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Cineworld Skirts Bankruptcy; Bank Can’t Block CBL’s Cash; Feds Not Liable for Puerto Rico Bond Losses
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Good day. Lenders put up a $450 million rescue package for Cineworld PLC, suggesting optimism that a vaccine could get moviegoers back into seats a few months into 2021. Mall landlord CBL & Associates Properties got access to its cash despite protests from Well Fargo, which doesn’t like the restructuring strategy on offer. And hedge funds looking at deep haircuts in Puerto Rico’s restructuring failed to put U.S. taxpayers on the hook.
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A Cineworld in London in October.
HENRY NICHOLLS/REUTERS
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Regal Cinemas Owner Lands Financial Lifeline, Averting Bankruptcy
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Regal Entertainment Group owner Cineworld Group PLC said Monday it secured a financial lifeline after creditors supplied the struggling movie-theater operator with a rescue loan and other debt relief. Read More.
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Mall Landlord CBL Wins Access to Cash, Warding Off Wells Fargo
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A bankruptcy judge gave mall owner CBL & Associates Properties Inc. permission to use cash and rents collected from its properties, pushing aside objections from lender Wells Fargo Bank NA for now. Read More.
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U.S. Found Not Liable for Puerto Rico Bond Losses
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The U.S. government isn’t liable for losses on $3 billion in Puerto Rico pension bonds, a federal judge said Monday, rejecting efforts to put U.S. taxpayers on the hook for compensating investors. Read More.
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A Guitar Center store on East 14th Street in Manhattan.
JOHN NACION/NURPHOTO/ZUMA PRESS
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Guitar Center Files for Chapter 11 Bankruptcy to Outlast Pandemic
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Guitar Center Inc. has filed for bankruptcy, planning to cut about $800 million in debt to ensure the nation’s largest seller of musical instruments can withstand the economic turmoil caused by the coronavirus pandemic. Read More.
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Garrett Motion Stays In Control of Bankruptcy Process
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The judge presiding over Garrett Motion Inc.’s bankruptcy blocked shareholders and former parent company Honeywell International Inc. from formally proposing a competing chapter 11 restructuring. Judge Michael Wiles of the U.S. Bankruptcy Court in New York said Monday he wouldn’t cut short Garrett’s exclusive right to propose a chapter 11 plan.
He said Garrett, an automotive supplier, should proceed with an auction for its assets, anchored by a $2.6 billion bid from KPS Capital Partners LP. Other investors including Oaktree Capital Management LP and Centerbridge Partners LP are making their own play for the company, with support from Honeywell.
They wanted to put their own restructuring proposal to a vote on the same timeline as Garrett’s. “There’s a lot of distrust,” the judge said at a court hearing. “Let’s see what happens at the auction.” — Andrew Scurria
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Buffalo Catholic Diocese Sued by New York Attorney General
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New York’s attorney general on Monday sued the Roman Catholic Diocese of Buffalo, accusing church officials of covering up decades of sexual abuse of children. Read More.
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What Stays and What Goes in a Post-Covid-19 World
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The coronavirus pandemic has transformed the way Americans eat, shop and entertain themselves. In one manner or another, most of these consumer activities have moved into the home and online.
Now, with effective vaccines on the horizon, the most important question for investors is how much never goes back to the way it used to be. The answers will have major implications for swaths of the economy, but they aren’t likely to be straightforward. Each affected industry has its own nuances to consider. Read More.
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4,000
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Lawsuits filed in the first year of New York's Child Victims Act, which opened a one-year window during which sex-abuse survivors could sue
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Mallinckrodt won permission from its bankruptcy judge to pause a lawsuit regarding the drug maker’s Acthar gel, over a request from plaintiffs who wanted to press on with their claims against co-defendants. (Bloomberg)
Pipeline operator Williams Companies said on Monday it will take ownership of some of Chesapeake Energy’s assets in exchange for accepting lower gas gathering fees from the bankrupt shale producer. (Reuters)
The National Retail Federation, the nation’s largest retail trade group, expects that holiday sales could actually exceed growth seen in prior seasons, despite all the uncertainty surrounding the pandemic. (Associated Press)
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