Good day. Exide Technologies LLC is trying to overcome objections from California authorities to end its third bankruptcy, offering to pay the state less to clean up toxic facilities than the company's investment bankers are making.

Meanwhile, the pandemic is hurting the bottom line of indoor workouts and fitness companies. Equinox lenders are mobilizing ahead of a cash crunch, while YogaWorks filed for bankruptcy to close down its studio offerings.

Exide Technologies LLC is plowing ahead with efforts to walk away from contaminated sites in 10 states through bankruptcy, over a challenge from authorities in California, home to some of the battery maker’s most toxic facilities. Read More.

Lenders to Equinox Holdings Inc., the high-end gym operator, have hired advisers for restructuring talks with the company as the coronavirus pandemic continues to curtail the fitness sector, according to people familiar with the matter. Read More.

Private-equity-backed YogaWorks Inc. has filed for bankruptcy and plans to permanently close its dozens of studios across the U.S. but keep offering virtual classes. Read More.

A New York state judge restricted exiled Chinese businessman Guo Wengui and other parties from selling his yacht and Manhattan residence in the Sherry-Netherland Hotel.

The order came in a lawsuit accusing Mr. Guo of failing to repay a loan and days after the residence was placed under bankruptcy protection. The yacht, named the Lady May, is where former Trump adviser Steve Bannon was arrested in August on unrelated fraud charges, to which he has pleaded not guilty. — Jonathan Randles

Ligado Networks LLC sweetened the terms on a multibillion-dollar debt-financing package to entice investors, people familiar with the matter said.

The spectrum venture, which needs cash as it battles political opposition on a major spectrum project, cut the size of the high-yield bond offering to $3.85 billion from the $4.3 billion initially planned, hoping to address investor concerns.

JPMorgan Chase & Co., which is arranging the deal, also boosted the interest rates offered to 15.5% for a $2.85 billion senior bond, up from 13%, and to 17.5% for a $1 billion junior bond, up from 16%. Both bonds would pay interest only upon maturity, while the junior debt is being offered at a 25% discount to face value, according to people familiar with the matter.

Ligado needs the offering to close to avoid a second bankruptcy filing since 2012. — Alexander Gladstone

A group of unhappy J.C. Penney Co. shareholders is seeking a court order unwinding protections granted to top lenders, hoping to avoid a wipeout as the company nears an end to its bankruptcy proceedings.

The shareholder request concerns the $900 million emergency loan Penney took out after declaring bankruptcy in May. With hindsight, the shareholders said it wasn't needed with the company outperforming projections.

Penney has proposed selling the bulk of its stores to its landlords while transferring other assets to the lenders. The proposal, which requires court approval, would wipe out shareholders to repay the bankruptcy loan. Penney declined to comment.  — Andrew Scurria

Last-minute talks averted a contested Chapter 11 sale hearing for travel industry entertainment provider Global Eagle Entertainment Inc. on Thursday, with a Delaware bankruptcy judge approving a handoff to lenders for a $586.5 million debt takeback and other terms worth up to $116 million. (Law360)

Purdue Pharma LP and members of the Sackler family that own the OxyContin maker urged a bankruptcy judge on Thursday to unilaterally reject requests from junior creditors for financial information, saying the documents in question are protected by attorney-client privilege. (Reuters)

Indoor cycling studio chain Cyc Holdings LLC filed for bankruptcy after the coronavirus temporarily shut down its operations in cities across the U.S. (Bloomberg)

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Aisha Al-Muslim; Soma Biswas; Peg Brickley; Alexander Gladstone; Jonathan Randles; Andrew Scurria; Becky Yerak. 

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