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Energy Slowdown Hits Approach Resources | General Motors Safe From Punitive Damages | California Resources Dives on Drilling Halt
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Good day. Financial distress in the U.S. oil patch seems to be accelerating, with Approach Resources Inc. becoming the latest energy explorer to wind up in chapter 11. General Motors Co.'s government-sponsored bankruptcy protects the company from punitive damages stemming from unsafe cars, a federal appeals court said. And investors dumped California Resources Inc. after state authorities put new restrictions on fossil fuel drilling.
Now for today's news...
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Approach Resources Is Latest Energy Co. to Declare Bankruptcy
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Approach Resources Inc. filed for bankruptcy Monday, the latest in a string of chapter 11 filings by financially distressed oil-and-gas drilling companies grappling with a decline in commodity prices. Read More.
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General Motors Shielded From Punitive Damages on Ignition Switches
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A U.S. appeals court shielded General Motors Co. from punitive damages stemming from alleged misconduct from before the auto maker’s 2009 bankruptcy, limiting its liability for faulty ignition switches. Read More.
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California Resources Plunges After State Halts New Drilling
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California Resources Corp. bonds and shares plunged after California authorities imposed a moratorium on steam-injected oil drilling and announced a new review process for fracking projects. Read More.
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Fire Victims Insist $11 Billion Insurance Pact Is Blocking PG&E Deal
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Victims of wildfires linked to PG&E Corp.’s equipment said property insurers with billions of dollars on the line aren’t at the negotiating table, lowering the chances of a comprehensive deal to end the bankruptcy. Read More.
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States AGs Agree to Longer Halt on Purdue Family Claims
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Purdue Pharma LP has convinced 24 states and the District of Columbia to comply with a bankruptcy court injunction halting opioid lawsuits against the company and the controlling Sackler family, at least temporarily. Read More.
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Fannie, Freddie Regulator Eyes New Capital Requirements
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Fannie Mae and Freddie Mac’s federal regulator kicked off a process for the mortgage-finance companies to raise enough capital for them to return to private ownership and end their lengthy conservatorship. Read More.
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Carl Icahn Placing a Big Bet Against Mall Owners
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Investors have lost hundreds of millions of dollars wagering that struggling mall owners won’t be able to pay their debts. Those losses haven’t deterred Carl Icahn from making the same bet. Read More.
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Retailer Results Send Mixed Signals on Consumer Spending
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Retailers gave a mixed read on consumer spending heading into the pivotal holiday season, with department store chain Kohl’s Corp. and Home Depot Inc. reporting weak demand. Read More.
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Bondholders Ease Off Citgo Seizure, Pending Legal Ruling
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Bondholders circling Venezuela's Citgo Petroleum Corp. won't try to foreclose on the company until a judge weighs in on their claims. They are locked in litigation with Venezuela's U.S.-backed opposition government, which desperately wants the asset shielded from seizure after a $913 million debt default. The Trump administration has protected Citgo through mid-January. Now, bondholders will wait longer to try to foreclose, pending the outcome of legal proceedings in New York that will stretch on for months longer. — Andrew Scurria
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$180 Billion
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Previous federal estimate for capital needs at Fannie Mae and Freddie Mac. Regulators now think they need more.
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While bankruptcy is a rare outcome for biopharmas, 2019 has bucked that trend with an uptick in chapter 11 filings. (BioPharm Dive)
Vertex Railcar Corp. faces an involuntary Chapter 7 bankruptcy petition claiming the company owes more than $45 million, mainly to one of its owners. (Wilmington Biz)
Bond investors with mall exposure face a wave of downgrades as Black Friday is about to kick off. (MarketWatch)
Did third-party delivery contribute to the bankruptcy of the Houlihan’s Restaurant + Bar chain? (Restaurant Business)
A former LeClairRyan partner who sued the defunct firm for gender discrimination can attempt to collect on an $885,000 arbitration award by pursuing its insurers. (Law360)
The wife of indicted San Antonio oil-and-gas businessman Brian Alfaro will pay $370,000 to a court-appointed receiver under a settlement “reluctantly” approved by a bankruptcy judge. (San Antonio Express-News)
The recent bankruptcy of Murray Energy Corp. is likely to increase significantly the debt of a struggling federal trust fund that supports disabled miners’ health care expenses. (WEKU News)
The bankrupt parent of two Philadelphia hospitals has agreed to resolve a protracted dispute with service providers that had threatened to derail a $50 million sale. (Bloomberg)
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