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Authentic Brands Makes Bid for Barneys | China Tech Mogul Files for Chapter 11 | J&J's Aggressive Legal Strategy Hasn't Paid Off So Far
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Good day. Authentic Brands Group LLC, owner of brands like Nine West and Aéropostale, is preparing a nearly $270 million bid for Barneys with plans to license the brand to Saks. Jia Yueting, a Chinese businessman who took on Elon Musk’s Tesla, filed for bankruptcy in the U.S., seeking protection from banks and other creditors that are owed as much as $3.6 billion. And Johnson & Johnson, facing lawsuits from more than 100,000 plaintiffs over its product safety and marketing tactics, is battling in court—and losing.
Now for today's news...
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Authentic Brands Prepares $270 Million Bid for Barneys
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Authentic Brands Group LLC is emerging as the likely buyer of bankrupt retailer Barneys New York Inc. with a nearly $270 million bid after another group’s offer fell apart, according to people familiar with the matter. Read More.
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Chinese Tech Mogul Jia Yueting Files for Bankruptcy in U.S.
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Jia Yueting, who has been called "the Chinese Elon Musk," filed for chapter 11 bankruptcy in the U.S., seeking protection from banks and other creditors that are owed as much as $3.6 billion. Read More.
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Johnson & Johnson's Legal Challenges Mount
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Johnson & Johnson, facing lawsuits from more than 100,000 plaintiffs over its product safety and marketing tactics, has taken the aggressive strategy of battling many of the cases in court. And it is losing. A lot. Read More.
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Bondholders and Venezuelan Democracy
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Even without help from the White House, Citgo bondholders may find it more difficult to collect than they expect—despite the powerful argument that contracts are sacrosanct. That’s because there are serious questions about whether the contract is valid. Read More.
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SoftBank Proposes WeWork Debt-for-Equity Swap
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SoftBank Group Corp. has prepared a financing package that would give it control of WeWork and further sideline its founder Adam Neumann in exchange for relieving the shared-office startup’s cash crunch. Read More.
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The “retail apocalypse” is an apparel apocalypse. (Retail Dive)
California is giving childhood victims of sexual abuse more time to decide whether to file lawsuits. (AP)
Puerto Rico’s messy bankruptcy may get even messier. (Bloomberg)
Brazilian conglomerate Odebrecht SA’s advisers plan to propose a delay on the vote on the company’s bankruptcy plan, two people with knowledge of the matter said. (Reuters)
Mall short-seller Alder Hill Management LP is winding down. (WSJ)
An appeals court ruling revives a student debt-collection dispute after bankruptcy discharge. (Law.com)
The European Commission has approved a six-month €380 million ($419 million) bridge loan from the German government to the Thomas Cook subsidiary Condor, which ran into difficulty after its British parent collapsed last month. (FT)
"It feels good to be kneaded," Britain’s ailing Pizza Express quipped on Twitter after worries it could go under prompted an outpouring of affection from diners. (BBC)
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LEAVE THIS BOX EMPTY
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