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Junk Drillers Pounce on Oil Rally | Blackjewel Probes CEO Payments | Private Lending Boom Eases
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Good day. Junk-rated energy companies aren't completely shut off from high-yield debt markets, if the series of risky bond deals last week are any indication. Coal company Blackjewel LLC said its former chief executive and his family-tied businesses collected tens of millions of dollars before its bankruptcy. And a boom in private lending may be easing, according to fundraising numbers.
Now for today's news...
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Risky Energy Companies Exploit Short-Lived Crude Rally
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Despite a chilly market for junk-rated energy companies, several borrowers exploited a short-lived oil rally and favorable market conditions to sell debt, suggesting that capital markets have opened up slightly. Read More.
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Blackjewel Lawyers Scrutinizing Payments to Founder
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Bankruptcy lawyers for Blackjewel LLC are accusing the company’s founder and former chief executive of diverting tens of millions of dollars from the coal miner to other businesses his family controlled. Read More.
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Private Credit Fundraising Waned in 2019
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The recent boom in nonbank lending appears to have waned or at least taken a pause, with funds raised by private credit funds last year down sharply compared with 2018, according to Preqin. Read More.
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Judge Rejects Battery Maker’s Objection to Higher Bankruptcy Fees
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A bankruptcy judge has ruled that a recent increase in fees paid to the federal government’s bankruptcy watchdog is constitutional and applies to a battery maker’s chapter 11 case proceeding. Read More.
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Endo Agrees to Pay $8.8 Million to Settle Oklahoma Opioid Case
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Endo Pharmaceuticals Inc. has agreed to pay roughly $8.8 million to settle claims by the state of Oklahoma that the company’s marketing played a role in the opioid abuse crisis. Read More.
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Parcel Carriers, Truckers Slashed Jobs in December
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Transportation companies slashed jobs in December, as logistics providers that are focused on e-commerce fulfillment retrenched and truckers pulled back in response to slowing industrial freight demand. Read More.
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Low Liquidity Fueled Hidden Flash Crash in Junk Bonds
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When Party City Holdco Inc. reported a large decline in quarterly earnings in November, holders of the retailer’s junk-rated debt scrambled to sell with prices cratering by as much as 50%. Read More.
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$4.2 billion
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Amount of debt issued last week by five, high-yield energy companies: Range Resources, WPX Energy, Transocean, Nabors and Laredo.
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With earthquakes and storms, Puerto Rico's power grid can't catch a break. (New York Times)
The judge overseeing Bumble Bee Foods LLC's bankruptcy ordered it to justify paying three workers allegedly involved in an illegal scheme to fix tuna prices. (Bloomberg)
Federal lawmakers told the Federal Emergency Management Agency to drop its bid for billions out of PG&E Corp.’s settlement with wildfire victims. (Santa Rosa Press Democrat)
Verity Health System's Seton Medical Center may soon be acquired out of bankruptcy by Apollo Medical Holdings and AHMC Healthcare, a Southern California health management company. (San Francisco Chronicle)
Electric scooter-rental startup Lime is laying off 14% of its workforce as it pulls out of a dozen markets in the U.S. and abroad. (Wall Street Journal)
The U.K.’s audit watchdog has delayed a decision on whether to bring enforcement action against KPMG LLP over its work on collapsed outsourcing giant Carillion. (Financial Times)
Moody's lowered its outlook for Pier 1 to negative from stable, reflecting the rating firm's expectations for near-term default. (Retail Dive)
Power provider Tri-State Generation and Transmission Association will close all of its coal-fired power plants and mines in New Mexico and Colorado by 2030. (Colorado Sun)
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