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Some Papyrus Stores to Get New Owner; Bar Louie Sale Moves Ahead; FirstEnergy Exits Bankruptcy
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Good day. Greeting card retailer Paper Source Inc. is buying about 30 locations from bankrupt rival Papyrus and plans to reopen the stores under its own brand name. Bar Louie’s lenders, led by Antares Capital, will serve as a stalking horse after agreeing to cut their breakup fee. And FirstEnergy Solutions exited bankruptcy under new ownership and with a new name.
We also offer the latest news on the coronavirus outbreak.
Now for today's news...
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Bankrupt Card Retailer Papyrus Finds Buyer for 30 Locations
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A judge said bankrupt greeting cards and stationery retailer Papyrus can sell leases to about 30 of its stores to private equity-backed rival Paper Source Inc., which intends to rebrand and reopen the stores. Read More.
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Bar Louie Auction Will Proceed After Breakup Fee Is Cut
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Bar Louie, the Sun Capital Partners-backed gastrobar that filed for bankruptcy last month, is moving forward with a proposed sale to its lenders, subject to higher bid at a court-supervised auction. Read More.
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FirstEnergy Solutions Exits Bankruptcy as Energy Harbor
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Power company FirstEnergy Solutions Corp. has emerged from chapter 11 bankruptcy protection after nearly two years with a slimmed down profile, new owners and a new name. Read More.
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Verity Again Puts Los Angeles Hospital on Auction Block
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A Southern California hospital with one of the busiest trauma centers in the Los Angeles area will hit the bankruptcy auction block again after a proposed buyer failed to close on its previous sale. Read More.
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SEC Charges Scana, Former Execs Over Failed Nuclear Plant
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Two South Carolina companies and two former top executives face civil fraud charges in relation to a failed nuclear power plant expansion project, the Securities and Exchange Commission said Thursday. Read More.
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The Latest on the Coronavirus Outbreak
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Stock indexes around the world on Friday followed U.S. markets into correction territory as fears about the coronavirus continued. A U.S. coronavirus outbreak would trigger temporary but widespread disruptions of daily life and business activity, posing a new risk to the nation's longest economic expansion on record. Investors have dramatically reassessed the chances that the Fed will lower interest
rates as soon as next month.
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đź“ž On call with WSJ: Register here for a conference call today at noon EST with Wall Street Journal editors and reporters on how global markets are reacting to the latest virus news.
For more, visit WSJ's live coverage page, which is updated regularly. Or check out our primer on what you need to know about the virus itself.
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J.C. Penney Expects Smaller Sales Drop This Year
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J.C. Penney Co., which logged lower sales over the holiday season, expects comparable-store sales, an important metric for measuring retailers’ performance, to fall less in the current fiscal year than in fiscal 2019. Read More.
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The Painful Problem With Pandemic Bonds
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As the coronavirus spreads rapidly around the world, pandemic bonds designed to assist poor countries in financing their response are on the verge of being triggered for the first time. Read More.
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Transocean Anticipates Unfolding Recovery
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Transocean Ltd. believes 2019 marked the unfolding of the long-awaited recovery in the offshore drilling industry after seeing fleet utilization pick up in the past two quarters. Read More.
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Bernie Sanders’s Plan to Wipe Out Student Debt Faces Hurdles
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Bernie Sanders’s plan to wipe out more than $1 trillion in U.S. student loan debt could face a number of thorny political and practical problems if he is elected president in November. Read More.
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$1.6 Trillion
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Amount of Americans' student debt that would be forgiven under Bernie Sanders's plan.
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Junk-bond issuance has stopped "dead in its tracks" on coronavirus fears. Junk-bond ETFs see record outflows but are holding up. (MarketWatch)
Is Stage Stores setting the stage for its final act? (Forbes)
Disgruntled investors, including hedge fund Aurelius Capital Management, have ignited a fresh legal battle over Nine West Holdings Inc.—a year after the retailer exited bankruptcy with different owners, a new name and less debt. (Bloomberg)
Chesapeake Energy Corp.’s options for dealing with its towering debt load are shriveling as the natural gas driller seeks to auction off the shale fields it needs to stay afloat. (Bloomberg)
The bankrupt Boy Scouts may need to sell Norman Rockwell art to pay sexual abuse victims. (USA Today)
Trucking, energy loans are posing problems for BMO Financial. (American Banker)
Mallinckrodt Pharmaceuticals doled out lavish perks for top U.S. employees who hit or beat sales goals for prescription opioids and other drugs: six-figure bonuses and a chance to snag a coveted “President's Club” award, which could mean vacations to Hawaii, the Caribbean or Mexico. (AP)
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