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Why 24 Hour Fitness Bonds Sank | McDermott Adds Bankruptcy Vets to Board | Cayman Liquidators Chase Chinese Hospital Cash to U.S.
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Good day. Gym owner 24 Hour Fitness Worldwide Inc.’s bonds sank after a recent investor meeting failed to buoy investors’ confidence in the privately owned chain. McDermott International Inc. has added two bankruptcy veterans to its board. And Cayman liquidators have placed China Hospital Inc. into bankruptcy in New York as they look to get their hands on more than $200 million the owner of rural Chinese hospitals may have stored at a U.S. bank.
Now for today's news...
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24 Hour Fitness Bonds Tumble Following Investor Meeting
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Gym owner 24 Hour Fitness Worldwide Inc.’s bonds sank deeper into distressed levels following a recent investor meeting that failed to buoy investors’ confidence in the privately owned chain. Read More.
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McDermott Adds Bankruptcy Veterans to Its Board
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McDermott International Inc., the struggling engineering and construction firm, has brought on two bankruptcy veterans ahead of a key deadline to receive a rescue financing package. Read More.
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Liquidators Chase Chinese Hospital Cash to the U.S.
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Cayman Islands-based liquidators have placed a former Chinese hospital owner into bankruptcy protection in the U.S., hoping to seize cash owed to a Canadian pension plan that was defrauded by the company’s founder. Read More.
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True Health Hits Resistance From U.S. Over Exit Plan
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Bankruptcy has opened a new front in a legal dispute between True Health Group LLC and the U.S. government, putting federal lawyers on alert to protect a whistleblower lawsuit over alleged kickbacks to doctors. Read More.
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Former Outcome Health Execs Charged in Alleged Fraud
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Federal prosecutors filed criminal charges against former executives of once-highflying startup Outcome Health, alleging they falsely reported data to defraud the company’s clients and investors. Read More.
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With Help From Ken Burns, Hampshire College Clears Key Hurdle
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Hampshire College, one of many small liberal arts schools in the U.S. trying to stay afloat while competing for a dwindling supply of high-school graduates, has cleared a key hurdle with its regional accreditor. Read More.
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$203 Million
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Amount liquidators say was in a China Hospitals account at Bank of America in 2016.
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The family-owned shoemaker Clarks has hired McKinsey & Co. as it works on a restructuring amid fears of job losses and store closures. (Times of London)
Nouriel Roubini explains why the stock market’s new exuberance may be irrational. (MarketWatch)
A storied $125 million mansion in Beverly Hills that was featured in “The Godfather” is in bankruptcy protection. (Bloomberg)
The Boy Scouts of America has mortgaged one of the most spectacular properties it owns, the vast Philmont Scout Ranch in New Mexico, to help secure a line of credit as the financially strapped organization faces a growing wave of new sex-abuse lawsuits. (AP)
The Masonic Hall and Asylum Fund, whose $32 million bid won the auction for the College of New Rochelle’s campus, is known for operating a retirement and nursing care community. (Journal News)
Demand for unitranches, which blend first-priority and subordinated loans into a single facility from just a handful of lenders, is surging as borrowers bypass conventional sources of financing in pursuit of greater speed and simplicity. (Bloomberg)
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