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Retired Hertz Executives Criticize Latest Round of Bonuses | Century 21 Wants to Bring Insurance Fight to Bankruptcy | Women's Retailer J.Jill Reaches Deal to Avoid Bankruptcy
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Good morning. A group of retired Hertz Global Holdings Inc. executives has took aim at the car-rental company’s plan to pay millions in additional bonuses to top managers who oversaw the business as it filed for bankruptcy. Century 21, which blamed its decision to shut down on its insurers, wants to bring the legal fight over Covid-19 coverage to bankruptcy court. And women’s clothing retailer J.Jill Inc. won’t file for bankruptcy after garnering support of its lenders to support an out-of-court financial restructuring deal.
Now for today's news...
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The car-rental company was part of a wave of troubled businesses to hand out stay pay to top executives shortly before filing for bankruptcy. PHOTO: JUSTIN SULLIVAN/GETTY IMAGES
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Retired Hertz Executives Blast Company Over New Bonuses
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At least seven retired Hertz executives are objecting to the new round of bonuses, totaling $14.6 million, saying the company’s promises to provide them with a secure retirement are being cast aside. The retiree group includes a former general counsel and marketing and regional vice presidents. Read More.
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Century 21 Wants to Move Insurance Fight to Bankruptcy Court
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Century 21, which blamed its decision to shut down on its property insurers, wants to bring the legal fight over Covid-19 coverage to bankruptcy court. The New York-based department store chain this week said it could have been saved if insurers agreed to pay about $175 million it says it is owed under policies to protect against business disruptions. Read More.
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Women’s Apparel Retailer J.Jill Avoids Bankruptcy
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Women’s clothing retailer J.Jill Inc. has managed to stave off filing for bankruptcy protection after a majority of its lenders and shareholders agreed to support an out-of-court financial restructuring deal. Read More.
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A Maison Kayser location in Manhattan’s Hudson Yards.
PHOTO: JOHN NACION/ZUMA PRESS
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Maison Kayser Files for Bankruptcy With Offer From Aurify
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The U.S. operator of French bakery chain Maison Kayser has filed for bankruptcy with a plan to sell its New York City locations to an affiliate of restaurant operator Aurify Brands LLC, subject to better offers at auction. Read More.
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The pandemic could push major U.S. airlines to cut back further on regional contracts that feed traffic to hubs from less populated locations. PHOTO: JIM URQUHART/REUTERS
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Airline Aid Is Ending. Regional Flights May Suffer the Most.
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When Republicans tried and failed to pass a new whittled-down coronavirus stimulus package in the Senate this week, something was conspicuously absent: More money for the aviation industry. Airlines have unsuccessfully lobbied to get a six-month extension of the $25 billion package they received back in March, and airports have also failed to get more relief funds. Read More.
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Shrinking Money-Market Funds Threaten Global Dollar Supply
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After the money-market panic in March, assets in the prime funds, which invest in short-term corporate debt, rocketed back up in April and May. They are now sliding once again, posing a threat to non-U.S. banks that rely on them. Read More.
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“At this point, money is a bit less of a motivation."
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— Ex-Hertz CFO Jamere Jackson on why he left his job with the bankrupt rental car company despite a $600,000 retention bonus on the table.
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A Colombian court temporarily blocked a $370 million government loan to Avianca Holdings SA after a citizen expressed concern about a lack of guarantees. (Bloomberg)
For airlines, the unexpected hit of coronavirus would have been bad enough in a competitive landscape, but in the current framework the sector is even less capable of absorbing the fallout due its too-big-to fail nature. (FT)
The pandemic recession plunged dozens of large American companies into bankruptcy this summer. Countless more are on their way. (CNN)
Some 75 different entities connected with coworking firm Regus Corp. have filed for voluntary chapter 11 bankruptcy protection. (Dallas Business Journal)
Bonds sold to finance a $13 billion airport in Mexico City that was ultimately scrapped are among the region’s worst performers as investors question the revenue stream that backs them. (Bloomberg)
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