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Pace of Bankruptcies Slows; Blackjewel Settles With Workers; Alabama-Based Miner Seeks Bankruptcy Protection
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Good day. The pace of business bankruptcy filings in the U.S. slowed significantly in August from previous months. But while large corporations binge on plentiful debt financing, smaller companies aren't getting the same access to liquidity. WSJ Pro Bankruptcy's Aisha Al-Muslim breaks down the numbers.
And in coal country, Blackjewel LLC reached a settlement with workers who launched a protest over back pay that got national attention, while Alabama-based FM Coal filed for chapter 11 protection.
Now for more of today's news...
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ANDREW KELLY/REUTERS
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Business and Personal Bankruptcies Slowed in August
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The pace of U.S. business bankruptcy filings slowed significantly in August from previous months, though chapter 11 filings were up from last year as the coronavirus pandemic continued to roil the economy. Read More.
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Blackjewel Settles With Workers Over Coal Supplier's Collapse
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Former Blackjewel LLC workers who lost their jobs and waited months to get their final paychecks when the coal producer collapsed in bankruptcy last year could be compensated under a proposed settlement with the company and its founder. Read More.
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Alabama-Based FM Coal Files for Bankruptcy
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Alabama-based mining company FM Coal LLC filed for bankruptcy Tuesday after struggling with sliding revenue, failing equipment and high debt service costs in recent years. Read More.
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NINA WESTERVELT/BLOOMBERG NEWS
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Macy’s Posts $431 Million Loss as Stores Continue Recovery
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Macy’s reported a loss of $431 million for the latest quarter, even as sales continued to recover from temporary store closures spurred by the coronavirus pandemic. The retailer reported $3.6 billion in sales, up from $3 billion in the previous quarter, but nearly $2 billion less than the company recorded in the second quarter of 2019. Read More.
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United Airlines Plans to Cut More Than 16,000 Staff
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The cuts, which are involuntary furloughs—meaning workers can be called back if demand resumes—are short of the 36,000 potential job losses the airline in July warned were possible. Thousands of United employees already have taken voluntary retirement and extended leave packages in recent months. Read More.
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SEC Gives More Investors Access to Private Equity, Hedge Funds
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The Securities and Exchange Commission deemed more investors capable of navigating the opaque world of leveraged buyouts, hedge funds and startups, a decision likely to fuel further growth in loosely regulated private markets. Read More.
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“[T]he filings will start to increase in the fourth quarter and really pick up in early 2021,”
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— Joseph Baldiga, co-chair of the bankruptcy and reorganization group at law firm Mirick, O’Connell, DeMallie & Lougee LLP
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The gloves are off between Saks Fifth Avenue and its landlord at the tony Bal Harbor Shops in Miami. The luxury department store sued the shopping center and its owner, Matthew Whitman Lazenby, for trying to “publicly shame Saks” tied to an August dispute over rent. (New York Post)
Attorneys for The Weinstein Co. presented a Delaware judge Wednesday with a revised bankruptcy plan that would provide about $35 million for creditors, including victims of sexual misconduct by disgraced film mogul Harvey Weinstein. (Associated Press)
Impairments in the rig sector have reached $10 billion in the first half of the year, as share prices have plunged and several players have filed for bankruptcy protection. (Shipping Watch)
Virgin Atlantic’s 1.2 billion pound ($1.6 billion) rescue deal is set for completion this week after a London judge sanctioned the airline’s restructuring plan in a court hearing on Wednesday. (Reuters)
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