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Liquidators Target Oil Refinery; Diddy Wants to Buy Back Brand; Kaisa Bondholders Reject Swap
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Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, December 3. Here's what you need to know: Liquidators keen on dismantling the bankrupt Limetree Bay oil refinery are challenging its leading bidder, saying their proposed shutdown is better for the local population than another attempted restart. Sean 'Diddy' Combs is poised to buy back the Sean John brand he founded out of bankruptcy. And Chinese developer Kaisa failed to win bondholder support for a debt swap, putting the company on track to become a two-time defaulter.
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The Limetree Bay refinery operated for a few months this year, after nearly a decade offline and a $4.1 billion refurbishment.
PHOTO: ALVIN BAEZ/REUTERS
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Limetree Bay liquidation bidder not giving up. Liquidators that lost a bankruptcy auction for the Limetree Bay oil refinery challenging the winning offer, saying their competing proposal to dismantle the bankrupt facility would benefit the people of St. Croix more than another failed attempt to restart production.
Texas-based industrial manufacturer Bay Ltd. objected Wednesday to the refining complex’s proposed sale to St. Croix Energy LLLP, which wants to restart production there. The backup bidder said its rival offer would deliver more value, help fix longstanding pollution issues and create jobs for at least three years during the planned decommissioning.
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Sean ‘Diddy’ Combs is shown at a pre-Grammy Awards gala in Beverly Hills, Calif., in 2020.
PHOTO: MARK RALSTON/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Kaisa's bondholders reject developer's debt swap. China's Kaisa Group Holdings Ltd. failed to persuade bondholders to agree to a $400 million debt swap, and warned the company might not be able to repay creditors when the bonds it was trying to exchange mature next week. Shenzhen-based Kaisa is one of the Chinese property sector’s biggest offshore borrowers, after China Evergrande Group, with about $10.9 billion of dollar bonds outstanding as of end-June.
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November likely saw strong job gains, but Omicron threat looms. Lower Covid-19 case numbers likely helped propel the U.S. economy and powered strong job gains in November, economists say, but the new Omicron variant could jeopardize that progress. Another surge in cases could make people nervous about leaving the house to work or shop, resulting in slower economic growth.
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Medical cost-sharing group Sharity's liquidation plan approved. Defunct medical cost-sharing group Sharity Ministries Inc. won approval of a bankruptcy plan that is expected to repay members no more than 10 cents on the dollar on more than $300 million in claims.
Judge John Dorsey in the U.S. Bankruptcy Court in Wilmington, Del., on Thursday confirmed Sharity's liquidation plan. In July, the Christian nonprofit filed for bankruptcy and began winding down operations.
Last month, a committee representing more than 60,000 Sharity members filed a $575 million lawsuit against the group's administrator, Aliera Cos., alleging member payments were siphoned off, rendering Sharity insolvent and unable to cover members' medical expenses. -- Becky Yerak
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Blackstone’s Tony James to retire. Hamilton “Tony” James, who helped transform Blackstone Inc. from a small private-equity shop into an investment giant with $731 billion in assets across numerous business lines, is leaving the company.
Mr. James, 70 years old, oversaw the firm’s 2007 initial public offering and led the acquisitions of GSO Capital Partners LP, the foundation of Blackstone’s giant credit arm, and its $45 billion secondaries-investment business, Strategic Partners. He also helped create Blackstone’s Tactical Opportunities business, which makes investments that don’t fit neatly into a private-equity or credit bucket.
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Talen Energy Corp. received a loan from a group led by GoldenTree Asset Management and a division of Silver Point Capital that will provide it with much-needed liquidity after it breached a term on its existing debt. (Bloomberg)
Enron leaves a complex legacy twenty years after its epic bankruptcy. (CNBC)
Chesapeake Energy Corp. said on Thursday it would buy back up to $1 billion of stocks, becoming the latest shale producer to focus on shareholder returns, as energy prices recover from pandemic lows. (Reuters)
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