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McClatchy Bows to Print Media's Decline | Dura Automotive Scrambles for Funding | RentPath Bankruptcy Loan Hedges Antitrust Risk
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Good day. Faced with mounting pension debts and a challenging media landscape, newspaper publisher McClatchy Co. filed for bankruptcy to hand itself over to creditors. Dura Automotive Systems LLC, one of the companies caught up in Lynn Tilton's battles with investors, lost access to its bankruptcy loan. And bankrupt RentPath Inc. laid out a plan to handle potential trouble from federal antitrust cops.
Note to subscribers: The Pro Bankruptcy Briefing won't be published Monday in observance of the Presidents Day holiday in the U.S.
Now for today's news...
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Newspaper Publisher McClatchy Files for Chapter 11 Bankruptcy
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McClatchy Co., the second-largest U.S. newspaper group by circulation, filed for bankruptcy as print media struggles to cope with a decline in advertising and the challenges of building a robust digital business. Read More.
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Dura Hunts for Financing After Bankruptcy Lender Backs Away
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Dura Automotive Systems LLC, one of the companies caught up in a dispute between Lynn Tilton and investors, is looking for alternative financing after its bankruptcy lender balked at providing more cash. Read More.
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RentPath Can Tap Bankruptcy Loan En Route to CoStar Sale
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RentPath Inc. has devised a funding mechanism to keep itself afloat in the event that antitrust regulators take a long time determining whether to approve a proposed $588 million sale to competitor CoStar Group Inc. Read More.
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Philadelphia Energy Solutions Sues Insurers Over Disaster Coverage
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Philadelphia Energy Solutions secured approval of a debt repayment plan but action continues in bankruptcy court as the refiner tries to collect on $1.2 billion in insurance. Read More.
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Puerto Rico Government Hit by $4 Million Online Scam
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An online fraud aimed at Puerto Rico government agencies sought to divert more than $4 million in public funds, authorities said, raising concerns about the island’s handling of its finances. Read More.
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Modell’s Hires Restructuring Pros After Cheerless Holiday Showing
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Modell’s Sporting Goods, the century-old New York-area chain, has hired a trio of advisers in recent weeks in an effort to save itself after a poor showing over the holidays, said CEO and family scion Mitchell Modell. Read More.
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Behind the Rise of Direct Lender Owl Rock: Low Fees
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When Doug Ostrover left Blackstone Group in 2015 to launch direct-lending firm Owl Rock Capital Partners, he had a simple strategy: Get big fast by charging much lower fees than the competition. Read More.
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$496
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McClatchy Co.'s peak stock price in 2006 after it acquired Knight Ridder. It filed for bankruptcy on Thursday.
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Bankruptcy courts punished a home-loan firm again and again. Its customers kept losing their homes anyway. (Houston Chronicle)
Bankrupt Celadon Group accused an equipment recovery company of illegally seizing equipment. (Freight Waves)
Rep. Rashida Tlaib urged the Federal Reserve to bail out bankrupt Detroit and Puerto Rico. (Washington Examiner)
Jimenez Arms, the Nevada-based gun manufacturer that Kansas City sued last month, has filed for chapter 7 bankruptcy. (NPR)
Emerging market debt is holding up even with fears economies could be impacted by the coronavirus. (CNBC)
Cuba failed to meet payments last year on its restructured debt to wealthy nations. (Reuters)
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