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Dean Foods Can Tap DIP Loan | McClatchy Looking to Unload Pensions | Court: Colleges Can Be Forced to Return Tuition Payments
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Good day. Lenders have agreed to keep the milk flowing as Dean Foods Co. spurns rival financing offer from bondholders. McClatchy Co. is looking to dump its pensions as the struggling newspaper publisher works to restructure its debt. And colleges can be forced to return tuition payments when bankrupt parents pay for their kids’ education.
Now for today's news...
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Milk Processor Dean Foods Can Tap Bankruptcy Loan
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Dean Foods Co., the nation’s largest milk processor, won approval for a bankruptcy loan Wednesday that will keep the milk flowing to stores while it works on a sale of its assets. Read More.
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McClatchy Seeks to Have U.S. Take Over Pensions
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McClatchy Co., said it has begun talks with its creditors and federal authorities about a possible government takeover of its pension fund as the newspaper publisher works to restructure its debt. Read More.
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Colleges Can Be Forced to Return Tuition When Parents Go Bankrupt
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Colleges can be forced to return tuition payments made for students whose bankrupt parents can’t cover their own debts, according to a recent federal appeals court ruling. Read More.
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SoCal Edison Agrees to Settlement in 2017, 2018 Wildfires
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California’s second-largest utility company has agreed to pay $360 million to compensate about two dozen local governmental entities for damages and other costs related to a series of fires in 2017 and 2018. Read More.
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PG&E Board Member Frederick Buckman Resigns
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PG&E Corp. said Frederick Buckman has resigned from the company's board of directors. Mr. Buckman, a former utility executive, was appointed to the board in April as part of a governance shakeup.
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Mr. Buckman joined PG&E's board after a series of deadly fires within the company's service territory. The utility is scrambling to make its electric system safer and restructure in bankruptcy court. —Katherine Blunt
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WeWork’s Loss Balloons to $1.25 Billion
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Office-space startup WeWork lost $1.25 billion in the third quarter as expenses far outpaced revenue growth, draining the company’s cash ahead of a bailout by SoftBank Group Corp. last month. Read More.
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$425 Million
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The size of debtor-in-possession loan that lenders are providing to Dean Foods Co.
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“I still remember the head of distressed [investments] saying they [PG&E] are not going to file for bankruptcy,” said a former BlueMountain portfolio manager. How BlueMountain lost its way. (FT)
The plant-based milk industry keeps growing, while sales of cow’s milk are slipping. (MarketWatch)
Brookfield Property Partners LP has boosted its bet on malls, buying JPMorgan Chase & Co.’s holdings in four U.S. shopping centers in which the firms were co-invested. (Bloomberg)
The Navajo Nation will not back bonds needed by a tribal energy company that bought Cloud Peak Energy mines out of bankruptcy. (Cronkite News)
The Trump Organization is suing Dean & DeLuca, troubled New York retailer, for defaulting on a lease for the ground-level space at 40 Wall Street in Manhattan. (Crains New York)
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