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Sears Lawyers and Advisers Have Billed More Than $200 Million | Fire Victims Subpoena PG&E Contractors | Newspaper Publisher McClatchy Skips Payment to Bondholders
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Good day. A year after Sears Holdings Corp. sold its best stores, the shell left behind in bankruptcy is struggling to pay its debts after racking up more than $200 million in bills from lawyers and advisers. PG&E Corp.’s new chapter 11 plan gives fire victims the rights to sue outside contractors and consultants involved in the allegedly lax safety practices that fed the blazes. And McClatchy Co., the nation’s second-largest newspaper publisher, skipped a $12 million bond payment amid talks with lenders and bondholders on a plan to restructure its debt.
Now for today's news...
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Sears Vendors Wait as Bankruptcy Lawyers Get Paid
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Suppliers that stocked the shelves during Sears Holdings Corp.’s bankruptcy are being forced to swallow losses, and employees won’t get the severance they are owed, even as law firms are guaranteed full payment. Read More.
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Fire Victims Subpoena PG&E Contractors, Consultants
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A little-noticed tweak to PG&E Corp.’s chapter 11 plan could add millions of dollars to the payout for victims of the Northern California wildfires that forced the utility into bankruptcy. Read More.
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McClatchy Skips Payment Amid Talks With Creditors
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McClatchy Co., the second-largest newspaper publisher in the U.S. by circulation, skipped a bond payment due Wednesday and said it is negotiating with its lenders and bondholders on a plan to restructure its debt. Read More.
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McDermott Lenders Agree to Hold Off on Declaring Default
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McDermott International Inc. struck a deal for its lenders to wait at least six more days before they declare a default, the engineering company said, as it continues with restructuring negotiations. Read More.
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Federal Prosecutors Want Michael Avenatti Jailed
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Federal prosecutors in California asked a judge to jail lawyer Michael Avenatti, who is scheduled to be tried next week on extortion charges in New York, arguing that he committed multiple crimes while free on bond. Read More.
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How PG&E Filed for Bankruptcy
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PG&E Corp. power lines were blamed for 2018’s Camp Fire, the deadliest wildfire in California’s history. But it was just one of 1,900 fires sparked by the utility since 2014, state investigators say. Watch the video.
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Aluminum Maker Rings in China’s First Dollar Default of 2020
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Qinghai Provincial Investment Group, a state-owned aluminum maker with a history of delayed debt payments, became the first Chinese company to default on dollar bonds this year, S&P Global Ratings said. Read More.
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Cannabis Sector Faces a Shakeout
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The next four to six months will be tumultuous for the cannabis sector, pricing pressure will continue and about 50% of companies with Canadian licenses are facing bankruptcy. Read More.
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$200 Million
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Amount lawyers and advisers have billed Sears Holding Corp. since the retailer's bankruptcy filing in October 2018.
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The largest radio conglomerate in the country, iHeartMedia, initiated a round of mass layoffs this week, cutting enough people that one former on-air host described Tuesday as “one of the worst days in on-air radio history.” (Rolling Stone)
Zhang Yin, known in China as the “Queen of Trash,” and her Nine Dragons Paper is reviving Maine’s Old Town paper mill once controlled by Lynn Tilton. (NYT)
Stage Stores stock jumped 13% Wednesday after announcing an off-price store conversion, 40 store closures. (MarketWatch)
A bankruptcy judge declined Tuesday to reconsider the authorization to close Astria Regional Medical Center in Yakima, Wash. (Yakima Herald)
CQS’s global head of credit Nick Pappas sees opportunities for distressed debt specialists in 2020 as passive investors are forced to sell securities. (Bloomberg)
Specialty apparel retailer Express on Thursday announced a 10% cut in its corporate workforce, at its Columbus, Ohio, headquarters and its New York City design studio. (Retail Dive)
Americore Health LLC was under federal investigation and embroiled in a lender feud when the hospital operator went bankrupt in December. (Bloomberg)
Guitar maker Gibson vows to 'stay true' to historic roots as it plans comeback after bankruptcy. (Tennessean)
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