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PG&E Bondholders Will Get Liens on New Debt | Helicopter Merger Is Response to Slumping Demand | Silver Point-Backed Macau Casino Investor in Talks With Bondholders
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Hello. PG&E Corp.’s chapter 11 deal with bondholders transforms $21.5 billion worth of unsecured debt into secured debt, cushioning Wall Street investors in the event the utility runs into trouble again. The planned merger of helicopter operators Bristow Group Inc. and Era Group Inc. is the troubled industry’s latest response to slumping demand for offshore choppers by oil-and-gas drillers. A Silver Point-backed investment vehicle tied to a Macau casino is in talks on a potential settlement with disgruntled bondholders on restructuring $856 million in debt.
Now for today's news...
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PG&E Deal Gives Bondholders Protection Against Future Trouble
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PG&E Corp. deal to enlist bondholder support for its chapter 11 exit transforms $21.5 billion worth of unsecured debt into secured debt, cushioning Wall Street investors in the event the utility runs into trouble again. Read More.
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Helicopter Merger Is Industry’s Response to Offshore Slowdown
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The planned merger of helicopter operators Bristow Group Inc. and Era Group Inc. marks the troubled industry’s latest response to slumping demand for offshore choppers by oil-and-gas drillers. Read More.
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Macau Casino Investor, Bondholders Discussing Settlement
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A bankrupt investment vehicle formed by Silver Point Capital LP to fund an expansion of the Studio City resort and casino in Macau is in talks on a potential settlement with disgruntled bondholders. Read More.
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KKR, PNC Fall Short in Bid to Get Hands on Borden Dairy Cash
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Borden Dairy Co. and its lenders reached a deal for the continued use of cash in the milk producer’s bankruptcy, hours after the lenders failed to get their hands on $26 million in the bankrupt company’s account. Read More.
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Saint-Gobain U.S. Affiliate Files for Chapter 11 Bankruptcy
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France's Compagnie de Saint-Gobain SA said its U.S. affiliate DBMP LLC has filed for chapter 11 bankruptcy protection in North Carolina to resolve its liabilities related to asbestos claims. Read More.
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Owners of Solar Company Admit to Running Ponzi Scheme
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A California couple whose solar company, DC Solar Soutions Inc., counted Berkshire Hathaway Inc. as one of its investors pleaded guilty Friday to running a $900 million Ponzi scheme. Read More.
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Spectrum Brands: After the Transformation
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Spectrum Brands Holdings Inc. has transformed itself over the last two years with the sale of its battery and auto care businesses to Energizer and using significant sale proceeds for the repayment of debt. Read More.
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$21.5 Billion
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Amount of PG&E Corp. unsecured debt transformed into secured debt under utility's deal with bondholders.
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Mall owner Simon Property Group is considering a joint bid with Authentic Brands Group to buy Forever 21 Inc., the bankrupt teen retailer that’s running out of money and time, according to people with knowledge of the matter. (Bloomberg)
Atari-themed hotel deal punctuates the gaming pioneer’s turnaround. (Fortune)
Years into a bond market bull-run, investors are banking on a brighter future for funds that buy the debt of financially troubled European companies whose bonds are offering meatier returns because they are more risky. (Reuters)
Hogan Lovells partners Richard L. Wynne and David A. Gibbons discuss macro environment is impacting distressed M&A today, and what steps business leaders and dealmakers should be taking to prepare for a shift in the economic winds. (Mondaq)
The Navajo Transitional Energy Company owes the federal government more than $10 million in unpaid taxes accrued from mining coal in three Powder River Basin mines in September and October. (Casper Star Tribune)
Unsealed court documents reveal breach-of-contract lawsuit triggered Celadon bankruptcy. (Freight Waves)
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