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Lynn Tilton Found Liable in Transcare Failure | Pier 1 To Get New Life Online | Endologix Bondholders Face Wipeout
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Good day. A bankruptcy judge torched turnaround executive Lynn Tilton over her handling of Transcare, an ambulance company that collapsed into bankruptcy in 2016. Pier 1 Imports nabbed a stalking-horse offer for its online business and intellectual property, setting the stage for a modest comeback. And Deerfield Management’s proposed purchase of Endologix out of bankruptcy leaves little in the way of recovery for bondholders.
Now for today's news...
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Bankruptcy Judge Slams Lynn Tilton Over Ambulance Co. Collapse
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Turnaround manager Lynn Tilton was hit with a court ruling finding her liable for nearly $42 million for stripping value out of TransCare Corp., a New York ambulance company that collapsed into bankruptcy in 2016. Read More.
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Pier 1 Imports Gets $20 Million Offer for Branding, Online Business
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Home-goods retailer Pier 1 Imports Inc. has found a potential buyer offering more than $20 million for the bankrupt company’s intellectual property and e-commerce business as its brick-and-mortar operations wind down. Read More.
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Endologix Bondholders to See Little Recovery
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Deerfield Management Co.’s proposed purchase of Endologix Inc. out of bankruptcy would leave bondholders of the medical-device manufacturer with a recovery of less than 3 cents on the dollar. Read More.
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Crude oil is stored in Cushing, Okla. Even with oil prices’ recent rebound, they are still well below where they started the year.
PHOTO: JOHANNES EISELE/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Behind Oil’s Rise Is a Historic Drop in U.S. Crude Output
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For many beleaguered shale producers, oil prices haven’t risen far enough to help ease the strain of debt taken on during boom times. Crude remains well below where it started 2020, and many investors still expect a wave of bankruptcies and industry deals that overhauls the U.S. energy sector. Read More.
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James Zelter, Apollo co-president, heads the firm’s credit business. PHOTO: DAVID PAUL MORRIS/BLOOMBERG NEWS
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Apollo Launches Platform to Make Big Loans
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Apollo Global Management Inc. is launching a big new credit operation as the buyout giant dives deeper into the rapidly expanding pool of direct lending. Read More.
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Argentina Sends Final Offer to Bondholders on Debt Restructuring
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Argentina’s government made what it called its final offer to bondholders for restructuring about $65 billion in foreign debt on Monday as the administration of President Alberto Fernández struggles to find a sustainable solution to its financial problems while the coronavirus pandemic continues to slam the economy. Read More.
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“I don’t think that $40 oil is enough to turn around the shale industry”
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— Andy Lipow, president of Houston-based consulting firm Lipow Oil Associates
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Victims of alleged child sex abuse by priests are asking a federal judge to throw out the Archdiocese of New Orleans’ bankruptcy case, saying the Church filed for the legal protection in “bad faith” as a way to block their lawsuits rather than for a legitimate financial need. (WWL-TV)
KKR-backed Casual Dining Group falls into administration and cuts 1,900 jobs (Private Equity News)
The attraction of utility stocks hasn’t been lost on at least one prominent hedge fund, Paul Singer’s Elliott Management, which has made several utility investments in the past three years, taking stakes most recently in Kansas City–based Evergy and Houston-headquartered CenterPoint Energy. (Barron's)
Law firms are reaping the rewards from pandemic-era retail bankruptcies, including J. Crew, Neiman Marcus and J.C. Penney. (AmLaw)
Forum Energy Technologies is considering restructuring alternatives including bankruptcy, citing the decline in demand for its products and reductions in revenue. (Seeking Alpha)
The husband-and-wife founders of New York City ice-cream maker Ample Hills will leave the company less than a month after the bankrupt creamery sold to Oregonian manufacturing company Schmitt Industries in June. (Brooklyn Paper)
Brick-and-mortar retail was in the midst of seismic changes even before the pandemic. Analysts say as much as a quarter of America’s malls may close in the next five years. (New York Times)
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