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U.S. Bankruptcy Monitors Fight Sackler Family Deal; GPB Capital Founder Wants Talks
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Good day. Purdue Pharma's bankruptcy plan is being appealed by Justice Department watchdogs who is challennging its treatment of the drugmaker's wealthy family owners. And GPB Capital, the private-equity firm at the center of an alleged Ponzi-like scheme, is also dueling with its founder who faces criminal charges.
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Purdue pleaded guilty last year to three federal felonies over its marketing and selling of OxyContin, its flagship opioid painkiller.
PHOTO: GEORGE FREY/REUTERS
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GPB founder accused of fraud seeks millions from the firm. GPB Capital Holdings LLC founder David Gentile, who faces criminal and civil fraud charges tied to his operation of the private-equity firm, is asking for court-supervised mediation to obtain what he says GPB owes him as its general partner and owner.
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Sales at restaurants were flat last month after rising briskly for most of this year.
PHOTO: LEV RADIN/PACIFIC PRESS/ZUMA PRESS
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“Delta? What Delta?”
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— Ian Shepherdson, chief economist at Pantheon Macroeconomic Advisers
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Evergrande’s woes fuel selloff in Chinese property stocks. A selloff in Chinese property stocks intensified Thursday, as concern mounted about the effects of an official campaign to rein in the sector that has already sparked turmoil at China Evergrande Group. On Tuesday, Evergrande said it had hired financial advisers, moving closer to a potential debt restructuring and dragging down sentiment toward the whole sector.
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Luxury resort's minority shareholder makes competing bankruptcy loan. A minority shareholder in the Bishop's Lodge hotel in Santa Fe, N.M., has made an alternate financing proposal for the resort's bankruptcy proceedings amid a feud between other shareholders.
HRV Santa Fe LLC, a company led by hotel entrepreneur Richard Holland that owns an 8.5% interest in the resort, is proposing a roughly $90 million debtor-in-possession facility. Mr. Holland said that the DIP facility and an accompanying exit facility would save the resort at least $4 million compared to the DIP that Bishop's Lodge's other shareholders already agreed to, and would provide shareholders with a superior recovery.
"The original DIP makes it all but certain that equity will see no recovery," Mr. Holland said in a court filing.
The other shareholders made an agreement, which has yet to receive court approval, under which lender Juniper Bishops LLC would take ownership of the resort while the credit arm of Fortress Investment Group would restructure a roughly $43 million loan with an extended maturity. — Alexander Gladstone
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Trustee seeks at least $30 million for unfinished Coachella, Calif hotel. A bankruptcy trustee in charge of selling a half-built luxury hotel in Coachella, Calif. is seeking at least $30 million for the land and property. Potential buyers would also need to assume about $13 million in liens and assessments attached to the hotel project which sought to capitalize on the popularity of the Coachella Valley Music and Arts Festival, according to court papers filed in the U.S. Bankruptcy Court in Los Angeles.
Developers sought to open a boutique hotel operating under the Hotel Indigo banner but were hindered by management problems and disputes with its primary lender, which will have the right to use debt forgiveness to acquire the property if a buyer isn't found, court papers say. A development company behind the hotel project filed for bankruptcy in February. — Jonathan Randles
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Co-founder of vegan fast-casual chain chef Chloe Coscarelli is mourning the loss of the company she founded, but said it’s probably “for the best” as it will bring to an end a years-long legal saga, she wrote last week. The chain filed for Chapter 11 bankruptcy protections in December 2020 and was acquired by a consortium of investors that already had stakes in the company, including Bain Capital LP, in March. (New York Post)
Sears is closing its Woodfield Mall store in November, leaving the iconic retailer without a single department store in Illinois, where it built its retail empire. (Chicago Tribune)
PG&E Corp. is being sued by more than 200 victims of the Dixie Fire, adding to the potential wildfire liabilities confronting a utility that barely a year ago emerged from a bankruptcy case sparked by earlier fire damages. (Sacramento Bee)
Marble Ridge Capital founder Daniel Kamensky has had his New York law license suspended months after pleading guilty to bankruptcy fraud and receiving a six-month sentence. (Bloomberg)
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