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Bumble Bee Foods Prepares for Bankruptcy | Senior Bondholders Want EP Energy | MDC Energy Lenders Scrutinizing Transfers
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Good day. Canned tuna maker Bumble Bee Foods LLC is preparing to file for bankruptcy within days, writes WSJ Pro’s Alexander Gladstone. EP Energy Corp.’s senior bondholders are pushing back against a debt-for-equity swap backed by Apollo Global Management Corp. and Elliott Management Corp. And MDC Energy LLC’s lenders are scrutinizing a $9 million payment Mark Siffin’s troubled oil-and-gas drilling company made weeks before filing for bankruptcy.
Now for today's news...
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Canned Tuna Maker Bumble Bee Preps for Bankruptcy Filing
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Bumble Bee Foods LLC is preparing to file for bankruptcy within days over mounting legal expenses stemming from its involvement in a conspiracy to fix prices on canned tuna. Read More.
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EP Energy Bondholders Want Control of the Company
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EP Energy Corp.’s senior bondholders are making a push for control of the bankrupt company, challenging its restructuring proposal with an alternative that would leave a sliver of equity to junior creditors. Read More.
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MDC Energy Lenders Look Into $9 Million Transfer
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MDC Energy LLC’s lenders are scrutinizing a $9 million payment the troubled oil-and-gas drilling company made weeks before filing for bankruptcy, lawyers said Friday, as a battle for control of the business looms. Read More.
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S&P Cuts McClatchy’s Rating On Debt Restructuring Talks
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S&P Global Ratings slashed McClatchy Co.’s credit rating further into junk territory on Friday after the government denied the newspaper publisher’s request to cut its mandatory pension contributions. Read More.
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IT Firm Riverbed Tech Cash Flow Declines in Third Quarter
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Riverbed Technology Inc.’s cash burn intensified during the third quarter, reflecting the information-technology company’s eroding position in the digital-networking market. Read More.
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J&J Asbestos Test Results Were Complicated
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Johnson & Johnson said last month independent testing had found no trace of asbestos in its baby powder after the FDA found asbestos in a bottle. But the results were more complicated. Read More.
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Related: An Oklahoma judge reduced a verdict against Johnson & Johnson by more than $100 million in a closely watched opioid case, an expected move that fell short of the amount the company requested.
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$465 Million
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Amount Johnson & Johnson must pay to help alleviate the damage caused by opioid addiction in Oklahoma after a judge reduced the penalty from $572 million.
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Shareholders of Eldorado Resorts Inc. and Caesars Entertainment Corp. approved an $8.58 billion cash-and-stock merger that would create the largest casino operator in the U.S. (WSJ)
PG&E warned of more power outages in Northern California. (WSJ)
Eddie Stobart Logistics risks collapse unless an emergency finance package is approved that would leave the U.K. haulage company in the hands of a private-equity group as it scrambles to secure working capital during one of its busiest periods. (FT)
Sam Zell, Jerry Jones and other billionaires are circling the distressed U.S. oil and gas patch, looking to pick up assets on the cheap at a time when the state of the industry is scaring off other investors. (Bloomberg)
Steve Doty, who owns Shady Oak Barrel House in Santa Rosa, Calif., was fed up with years of devastating fires in the state and wanted to draw attention to the PG&E Corp. executives he holds responsible, so he decided to drop the F-word into the name of his latest brew: [Expletive] PG&E. (You can fill in the blank.) (LA Times)
Boston Surface Railroad Co., a private firm working to bring commuter rail to New Hampshire, filed for bankruptcy protection. (NHBR)
The U.S. bankruptcy filing rate has remained flat over about the past four years. (Credit Slips)
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