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Its creditors extended fuel-purchasing credit that year, and subsequently negotiated a deal to restructure about $5.7 billion of Prepa's $9 billion in total debt.
The Philippines and a group of international banks signed agreements yesterday to restructure about $400 million of Philippine debt.
Magellan, based in Columbia, Md., filed for bankruptcy protection in March to restructure about $1.5 billion in debt.
Chrysler is also awaiting a counteroffer from its lenders on how to restructure about $7 billion in unsecured debt.
The government managed to restructure about 93 percent of outstanding bonds in debt exchanges that offered some 30 cents on the dollar in 2005 and 2010.
The drilling-rig company, based in Houston, also said it had reached an agreement with its bank lenders to restructure about $560 million in senior secured debt.
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While today's report listed a $40 million third-quarter profit, cost savings from restructuring were about $140 million, excluding special charges.
The financial services industry (FSI) is currently in the midst of massive restructuring brought about by globalization and the introduction of new information technologies.
On Monday night, Dubai World announced that it had started the process of restructuring about $26bn£15.6bnbn) of its debt.
Thailand's banks have already restructured about one trillion baht, or $26.4 billion, in loans, according to the central bank's corporate debt restructuring advisory committee.
Carmike Cinemas Inc., a movie-theater chain trying to emerge from bankruptcy, filed a recovery plan that restructures about $650 million in debt.
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