Markets News 

Argentine mystery over economy chief chills markets; three contenders lead race

“Sources and creditors told Reuters that Martin Guzman – an acolyte of Nobel Prize-winning economist Joseph Stiglitz – and heterodox economist Matias Kulfas were two of the top names” writes Midwest Communications Inc for 95kqds.com. “Their way to solve Argentina’s problems will be to stimulate domestic demand, and if that requires monetary expansion of some sort, that’s fine with them,” said one local economist, who requested anonymity.Guillermo Nielsen, another key economic adviser to Fernandez, could take an economic role in the government. Source: 95kqds.com

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News Stocks 

McDermott’s stock soars after announcing forbearance agreement with creditors, access to financing

“MDR, -1.90% soared 20% in active premarket trading Monday after the provider of engineering and construction services to the energy industry announced access to $350 million in financing and a forbearance agreement with some of its creditors” writes Reporter Editor for marketwatch.com. Under terms of the forbearance agreement, over 35% of the holders of McDermott’s 10.625% senior notes due 2024 have agreed not to exercise their rights to the interest payment due on Nov. 1.The agreement extends through Jan. 15, 2020. Source: marketwatch.com

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Know the rules, and beware of scams, before trying to settle bad debts | Your Funds

“Millions of Americans are behind on debts, making debt settlement and debt consolidation big business” writes Syndicated Columnist for seattletimes.com. If a debt-settlement firm recommends that you stop making all payments and let accounts become further delinquent, be nervous and skeptical.Here are some things to learn: • What are the firm’s minimum debt requirements, and do your debts qualify for help?. Debt consolidation, typically, involves using personal installment loans to pay credit-card debts and get a handle on them in one place.If your debts are the result of a medical…

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News 

Greece seeks permission to repay part of IMF loans early

“Christos Staikouras said paying off the IMF loans ahead of schedule would reduce debt servicing costs by about 70 million euros ($77 million)” writes The Associated Press for seattletimes.com. Greece has repaid a large part of its IMF loans but still owes the fund about 9 billion euros.ATHENS, Greece (AP) — Greece has asked its European creditors to approve the early repayment of part of its bailout loans from the International Monetary Fund, the country’s finance minister said Monday. The average interest that Greece pays its European creditors is around…

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Crypto News 

$2 Billion Lost in Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims

“Mt Gox disclosed the theft of approximately 850,000 bitcoin (worth more than $450 million at the time) in February 2014” reports coindesk.com. Gox Legal (MGL) insolvency lawyers, MHM Japan, on Feb. 15, 2019.While creditors of the defunct Mt Gox bitcoin exchange wait for the Japanese courts to resolve the fate of their money, a Moscow-based law firm is proposing a different solution. Source: coindesk.com

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Poop-testing startup uBiome just filed for bankruptcy. Some of its largest creditors are health insurers saying they’re owed millions in refunds.

“Many of the other claims are from health insurers or government health programs saying they’re due refunds” writes Emma Court for businessinsider.com. Some of uBiome’s largest claims from creditors are refunds requested by health insurers, according to the company’s Wednesday bankruptcy filing.The poop-testing startup uBiome just filed for bankruptcy. uBiome was raided by the FBI earlier this year, reportedly over its billing practices, and problems at the beleaguered company have continued to build since.The filing names the creditors with the 30 largest unsecured claims against the company. Source: businessinsider.com

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Crypto News 

Mt. Gox’s Mark Karpeles Found Guilty Over Data Manipulation in Tokyo Court

“Gox, has escaped some charges, but been found guilty of manipulating exchange data in a Japanese court” reports coindesk.com. Mark Karpeles, former CEO of the long-defunct bitcoin exchange Mt.Gox filed for liquidation in April 2014 after claiming it was hacked for 850,000 bitcoin, some of which was later found. Source: coindesk.com

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Bankrupt businessman set fire to £70k cash after telling creditors he would rather burn the money than pay them, court hears 

“Instead, he decided to remove the money in cash from his bank account, in order to burn it, a court heard” writes Tom Harris for telegraph.co.uk. The court heard he turned his cash to ash rather than pay £30,000 costs to a firm who handled his bankruptcy.A bankrupt businessman burned £70,000 rather than hand it over to officials, a court heard.Lowes-Bird ran an outdoor adventure and paint-balling centre near Llanelli, west Wales, before having money problems in 2014. Source: telegraph.co.uk

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U.S. bankruptcy judge approves sale of Sears to Chairman Lampert

“Judge Robert Drain approved the sale after a hearing spanning several days in a White Plains, N.Y., federal bankruptcy court” reports businessinsider.com. Those creditors, including vendors and landlords, argued they would fare better in a liquidation and that the process for selling Sears was unfair.NEW YORK (Reuters) – A U.S. bankruptcy judge on Thursday approved Sears Holdings Corp Chairman Edward Lampert’s $5.2 billion takeover of the beleaguered retailer, allowing the department store chain to narrowly avert liquidation and preserve tens of thousands of jobs. The takeover aims to preserve about…

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Puerto Rico wins court approval for sales tax-backed debt restructuring

“According to Puerto Rico’s federally created oversight board, the COFINA plan will slash debt service on the sales tax-backed debt by $17.5 billion over nearly 40 years, saving the island an average $456 million annually” writes unknown author for cnbc.com. It also asked the court last month to invalidate more than $6 billion of the GO debt.A U.S. federal judge on Monday approved a plan to restructure $17 billion of debt from Puerto Rico’s Sales Tax Financing Corporation, known as COFINA, marking the second deal between the bankrupt U.S commonwealth…

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