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Purdue Clears Hurdle On Way To Reorg; Theater Landlord Battles Cinemex; Zambia Defaults
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Good morning. Purdue Pharma overcame states that opposed its opioid settlement with the Justice Department, marking a major milestone in the company's push to exit chapter 11. A determined landlord is causing problems for the U.S. unit of Mexican theater chain Grupo Cinemex. And the African nation of Zambia slipped into default, testing a framework to resolve sovereign debt crises in developing countries.
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GEORGE FREY/REUTERS
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Purdue Gets Chapter 11 Approval of Justice Department Opioid Settlement
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Approval of the agreement Tuesday by Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y., marks a milestone in Purdue Pharma LP’s chapter 11 case and advances the drugmaker’s goal to turn itself into a corporate trust run for the benefit of the public. Read More.
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Theater Landlord Decries Chapter 11 Plan For U.S. Unit Of Mexico’s Cinemex
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A landlord owed $56 million by Mexican movie theater operator Grupo Cinemex SA de CV is trying to block its bankrupt U.S. subsidiary from restructuring under chapter 11 without paying down the debt. Read More.
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Africa’s First Pandemic Default Tests Effort to Ease Debt From China
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A new framework to resolve debt crises in developing countries, meant to ensure that Chinese and private creditors share the burden of providing relief, faces a key test after Zambia became the first African nation to default during the coronavirus pandemic. Read More.
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Img caption/IMG CREDIT HERE
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U.S. Retail Sales Climbed at a Slower Pace in October
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American shoppers boosted their buying more slowly in October, another sign the U.S. economic recovery is losing steam as coronavirus cases increase across the country. Read More.
The slowdown in consumer spending is coming at the worst possible time. Read More.
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Fed’s Powell Says Rising Coronavirus Cases Pose Threat to Economy
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Federal Reserve Chairman Jerome Powell said the increased spread of the coronavirus posed an important risk to the economy in the months ahead and said it was too soon to say how a potential vaccine would change the outlook. Read More.
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Lucky Brand Gets Bankruptcy Plan Approved
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Lucky Brand Dungarees LLC received bankruptcy court approval for a chapter 11 plan that includes the sale of nearly all of the denim designer and retailer's assets to Sparc Group LLC, a venture backed by apparel licensing firm Authentic Brands Group LLC and mall owner Simon Property Group.
Judge Christopher Sontchi of the US Bankruptcy Court in Wilmington, Del., said he was "thrilled" to confirm the plan Tuesday during a six-minute hearing. The Los Angeles-based business, which had been owned by Leonard Green & Partners LP, had filed for bankruptcy in July. — Becky Yerak
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Major Chinese Chip Company Defaults on Debt
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Tsinghua Unigroup Co., a key player in China’s push for self-reliance in semiconductors, has defaulted on a bond, adding to a recent spate of trouble in the country’s corporate debt markets. Read More.
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“You have it at your command and you can do it and you need to do it."
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— Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y., who is overseeing Purdue Pharma LP's bankruptcy and pushing for a settlement
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Potbelly is at risk of being evicted from its headquarters in downtown Chicago, after failing to pay more than $800,000 in rent and other fees, according to court documents. (Restaurant Business)
An enterprise software company that built a tool to propel President Trump’s political movement is in financial distress and has been sustained at key points by the administration and the president’s campaign (Associated Press)
Corporate defaults will be surprisingly few. (The Economist)
Since credit agreement terms have deteriorated significantly over the last ten years, borrowers are now using diminished covenant protections and amendment provisions to raise new debt in ways that can be detrimental to existing loan investors. (Forbes)
Tuesday Morning received court approval to solicit votes on a proposed reorganization plan that would fully repay creditors and give shareholders the right to buy $24 million worth of new common stock. (Bloomberg)
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