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Bankruptcy Experts Call for Sackler Probe | Mallinckrodt Cites Bankruptcy Risk | APC Automotive Strikes Deal, Avoids Bankruptcy
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Good day. A trio of prominent law professors are urging the U.S. government’s bankruptcy watchdog to appoint an examiner in Purdue Pharma LP’s chapter 11 case to investigate the Sackler family’s role in the nation’s opioid crisis. Drug maker Mallinckrodt PLC said it may have to file for bankruptcy protection over liabilities tied to the opioid crisis. And APC Automotive, an aftermarket auto supplier under pressure from tariffs, reached a debt-cutting deal that will allow it to avoid bankruptcy.
Now for today's news...
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Bankruptcy Scholars Seek Probe of Purdue Pharma’s Owners
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Bankruptcy scholars called for an independent probe of the Sackler family’s dealings with OxyContin maker Purdue Pharma LP, which sought court protection from an avalanche of lawsuits over the opioid epidemic. Read More.
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Mallinckrodt Notes Bankruptcy Risk From Opioid Lawsuits
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Mallinckrodt PLC said it may have to file for bankruptcy protection over liabilities tied to the opioid crisis while offering creditors the opportunity to swap their claims for new, discounted debt. Read More.
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APC Auto Restructures Debt to Survive Trade Tensions
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Aftermarket auto supplier APC Automotive Technologies LLC reached a debt restructuring deal to cope with rising costs stemming from U.S.-Chinese trade tensions. Read More.
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Senators Push Bipartisan Fix to Coal Miners’ Pensions
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A dozen U.S. senators, including Majority Leader Mitch McConnell, are backing legislation to shore up a pension plan covering retired coal miners that has been depleted during a brutal downturn in the coal industry. Read More.
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Mattel, PwC Obscured Accounting Issues, Former Executive Says
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Mattel Inc. and PwC effectively buried an accounting error tied to the toy company's ownership of the animated children’s show "Thomas & Friends," according to a former company executive. Read More.
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BNY Mellon Debt Fund Says Restaurants, Health Care Muted Results
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A BNY Mellon debt fund said Envision Healthcare, Gavilan Resources, NPC International Inc. and Constellis Holdings LLC damped its returns in its recent fiscal year. Read More.
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China Embraces U.S.-Style Bankruptcy
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After years of pumping out financial support to keep China's economy humming and workers happy, Beijing is building a bankruptcy system to take on a significant pickup in corporate defaults. Read More.
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19,000
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Chinese corporate bankruptcy filings made in 2018, more than triple the number two years earlier.
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Frontier Communications Corp. added to speculation that it’s headed for a restructuring by posting weak quarterly results and drawing on the rest of its credit line for almost half a billion dollars. (Bloomberg)
B. Riley Financial reported earnings last week and the firm’s “Auction and Liquidation” segment earned $11.3 million, up from $2.5 million a year ago. (Petition)
RG Niederhoffer Capital Management is heading for one of its biggest annual losses, as a return of easy-money policies from central banks helps suppress the market volatility it has been betting on. (FT)
The Sackler family’s legacy is at stake in a bid to reinvent Purdue Pharma as a public trust. (Washington Post)
California’s governor called the chief executive of troubled utility PG&E to his office on Tuesday for a closed-door meeting as the company struggles to emerge from a high-profile bankruptcy while facing criticism for its practice of shutting off power for millions of people to prevent wildfires. (NBC)
Credit-focused hedge fund manager CQS sees distressed-debt opportunities spurred by Brexit and difficulties in the U.S. energy sector, even as low interest rates stymie many asset managers that invest in troubled companies. (Bloomberg)
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LEAVE THIS BOX EMPTY
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