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Dondero to Remain at Highland | Ex-Enron Examiner to Head Sanchez Probe | Despite Apocalypse, There Are Still Too Many Clothing Stores
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Good morning. In a surprise development, Highland Capital Management LP founder James Dondero will stay on at the hedge fund manager. The government’s bankruptcy watchdog named former Enron Corp. examiner Harrison J. Goldin to investigate Sanchez Energy Corp.’s business. And despite the shakeout in the retail industry, there are still too many clothing stores, according to AlixPartners.
Now for today's news...
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James Dondero to Stay On at Highland Under Bankruptcy Deal
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Highland Capital Management LP co-founder James Dondero avoided being ousted entirely from the bankrupt hedge fund business and will remain as an unsalaried portfolio manager—as long as he produces. Read More.
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Former Enron Examiner Will Conduct Sanchez Probe
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The government’s bankruptcy watchdog on Wednesday appointed former Enron Corp. examiner Harrison J. Goldin to investigate Sanchez Energy Corp.’s business. Read More.
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AlixPartners Says Apparel Vulnerable During Retail Shakeout
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Apparel retailers will remain a particularly vulnerable in 2020 because there are still too many clothing stores amid the growing popularity of second-hand and vintage-wear, according to AlixPartners LLP. Read More.
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Puerto Rico Power Plant Sustains ‘Destruction on a Grand Scale’
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A Puerto Rico power plant tha supplies the island with a quarter of its power has been damaged after a series of powerful earthquakes, in a major setback to the island’s already fragile electrical grid. Read More.
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To Save Avon, New Owner Comes Calling on Social Media
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After years of unsuccessful turnaround attempts at Avon Products Inc. by activist investors, private equity and different leaders, a Brazilian cosmetics company has set out to rescue the 134-year-old direct seller. Read More.
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J.C. Penney, Kohl’s Post Lower Holiday Sales
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A strong U.S. economy and robust consumer spending weren’t enough to boost holiday sales at department stores and malls, as Americans continue to shift their purchases online and to other retailers. Read More.
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Moody's Downgrades Pier 1, Flags Potential Default
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Moody's downgrades Pier 1 Imports to Ca from Caa3 and changes its outlook to negative from stable. While the retailer's plan to cut costs and close up to 450 stores, "will reduce the company's cash burn, EBITDA losses will continue in the near term," Moody's says. The rating firm believes Pier 1 will be unable to refinance its term loan due April 2021 at par, and believes "a potential default is imminent." (Dow Jones Newswires)
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12,000
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Estimated number of retail store closings in 2019, according to AlixPartners.
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At least 30 hospitals have filed for bankruptcy since 2019, leaving many sick and injured nowhere to go. (Bloomberg)
New allegations about 1 Global Capital LLC, a multimillion-dollar Ponzi-like scheme that preyed on over 3,400 investors across the country, has led to criminal charges against several employees. (South Florida Sun Sentinel)
Bed Bath & Beyond’s shares plunged Thursday on weak earnings report. (Barrons)
When China’s bond issuers run into trouble, investors face an increasingly tough task in extracting any returns. (FT)
PG&E Corp.’s big penalty for California wildfires could create a big ax write-off. (Sacramento Bee)
In the 2005 amendments to the bankruptcy bill, Georgetown’s Adam Levitin writes, Joe Biden voted against borrowers drowning in medical debt, seniors, servicemembers, union members, and victims of deadbeat dads. (American Prospect)
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