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Revlon Lenders Couldn't Believe Their Luck; Mallinckrodt Broadens Opioid Deal; Gulfport Files Prepack; Hundreds of PPP Loan Recipients Have Failed
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Good day. Citigroup aired out emails and internal chat messages from Revlon lenders who were mistakenly paid nearly $900 million out of the bank's own funds, part of a legal dispute over whether the money should be returned.
Mallinckrodt got local governments on board with a proposed settlement of opioid liabilities, while natural gas producer Gulfport Energy filed a prearranged chapter 11 bankruptcy. And a Journal analysis found hundreds of recipients of Paycheck Protection Program loans have filed for bankruptcy after the money ran out.
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PHOTO: MARK KAUZLARICH/BLOOMBERG NEWS
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‘Someone’s Losing Their Job’: Revlon Lenders Were Surprised at Citi’s $900 Million Mistake
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When Citigroup Inc. accidentally used its own funds to repay nearly $900 million owed by Revlon Inc., lenders were surprised at their unexpected payoff, according to internal chat and email messages unearthed in litigation and made public by the bank. One lender couldn’t resist a joke at Citi’s expense. Read More.
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Mallinckrodt Gains Broader Support for Its Opioid Settlement
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Mallinckrodt PLC has gained wider support for its proposed $1.6 billion settlement of thousands of lawsuits that accuse the bankrupt drugmaker of helping fuel the opioid crisis, reaching agreement with more than a thousand U.S. counties, cities and tribes. Read More.
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Gulfport Becomes Latest Natural Gas Producer to Seek Bankruptcy
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Gulfport Energy Corp., one of the largest producers of natural gas in the U.S., has filed for bankruptcy with a restructuring plan backed by its lenders that would cut $1.25 billion in debt from the balance sheet. Read More.
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Hundreds of Companies That Got Stimulus Aid Have Failed
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About 300 companies that received as much as half a billion dollars in pandemic-related government loans have filed for bankruptcy, according to a WSJ analysis of government data and court filings. Many of the companies, which employ a total of about 23,400 workers, say the Paycheck Protection Program funds weren’t enough to keep them going as the coronavirus and lack of additional stimulus payments weighed on their businesses. Read More.
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Imerys Talc America Sold Out of Bankruptcy
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Imerys Talc America Inc., moving toward a chapter 11 resolution of thousands of personal injury claims, won bankruptcy-court approval to sell the business to Magris Resources Canada Inc. for $223 million. Read More.
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Francesca’s to Close About 140 Boutiques While Warning of Ch. 11
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Apparel retailer Francesca’s Holdings Corp. on Monday said it plans to close about 140 boutiques, or roughly 20% of its stores, by the end of January amid financial pressures from the coronavirus pandemic. Read More.
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Brilliance China Automotive’s parent company failed to repay a bond worth $151 million.
PHOTO: SHENG LI/REUTERS
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Bond Upsets Rattle Chinese Credit Market
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A series of unwelcome surprises in China’s huge corporate-bond market has knocked investors’ confidence in the local governments that stand behind many issuers. Read More.
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AirAsia Japan Files for Bankruptcy as Pandemic Hits Travel Demand
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AirAsia Group Bhd. said its 33%-owned associate AirAsia Japan Co. is filing for bankruptcy proceedings. The move was driven by insolvency, as coronavirus-driven restrictions led to a plunge in air-travel demand, the low-cost airline said Tuesday. AirAsia said the total cost of investment in AirAsia Japan has been fully written down. — Dow Jones Newswires
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“How was work today honey? It was ok, except I accidentally sent [$900 million] out to people who weren’t supposed to have it.”
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— An unnamed employee at HPS Investment Partners LLC in an internal message about Citigroup's nearly $900 million mistaken payment to Revlon Inc. lenders
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The Boy Scouts of America will face at least 88,500 claims of sexual abuse in a landmark bankruptcy that could reshape the future of one of the nation’s oldest and largest youth organizations, lawyers in the case said Monday as the filing deadline loomed. (Los Angeles Times)
The owner of a five-story commercial building in Manhattan's Tribeca neighborhood has filed for bankruptcy, facing foreclosure and $23 million in debt. (The Real Deal)
Tailored Brands won court approval for its plan to reorganize in chapter 11 bankruptcy after filing in August, the company said in a press release. (Retail Dive)
Proteus Digital Health won court approval to wind down in bankruptcy following a $15 million sale of its ingestible medication sensor technology business. (Bloomberg)
Bankrupt gym operator 24 Hour Fitness Worldwide won court permission to solicit votes for its reorganization plan after reaching an agreement with unsecured creditors to provide them a better return than originally proposed. (Bloomberg)
The pandemic triggered a free-fall in tourism to New York City, one of the world’s most popular destinations. A new forecast predicts that the influx of tourists will not fully rebound for at least four years, a somber assessment that reflects one of the biggest challenges to the city’s recovery. (New York Times)
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