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Stage Stores Preps for Possible Bankruptcy | Judge Rebukes Houston Company Tied to Blast | Bankruptcy Judge Rejects Disclosure Plan for 'Chinese Elon Musk'
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Good day. Discount retailer Stage Stores Inc. is preparing for a financial restructuring that could include a bankruptcy filing, according to a WSJ Pro Bankruptcy exclusive. A Texas bankruptcy judge blasted a Houston manufacturer involved in a fatal explosion and its lender for declaring “artificial emergencies” in its bid for financing. And a Chinese billionaire who’s been dubbed the “Chinese Elon Musk” can’t send his bankruptcy-exit plan to creditors until he discloses more information about his divorce proceedings and his role in raising financing for electric car venture Faraday & Future Inc.
Now for today's news...
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Discount Retailer Stage Stores Preps for Possible Bankruptcy
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Stage Stores Inc. is preparing for a financial restructuring that could include a bankruptcy filing as the discount retailer contends with persistent losses at its department store outlets. Read More.
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Rocky Bankruptcy Debut for Company Tied to Fatal Houston Blast
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A bankruptcy judge reprimanded a Houston manufacturer involved in a fatal explosion, criticizing the company for focusing on emergency financing instead of victims of the Jan. 24 blast. Read More.
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Judge Rejects China Tech Mogul's Disclosure Statement
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Chinese tech mogul Jia Yueting can’t send his chapter 11 plan to creditors until he discloses more information about his divorce proceedings and his role in raising financing for Faraday & Future Inc. Read More.
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Private Equity-Backed Grocery Chains Buckle Under Debt
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The new world of online grocery sales and ultra-low-cost food staples is proving to be perilous for food retailers, with three grocery-store chains having filed for bankruptcy so far this year. Read More.
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CoStar Group to Buy Struggling RentPath
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CoStar Group Inc. has agreed to buy RentPath Inc. for $588 million, as the real-estate data giant pushes deeper into the fast-growing business of helping renters find apartments online. The all-cash deal was announced Tuesday evening as RentPath said it would seek chapter 11 bankruptcy protection. Read More.
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Stakes Run High for Mall Owner Trying to Save Forever 21
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Analysts are split about whether Simon Property Group's bid to rescue retailer Forever 21 Inc. will succeed, but even skeptics say the mall giant may have little choice but to salvage one of its most important tenants. Read More.
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“The families who have lost a loved one, who are caring for an injured child, who have lost their homes or had damage to their homes are facing true emergencies.”
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—U.S. Bankruptcy Judge Marvin Isgur
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PG&E Corp. wants its customers to pay about $1.4 billion to reimburse the utility for fire-prevention work, its response to some extreme weather and higher-than-expected insurance costs in recent years. (SF Chronicle)
McKinsey & Co.’s decision to enter the disclosure-heavy world of chapter 11 bankruptcy advising triggered some partners’ concerns about jeopardizing client confidentiality in other parts of the consulting giant. (Bloomberg Law)
An Arizona judge is set to tackle the legality of cannabis receiverships. (Law 360)
Just weeks before Valentine's Day, the greeting card retailers Papyrus, American Greetings, Carlton Card and Paper Destiny declared bankruptcy. More than 250 stores will be closed by the end of February. (WaPo)
The 7th Circuit upheld a judgment for bank in HHGregg bankruptcy dispute. (the Indiana Lawyer)
The estate of Sears Holding Corp. has filed about 730 preferential transfer lawsuits. (Bloomberg)
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