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Governor Holds the Cards After PG&E Deal | Retailers More Likely to Liquidate | Fairway Files for Bankruptcy With Offer for Five Stores
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Hello. After PG&E Corp.’s deal with bondholders, California’s governor is the utility’s biggest hurdle to its emergence from bankruptcy later this year. In what will come as little surprise to restructuring pros, a new study shows liquidations are more prevalent in retail bankruptcies than in any other industry. And, Village Super Market is offering $70 million for Fairway Market’s five New York supermarkets and its distribution center.
Now for the rest of today's news...
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PG&E Makes Peace With Bondholders, Governor Pushes Back
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PG&E Corp. has reached an accord with bondholders that smooths its path out of bankruptcy, but it has yet to win over California Gov. Gavin Newsom, who has threatened a state takeover of the embattled utility. Read More.
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After Bankruptcy, Nearly Half of Retailers Close All Stores
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Secured creditors are recovering all or most of their investments when retailers file for bankruptcy protection, even as nearly half these companies don’t survive, according to Fitch Ratings research. Read More.
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Fairway Files for Chapter 11, Proposes Sale to Village Super Market
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Fairway Market, the New York City grocery chain, filed for bankruptcy protection with a proposal to sell its Manhattan stores to Village Super Market Inc., a member of the Wakefern Food Corp. cooperative. Read More.
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Alta Mesa Sale Approved Despite Bondholder Objections
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The judge overseeing Alta Mesa Resources Inc.’s bankruptcy approved a $320 million sale of the oil-and-gas company, quashing objections by junior creditors that pushed a rival restructuring proposal. Read More.
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Papyrus Files for Bankruptcy, Plans to Close Stores
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Greeting cards and stationery retailer Papyrus filed for bankruptcy Thursday with a plan to close all its stores in the U.S. and Canada after it was unable to find a buyer for its business. Read More.
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McDermott Wins OK for $2.8 Billion Bankruptcy Financing Deal
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The judge overseeing McDermott International Inc.’s bankruptcy case granted approval for the engineering company’s proposed $2.8 billion financing deal at an initial court appearance Thursday. Read More.
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Puerto Rico Contractor Faces Mounting Claims From Bribery Probe
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Mammoth Energy Services Inc., which rebuilt much of Puerto Rico’s power grid after Hurricane Maria, is facing a lawsuit alleging it paid bribes to cheat a competing contractor. Read More.
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Helicopter Co. Bristow in Merger Talks, Months After Bankruptcy Exit
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Helicopter company Era Group Inc. is in advanced-stage talks to acquire industry peer Bristow Group Inc., which emerged from bankruptcy in October with $900 million less in debt. Read More.
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Insys Founder Sentenced to 5½ Years in Prison
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John N. Kapoor, a former billionaire who founded opioid maker Insys Therapeutics Inc., was sentenced to 5½ years in prison for his role in a conspiracy to illegally boost sales of his company’s fentanyl drug. Read More.
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$70 Million
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The amount Village Super Market, which operates stores under the ShopRite and Gourmet Garage banners, is offering for Fairway’s five New York supermarkets and its distribution center.
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Why weak energy companies won’t likely get a lifeline from higher oil prices (MarketWatch)
E-commerce could kill another 30,000 stores and erase 500,000 jobs over the next five years, according to a new study from credit insurance company Euler Hermes. (Retail Dive)
The Chinese group buying British Steel has reached an agreement with trade unions over its rescue of the failed manufacturer, as it races to wrap up a takeover by the end of next month. (FT)
Prominent thoroughbred owner and breeder Ahmed Zayat is back in legal trouble, this time involving breeding rights to Triple Crown winner American Pharoah. (Kentucky.com)
How private equity wrecked New York’s favorite grocery. (Bloomberg)
Fairway is so crowded! How can it be in bankruptcy? (NYT)
New Jersey, prompted by a nationwide liquidation of Toy 'R' Us in 2018, has become the first state to mandate that larger employers award severance pay to workers who lose their jobs in mass layoffs. (CoStar)
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