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Envision in Debt Talks Again; Infowars Trustee Questions Debts; FTX Challenged On Sealing
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Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, April 6. In today's newsletter, we report on Envision Healthcare's latest debt negotiations and new revelations about Alex Jones's bankrupt platform Infowars. Also, the Wall Street Journal and other media organizations challenged the widespread sealing of creditor information in the FTX bankruptcy case.
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Envision was purchased by KKR in 2018. Photo: Alex Flynn/Bloomberg News
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KKR’s Envision in talks with lenders again. KKR & Co.’s Envision Healthcare Corp. is in negotiations with some of its creditors after missing a March deadline to report its quarterly financials, according to people familiar with the matter. The Nashville, Tenn.-based physician-staffing company missed the March 31 deadline to report its fourth-quarter financials, triggering a technical default under the company’s loans that it has 10 business days to cure.
Envision, a physician-staffing firm and one of KKR’s biggest healthcare investments, has signed nondisclosure agreements with a subset of its first-lien lenders represented by law firm Gibson Dunn & Crutcher LLP, the people said. The move to sign nondisclosure agreements with lenders opens a path to another round of debt fundraising for the company, which contracts with hospitals to provide them with an array of medical professionals.
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Alex Jones filed his personal bankruptcy in December.
Photo: Tyler Sizemore/Associated Press
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Debt incurred by Alex Jones’s Infowars isn't legitimate, trustee finds. An independent trustee said an investigation into Alex Jones’s bankrupt Infowars media platform showed that an affiliated supplier’s claim for roughly $55 million isn’t a legitimate debt.
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Assured Guaranty has committed to invest $1 billion in funds operated by Sound Point.
Photo: Pavlo Gonchar/Zuma Press
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Assured Guaranty, Sound Point team up for CLO powerhouse. Financial guarantor Assured Guaranty Ltd. and debt fund manager Sound Point Capital Management LP have agreed to join forces to better compete in the booming credit-investing market.
The deal is part of a wave of consolidation driven by alternative asset managers and insurers joining forces to take advantage of booming demand from pension funds, individuals and other investors who want to put their money into private debt and asset-backed securities, hoping for a better yield than what the beleaguered stock market can provide.
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Photo: DADO RUVIC/REUTERS
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Media organizations oppose FTX creditors’ efforts to maintain anonymity. Lawyers for The Wall Street Journal and other media outlets filed court papers opposing FTX customers' request to keep personal information under seal in the exchange's chapter 11 case.
Judge John Dorsey of the U.S. Bankruptcy Court in Wilmington, Del. in January allowed FTX to redact the names, addresses and contact information of all its customers and creditors in court filings. But the sealing order covering non-individual customers is set to expire next month, and FTX creditors are requesting an indefinite extension.
The Journal, Bloomberg LP, the New York Times and The Financial Times Ltd. opposed that redaction request, arguing in their filing that FTX and its creditors have failed to justify keeping the information sealed.
If the court grants permanent sealing of the information based on the evidence provided by FTX and its creditors, “then sealing customers’ names would be routine in virtually every bankruptcy proceeding,” the media organizations argued. Members of the public would also be deprived of their rights of access to judicial records, according to Wednesday's filing.
—Akiko Matsuda
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