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Boy Scouts Want Assets Protected | Kingfisher Joins Parent Alta Mesa in Bankruptcy | Sears Bankruptcy Estate Settles Over Lampert Sale
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Good day. The Boy Scouts of America are drawing up a strategy for potentially repaying sex-abuse victims through bankruptcy while protecting its councils—and their assets. Alta Mesa Resources Inc.'s midstream subsidiary joined the parent in chapter 11 court, hoping to complete a joint bankruptcy sale. And the remnants of Sears Holdings Corp. settled on the terms of Edward Lampert's $5 billion deal for its best stores.
Now for today's news...
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Boy Scouts Bankruptcy Strategy Would Pay Victims, Protect Assets
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The Boy Scouts of America has drawn up a strategy for coping with a wave of sexual-abuse claims through a possible bankruptcy filing while protecting local scouting councils and the billions of dollars in assets they hold. Read More.
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Alta Mesa’s Kingfisher Subsidiary Files Chapter 11 Too
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Alta Mesa Resources Inc.’s oil and gas pipeline and storage subsidiary Kingfisher Midstream LLC filed for chapter 11 Monday morning, joining its bankrupt parent, with the plan of pursuing a joint bankruptcy sale. Read More.
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Old Sears Settles Disputes With New Sears for More Than $18 Million
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Sears Holdings Corp., the estate of the iconic department store left behind in bankruptcy, has agreed to settle litigation over new owner Edward Lampert’s $5 billion purchase of its best stores for more than $18 million. Read More.
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Forever 21 to Sell Two Warehouses in California for $37 Million
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Teen clothing retailer Forever 21 Inc. has deals to sell two of its warehouses in California to a real-estate investment firm and a furniture wholesaler for a total of $37 million in cash to help pay off its bankruptcy loan. Read More.
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China’s Auto Market Stumbles After 30-Year Boom
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The wheels are coming off the Chinese auto market after decades of growth, as a prolonged sales slump partly induced by policy changes closes thousands of dealerships, idles factories and weighs on economic growth. Read More.
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Justices Reject Puerto Rico Revenue Bond Appeal
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The U.S. Supreme Court rejected an appeal seeking to restore payments on certain Puerto Rico revenue bonds during the U.S. territory's bankruptcy proceedings. In an order on Monday, the justices turned down several bond guarantors seeking payments on bonds backed by Puerto Rico highway toll revenues. An appeals court in Boston had ruled last year that municipal borrowers aren't required during a pending bankruptcy to pay debt secured by special revenues. Credit rating firms had flagged the decision as worrisome to muni bond investors. — Andrew Scurria
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$4.7 Billion
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Total assets held by Boy Scouts councils, according to a Wall Street Journal analysis of tax records
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New Jersey could be first state to require company severance in mass layoffs. (CBS News)
Boeing supplier Spirit AeroSystems Holdings got downgraded by Moody's Investors Service on liquidity worries. (MarketWatch)
Kentucky coal miners are blocking a train loaded with coal from leaving a Kentucky mine, saying they hadn't been paid on time by American Resource Corp.'s Quest Energy. (WYMT)
The U.K. Financial Reporting Council said Friday that its investigation into the audits of Carillion PLC’s financial statements would take longer than expected, highlighting the complexity of its probe into the British construction and services company’s collapse. (WSJ)
After years of financial woes, Los Angeles hospital running out of prayers. (L.A. Times)
Bayer AG’s settlement talks over thousands of lawsuits alleging its Roundup herbicide causes cancer are heating up. (Bloomberg)
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