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Chesapeake Files to Cut $7 Billion Debt | Remington Eyes Bankruptcy Sale to Navajo | Creditors Question Sable Permian Governance
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Good day. Fracking pioneer Chesapeake Energy, which helped lead a rebirth of U.S. fossil-fuel output, filed for bankruptcy hoping to trim roughly $7 billion in debt. Firearms manufacturer Remington Arms is staring down the barrel at a chapter 22 bankruptcy and preparing to tap the Navajo Nation as a stalking horse bidder, WSJ Pro Bankruptcy reports exclusively. And Sable Permian, a West Texas fracker that has made a habit out of debt restructuring, is facing tough questions from creditors after filing for bankruptcy.
We also offer coverage of how mutual funds are suddenly outflanking supposedly savvier debt investors, and how private-equity firms aren't spending their dry powder to save troubled investments.
Now for today's news...
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Fracking Trailblazer Chesapeake Energy Files for Bankruptcy
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Chesapeake Energy Corp. filed for bankruptcy protection as an oil- and gas-price rout stoked by the coronavirus pandemic proved to be the final blow for a shale-drilling pioneer long hamstrung by debt. Read More.
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Remington Preps for Bankruptcy, Seeks Sale to Navajo Nation
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Firearms manufacturer Remington Arms Co. is preparing to file for chapter 11 protection for the second time since 2018 and is in advanced talks for a potential bankruptcy sale to the Navajo Nation. Read More.
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Sable Permian Creditors Question Fracker's Bankruptcy Governance
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West Texas fracker Sable Permian Resources LLC has filed for bankruptcy protection after years of out-of-court restructurings, though secured bondholders are concerned about the company’s corporate governance. Read More.
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Lenders to Ailing Companies Circle Wagons to Fend Off Distressed-Debt Investors
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Once viewed as slow and passive, mutual funds eager to protect investments in troubled companies are now banding together to fend off the hedge funds and other savvy investors that specialize in distressed debt. Read More.
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Private Equity’s Trillion-Dollar Piggy Bank Holds Little for Struggling Companies
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The mountain of cash held by private-equity firms is turning out to be a mirage for companies they own that are struggling due to the coronavirus pandemic as the dry powder does little to soften the blow to portfolio companies. Read More.
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Like many other retailers, Neiman Marcus had to close stores due to the coronavirus pandemic.
PHOTO: TAMPA BAY TIMES/ZUMA PRESS
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High-Ranking Neiman Marcus Lenders Criticize Lazard Fees
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A group of Neiman Marcus Group Ltd. lenders wants to cut payments to investment bank Lazard Ltd. by nearly $10 million, saying the fees aren’t justified when the department-store chain has a clear path to exiting bankruptcy. Read More.
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A Virgin Australia flight takes off from Sydney in March.
PHOTO: LOREN ELLIOTT/REUTERS
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Virgin Australia Set to Keep Flying After Bain Agrees to Buy Airline
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U.S. private-equity firm Bain Capital agreed to buy insolvent airline Virgin Australia Holdings Ltd., charting a future involving fewer and smaller planes, mirroring strategies adopted by other carriers, including in the U.S. Read More.
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“They were threatening to absolutely screw us"
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— Eaton Vance mutual-fund manager Craig Russ, on fighting back against distressed-debt investors that had targeted Serta Simmons Bedding
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American Dream’s financial woes are worsening as the New Jersey mega mall sits closed with no reopening date (NJ.com)
If you have a gift card for JCPenney, J. Crew, or another bankrupt retailer, experts say you should use it right away. (Business Insider)
Ravn Air Group will go to the auction block (Anchorage Daily News)
Elsie mooves on: Borden dairy sold to private equity firms (Associated Press)
Mexican retailer Grupo Famsa seeks chapter 11 protection (Reuters)
Bankrupt Le Pain Quotidien received court approval to be sold, allowing at least 35 U.S. stores to remain in business. (Bloomberg)
Martin Midstream Partners said it has entered into an agreement for an out-of-court restructuring of $323 million in debt. (Law360)
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