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Exide Bankruptcy Leaves Toxic Legacy; Speedcast's Looming Lender Fight; AMC Bonds Tank
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Good day. California lost a last-ditch effort to keep Exide Technologies from leaving bankruptcy, free of a polluted site outside Los Angeles. Bondholders get the assets and professionals get paid, but taxpayers get stuck with the toxic cleanup bill.
In Houston, satellite communications company Speedcast International is pushing forward a restructuring plan opposed by its biggest creditor. And investors are growing pessimistic on AMC Entertainment Holdings, reflecting the tough road ahead for theaters even amid partial reopenings.
Now for today's news...
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California authorities have said the facility in Vernon, Calif. that closed down in 2015 remains an imminent danger to a densely populated residential area nearby.
DANNY MOLOSHOK/REUTERS
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California Loses Effort to Force Exide to Deal With Toxic Legacy
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California taxpayers were left responsible for a dangerously contaminated plant outside Los Angeles after a federal judge turned down an emergency bid by state environmental regulators to block Exide Technologies LLC from exiting bankruptcy. Read More.
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Speedcast Ch. 11 Presses Forward While Lender Challenge Looms
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A bankruptcy judge is allowing Speedcast International Ltd. to move forward with a proposed financial restructuring backed by Centerbridge Partners LP but warned of problems that could prevent the satellite communications company from ultimately exiting chapter 11. Read More.
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AMC Bonds Fall Despite Theater Reopenings
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Investors are dumping bonds tied to the world’s biggest movie theater chain, betting that attendance will remain low despite venues reopening in major markets. Read More.
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American and Southwest airlines said bookings are up and flights are fuller, but industry executives say a full recovery could be years away.
DAVID PAUL MORRIS/BLOOMBERG NEWS
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Airlines’ Losses Mount Amid Pandemic, but Air Travel Demand Shows Some Improvement
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Summer was a bust for U.S. airlines. Now they are anxiously watching a fragile uptick in demand to see if it will hold as the number of new coronavirus cases increases. Read More.
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Sinclair Sports Unit Bonds Fall After Hulu Drops Some Networks
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Sinclair Broadcast Group's Diamond Sports Group LLC bonds dropped after subscription service Hulu LLC said it would no longer distribute certain regional sports networks owned by Diamond. These RSNs include FS West, FS North, FS Prime Ticket, FS Florida, FS Arizona.
Diamond's $3.05 billion senior bonds due 2026 traded at 63 cents on the dollar Thursday, down from 66 cents on the dollar the prior day, according to MarketAxess. WSJ Pro Bankruptcy reported on Tuesday that certain bondholders have organized and hired advisers in expectation of possible restructuring talks over Diamond's roughly $8 billion debt. — Alexander Gladstone
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Regus Affiliates Allowed To Tap All Of $50 Million Bankruptcy Loan
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A bankruptcy judge authorized affiliates of co-working company Regus Corp. to tap all of the $50 million loan funding its chapter 11. Part of the loan is being used to pay rent and costs to administer the bankruptcy case.
Regus is working with landlords to restructure leases and intends to file a restructuring plan in November, a lawyer for the company said during a court hearing Thursday. Regus affiliates holding office leases in New York, Los Angeles and other cities have been put in chapter 11 amid the coronavirus pandemic which has depressed commercial real-estate markets. — Jonathan Randles
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Private-Equity Executives See Opportunity in Uncertainty
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A recovery from the economic damage caused by coronavirus pandemic is taking longer than deal makers originally anticipated, but firms with money to spend are seeing plenty of investment opportunities, according to a group of executives who spoke at the 2020 Milken Institute Global Conference Thursday. Read More.
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“There’s a massive free-rider problem."
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— Peter Friedman, a lawyer for California's Department of Toxic Substances Control, on Exide Technologies' efforts to leave behind a toxic site through bankruptcy
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Two of Argentina’s largest creditor groups excoriated the government for mismanaging the economy, saying the country was headed for disaster just seven weeks after restructuring $65 billion in debt. (Bloomberg)
Petroleum barge company Bouchard Transportation has obtained bankruptcy court approval to access part of a $60 million loan to fund its operations while in Chapter 11. (Reuters)
Boris Becker was accused in a London court on Thursday of failing to give back two of his Wimbledon trophies, along with two Australian Open trophies, which were to be sold to settle his debts. (Fox News)
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