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Energy Investors Fret Over $120 Billion Maturity Wall | Insys to Pay Tiny Fraction of Opioid Claims | Default Roils Chinese Debt Market
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Good day. At a time when bankruptcy filings among oil-and-gas companies are becoming more frequent, the industry is also up against a massive wall of debt maturities. Insys Therapeutics Inc., the first drugmaker bankrupted by the opioid addiction crisis, is tightening up its proposed chapter 11 plan. And a Chinese corporate default suggests the market might be too optimistic about risky lending in the country.
Now for today's news...
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U.S. Oil Patch Stares Down $120 Billion Debt Wall
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The U.S. oil patch is facing a reckoning in coming years when billions of dollars of debt that helped energy companies weather the prolonged commodity price slump comes due. Read More.
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Insys to Pay Pennies on the Dollar for Opioid Crisis Damage
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Opioid maker Insys Therapeutics Inc. has revised its bankruptcy windup plan in an effort to appease critics that feared the defunct company was too generous with its grants of legal immunity. Read More.
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Group Backed by Top Chinese University Fails to Repay Creditors
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A company tied to a prestigious Chinese university failed to repay some bondholders on time, the latest upset to roil a market grappling with rising and less predictable defaults. Read More.
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PG&E Had Systemic Problems With Power Line Maintenance
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PG&E Corp. failed to adequately inspect and maintain its transmission lines for years before a faulty line started the deadliest fire in California history, a state investigation has found. Read More.
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Honeywell Spinoff Sues Former Parent Over Asbestos Liabilities
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Garrett Motion Inc. is suing its former parent, Honeywell International Inc., alleging that it was forced into a burdensome agreement related to billions of dollars in asbestos liabilities. Read More.
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S&P Downgrades Imagine Group Deeper Into Junk
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Imagine Group LLC has been downgraded by S&P Global Ratings, which warned that the private equity-backed marketing company could run short on cash in the next six months if additional financing isn’t raised. Read More.
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Twitter Plans First Sale of High-Yield Debt
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Twitter Inc. is marketing its first-ever unsecured bonds, aiming to raise $600 million in high-yield debt as it tries to bounce back from disappointing third-quarter earnings. Read More.
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$120 Billion
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Amount of energy-company debt maturing in the next three years.
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Short sellers are circling struggling retailers ahead of the holiday season. (WSJ)
Brookfield Asset Management Inc., the Canadian money manager, is holding more cash and sees distressed debt as “highly attractive” as it girds for the next recession, said Chief Executive Bruce Flatt. (Bloomberg)
At Monday’s distressed investing conference in New York, Virtus Capital’s president said markets would sell off big if a "socialist" is elected president in 2020. (CNBC)
A team of students from the University of Pennsylvania’s Wharton School took top honors for the fifth consecutive year at ABI’s 16th Annual Corporate Restructuring Competition. (ABI)
Diamond miners are feeling the pressure after a funding crunch in India’s polishing hub dented sales of rough gemstones. (FT)
Acosta Inc. ruling brings marketing company closer to exiting bankruptcy in two weeks. (Bloomberg)
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