Thing Three: Spanish Banks, A New Hope: Meanwhile in the other interminable crisis, Europe: The European Commission has approved a plan for restructuring Spain's troubled banks and OK-ed 40 billion euros in relief, in what Reuters says could be a solution to the country's banking crisis.
Saudi Arabia has approved an ambitious strategy to restructure the kingdom's oil-dependent economy, involving diversification, privatisation of massive state assets including the energy giant Aramco, tax increases and spending and subsidy cuts.
Parliament has approved legislation to implement many reforms like restructuring the banking system and privatizing more industries.
The Assembly has approved it.
It used to be rare that judges would allow debtors to auction assets before all creditors had approved a restructuring plan, says Lynn LoPucki, a professor at the law school of the University of California, Los Angeles.
The Guardian's Web site reported Monday that the Eiffel Tower's management group, the Société d'Exploitation de la Tour Eiffel, had approved a temporary restructuring of the observation platform, which would alter the tower's overall shape.
Simmons, based in Atlanta and the maker of Beautyrest and ComforPedic mattresses, said that the Federal Bankruptcy Court in Delaware had approved its prepackaged restructuring plan, which allows it to cut its debt by more than half and be acquired by Ares Management and Teachers Private Capitall.
Privately held magazine firm Ziff Davis Media said most of its bondholders had approved its financial restructuring, enabling the embattled publisher of PC Magazine and Electronic Gaming Monthly to avoid filing for bankruptcy.
