well positioned to build a successful future for the company's stakeholders. Peabody expects to emerge from Chapter 11 in early April 2017, less than one year after commencing the Chapter 11 process.

"Peabody has accomplished the goals set out nearly a year ago, against an industry backdrop that has strengthened. Today's confirmation marks a major milestone in Peabody's journey and one of the final steps toward our successful emergence from Chapter 11," said Peabody President and Chief Executive Officer Glenn Kellow. "I would like to thank the Peabody team and all parties involved for their hard work. While there is no question that this has been a difficult process, we can all be proud of the broad consensus reached by so many stakeholders and the rapid way so many came together to agree to a path forward for the new Peabody. Today's outcome further builds on our momentum as we move to emergence and position Peabody for long-term success."

In the past year, Peabody has reduced pre-filing debt levels by more than $5 billion, lowered fixed charges related to hedging and take-or-pay commitments, decreased royalty payments and sold non-core assets. The company has done so while achieving record results in safety and costs, continuing to serve global coal customers, minimizing impacts upon employees and communities, strengthening the Australian platform, restoring the land and securing bonding assurances, obtaining exit financing on attractive terms and further aligning employees in a shared future.

Peabody's plan of reorganization will become effective upon emergence, at which time the company's existing equity under the ticker symbol BTUUQ will be extinguished with no value. Following emergence, Peabody expects its new equity to trade on the New York Stock Exchange.

Jones Day is serving as legal advisor to Peabody, Lazard Fréres & Co. LLC is serving as its investment banker and financial advisor, and FTI Consulting Inc. is serving as its restructuring advisor.

Peabody Energy is the world's largest private-sector coal company and a Fortune 500 company. The company serves metallurgical and thermal coal customers in 25 countries on six continents. For further information, visit PeabodyEnergy.com.
 

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Brazil court suspends Samarco lawsuit
Mar. 17, 2017 2:35 AM ET|By: Yoel Minkoff, SA News Editor
A federal court in Minas Gerais has suspended a case brought by prosecutors seeking 155B reais ($49.7B) in damages for the 2015 Samarco mine disaster, which killed 19 people and caused Brazil's worst ever environmental disaster.
The move will facilitate negotiation of a final deal on damages resulting from the collapse of a tailings dam at the mine - a joint venture between VALE and BHP Billiton (NYSE:BHP).
 
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