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Drugmaker Akorn Files for Bankruptcy | Murray Energy Faces Reckoning After DIP Default | J.Crew Landlords Clamor for Rent
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Good day. Drugmaker Akorn Inc. filed for bankruptcy after spending months trying to sell an attempt to sell its business. Murray Energy Corp.’s lawyers acknowledged the clock is ticking after the coal company defaulted on its $440 million bankruptcy financing package. And dozens of J.Crew Group Inc.’s landlords, including some of the biggest mall owners in the country, are demanding rent payments as the retailer reopens some stores.
Note to subscribers: We won't be publishing a newsletter on Monday due to the holiday. We'll be back Tuesday.
Now for today's news...
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Drugmaker Akorn Files for Chapter 11 Bankruptcy
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Drugmaker Akorn Inc. filed for bankruptcy, capping the fall of a business that has faced legal trouble since German health-care company Fresenius terminated a $4.3 billion acquisition deal over alleged data breaches. Read More.
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Murray Energy Faces Pivotal Month After Default
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Murray Energy Corp. acknowledged that it has defaulted on its $440 million bankruptcy loan, setting up a pivotal month for the nation’s largest private coal producer as it aims to leave chapter 11. Read More.
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J.Crew Landlords Pursue Rent From Reopened Stores
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Dozens of J.Crew Group Inc.’s landlords, including some of the biggest mall owners in the country, are seeking rent payments from the retailer’s stores as they reopen, according to court filings. Read More.
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Struggling Corporate Borrowers Raise Risks in Loan Funds
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The future of a $700 billion market for risky corporate debt rests on companies like Portillo’s Hog Dogs. Its loans sit on the books of dozens of collateralized debt obligations, which buy up risky corporate debt and package it into securities. Read More.
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Continental Resources operates in the Bakken oil formation, here near Sidney, Mont. PHOTO: WILLIAM CAMPBELL/CORBIS/GETTY IMAGES
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Harold Hamm, Fracking Pioneer, Faces a Career Reckoning
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Harold Hamm, the wildcatter who helped usher in the American fracking boom, has weathered his share of oil busts. None of them matched this one. As an oil rout fueled by the coronavirus pandemic forces energy companies to take drastic measures, Mr. Hamm has more to lose than nearly anyone. He owns nearly 80% of the company he founded, Continental Resources Inc., an unusually large stake among publicly traded oil-and-gas companies. Read More.
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Coronavirus Widens the Retail Divide: Macy’s Sales Fall 45%
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The coronavirus pandemic is widening the divide between retailers that are drawing shoppers and those that are losing business, accelerating a split that had been playing out before the health crisis forced many chains to temporarily close stores. Read More.
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S&P Fired Employee Who Discussed Ratings With Senate Staff
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In November, an S&P Global Inc. employee briefed Senate Banking Committee staff members on the growing risks in the $1.2 trillion market for loans that finance private-equity buyouts. On Jan. 6, the firm fired him for failing to clear his presentation with compliance staff. That was a violation of a company policy requiring such clearance, S&P said in a response to a wrongful-termination complaint filed by the ex-employee. Read More.
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“Word got out about how I was speaking about rating shopping, and I was fired.”
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— Former S&P employee Andrew Park
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Puerto Rico’s finances are strained and the U.S. is too dependent on China for pharmaceuticals. These distinct issues may seem unrelated, but they are very much intertwined. (WSJ)
The monthly tally of defaults in the U.S. leveraged loan market has hit a six-year high, data from Fitch Ratings showed, as companies are either missing payments or filing for bankruptcy because of the fallout from the coronavirus pandemic. (Reuters)
Macy’s CEO says $10 billion in sales is up for grabs because of retail bankruptcies. (CNBC)
A small city on the outskirts of Birmingham, Ala., filed for bankruptcy, a rare step by a local government that comes as budgets across the nation are being upended by the coronavirus pandemic. (Bloomberg)
Jay Alix says governments need to establish dedicated restructuring agencies to help economies weather the coronavirus storm. (FT)
California power regulators unexpectedly delayed a key vote on PG&E Corp.'s plan for getting out of bankruptcy after saying one of the utility's most outspoken critics sent an improper email attacking the company's proposal to pay wildfire victims. (AP)
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