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Dayton Superior Nearing Out-of-Court Deal | Struggling SAExploration Facing Lender Deadline | Chapter 11 Trustee Appointed for Oklahoma Merge
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Good day. Dayton Superior Corp. is nearing an out-of-court restructuring that will slash millions in debt off its books, writes WSJ Pro’s Alex Gladstone. Oil-field services business SAExploration Holdings Inc. is up against the clock with lenders Whitebox Advisors LLC, BlueMountain Capital Management LLC and Highbridge Capital Management LLC over missing financial statements. And a bankruptcy judge ousted the management of Oklahoma Merge LP from the day-to-day operations of the oil-and-gas company.
Subscribers' Note: There will be no newsletter on Thursday or Friday because of the Thanksgiving holiday. See you on Monday.
Now for today's news...
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Dayton Superior Nears Out-of-Court Restructuring Deal
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Dayton Superior Corp. is closing in on an out-of-court restructuring deal that will slash its debt as the concrete maker struggles from pricing pressure in the construction materials sector. Read More.
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Struggling SAExploration Facing Nov. 30 Lender Deadline
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Oil-field services business SAExploration Holdings Inc. is up against the clock with both Nasdaq and a lender group that includes several distressed-debt-focused hedge funds. Read More.
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Oklahoma Merge Management Ousted From Control
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A bankruptcy judge ousted the management of Oklahoma Merge LP from the day-to-day operations of the oil-and-gas company, saying its executives are too conflicted with a major shareholder. Read More.
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Prosecutors Launch Criminal Probe of Opioid Makers, Distributors
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Federal prosecutors have opened a criminal investigation into whether pharmaceutical companies intentionally allowed opioids to flood communities, employing laws normally used to go after drug dealers. Read More.
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MiMedx Ex-Senior Executives Indicted on Fraud Charges
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Two former senior executives of MiMedx Group Inc. were indicted on accounting-fraud charges in 2015 and 2016, capping a tumultuous period for the high-profile maker of tissue grafts. Read More.
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PG&E Stock Could Double—or Be Worth $0.
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It is difficult to predict the outcome of Pacific Gas & Electric's bankruptcy. So tough, in fact, that a Citigroup Inc. analyst predicts that the company's stock could either rise 100% or go to zero. Read More.
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$210 Million
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Amount of Dayton Superior Corp. term loan that would be converted into equity under out-of-court restructuring deal.
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A UBS trader is winning big in the booming market for junk bonds issued by Chinese companies. (WSJ)
How Aurelius Capital’s bet on Puerto Rico bonds wound up before the Supreme Court—with ordinary Puerto Ricans arguing in the hedge fund’s favor. (NY Times)
Brown Rudnick faces $300 million malpractice lawsuit over botched bankruptcy claim. (American Lawyer)
The bankruptcy fight between McKinsey & Co. and Jay Alix is a regrettable one for McKinsey, even if it is fully vindicated. (Economist)
Chesapeake Energy Corp.’s potential asset sale may not be enough to solve its credit problems. (Bloomberg)
The owner of crafts retailer A.C. Moore, Nicole Crafts, on Monday said it is leaving the retail business, with plans to close most locations. (Retail Dive)
Premium Point Investments co-founder Anilesh “Neil” Ahuja was sentenced to 50 months in prison for conspiring to overvalue the hedge fund’s assets by more than $100 million. (Bloomberg)
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