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Mallinckrodt Unveils $1.6 Billion Opioid Settlement | Lenders Credit Bid $1.2 Billion for Murray Energy | Tough Mudder Gets New Owner
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Good day. Drugmaker Mallinckrodt PLC unveiled its $1.6 billion settlement of liabilities stemming from the opioid addiction crisis, a deal WSJ Pro broke on Monday. Murray Energy Corp.’s lenders have agreed to credit bid $1.2 billion in exchange for acquiring the coal producer out of bankruptcy. And endurance race organizer Tough Mudder Inc. gets a new owner.
Now for today's news...
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Mallinckrodt Nets Government Support for $1.6 Billion Opioid Deal
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Drugmaker Mallinckrodt PLC said on Tuesday it reached an opioid settlement worth more than $1.6 billion with states, U.S. territories and lawyers representing thousands of local governments. Read More.
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Murray Energy Lenders Offer to Forgive $1.2 Billion for Coal Assets
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Murray Energy Corp.'s lenders have offered to forgive $1.2 billion in debt in exchange for acquiring the company’s assets—including its thermal coal mines and metallurgical coal business—out of bankruptcy. Read More.
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Judge Approves Sale of Endurance Event Organizer Tough Mudder
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A bankruptcy judge approved the sale of endurance event organizer Tough Mudder Inc. to rival Spartan Race Inc. for $700,000 in cash as well as the assumption of at least $7.5 million in liabilities. Read More.
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Alta Mesa Can Pay $150 Million to Bank Lenders
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Alta Mesa Resources Inc.’s lenders won a round in their court fight with unsecured creditors when a bankruptcy judge said he would allow the oil driller to pay a group of banks $150 million. Read More.
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Buyers to Pay Less Than $10 Billion for Univision
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Univision Communications Inc. agreed to sell a majority stake to a bidding group that includes former Viacom Inc. finance chief Wade Davis and private-equity firm Searchlight Capital Partners. Read More.
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Macy’s Says Coronavirus Slows Chinese Suppliers
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Macy’s Inc. is seeing a slight slowdown in sales as a result of the coronavirus due to fewer U.S. visits from Asian tourists, but says it was too soon to know how significant an impact the disease would have. Read More.
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FreshDirect Bags Deal to Defer $5.4 Million Tax Bill
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New York City’s economic development agency has agreed to let e-commerce grocer FreshDirect defer paying a $5.4 million tax bill for five years to help it restructure debt and continue operations. Read More.
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“I don’t know why the debtor gave the bank absolute veto power of its plan and agreed to mediation that the bank won’t go to.”
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—Marvin Isgur, Alta Mesa bankruptcy judge
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Judge Kevin Carey, who presided over media giant Tribune Co.’s bankruptcy, was appointed Tuesday to resolve differences among McClatchy Co., its creditors and the government agency being asked to take over administration of company pensions. (McClatchy)
Debt tied to pharma companies Endo International PLC and Teva Pharmaceutical Industries Ltd. surged after drugmaker Mallinckrodt PLC said it will pay $1.6 billion to settle opioid claims, with some of its units filing for chapter 11 bankruptcy protection. (Bloomberg)
The new owners of Forever 21 Inc. have hired an executive from another fast-fashion chain to steer the troubled retailer outside of bankruptcy. (Bloomberg)
Forever 21's new owners face a slowdown in fast fashion. (Retail Dive)
PG&E Corp. has fired a contractor hired to haul debris from the site of a deadly 2018 Northern California wildfire, saying the company was over-billing the utility and paying “large sums of money and gifts” to two utility supervisors. (AP)
Restaurants Unlimited won court approval of its chapter 11 plan after a judge trimmed its exculpation provisions. (Law 360)
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