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Garrett Shareholders Beat Stalking Horse; Valaris Ch. 11 Exit On Track; Washington Marriott Shuts For Good
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Good day. Bankrupt car part maker Garrett Motion got behind a shareholder-backed restructuring, cancelling a planned sale and settling with onetime foe Honeywell International. Offshore drilling contractor Valaris won't lose control of its bankruptcy before putting a restructuring proposal to the test. And Washington’s Marriott Wardman Park filed for bankruptcy after closing its doors for good.
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Garrett selected the proposal from investors led by Oaktree Capital Management and Centerbridge Partners over a competing offer from stalking-horse bidder KPS Capital Partners.
VACLAV SALEK/ZUMA PRESS
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Garrett Motion Shareholders Win Bankruptcy Bidding War
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Bankrupt auto-parts maker Garrett Motion Inc. said it would hand itself over to shareholders led by Centerbridge Partners LP and Oaktree Capital Management LP while resolving a long-running legal dispute with former parent company Honeywell International Inc. Read More.
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Valaris Gets Brief Extension of Exclusive Control Over Bankruptcy
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Drilling contractor Valaris PLC, scheduled to seek an exit from chapter 11 next month, protected its exclusive control over its restructuring terms but didn’t get a requested four-month extension of exclusivity. Read More.
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Pandemic Pushes Washington’s Marriott Wardman Park Into Bankruptcy
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The owner of Washington’s Marriott Wardman Park filed for bankruptcy after the coronavirus pandemic and a feud with Marriott International Inc. forced the convention hotel to close for good. Read More.
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Chesapeake Energy Worth $5.13 Billion, Bankruptcy Judge Says
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Chesapeake Energy Corp. is worth $5.13 billion, a Houston bankruptcy judge said Friday, a preliminary valuation that could help resolve legal disputes over the company's exit from chapter 11.
U.S. Bankruptcy Judge David Jones said during a court hearing Friday his preliminary valuation is based on calculations made during a multiweek trial over Chesapeake's chapter 11 plan of reorganization and could change based on additional arguments by company and creditor lawyers. Chesapeake's financial adviser previously calculated the value of the reorganized oil-and-gas producer to be between about $3.5 billion and $4.7 billion. — Jonathan Randles
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Midwestern Retailer Stock+Field Files for Bankruptcy, Closing Stores
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Midwestern farm, home and outdoor retailer Stock+Field has filed for bankruptcy and plans to close all of its stores by March after 65 years in business. Read More.
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Goodman Networks Loses DirecTV Contract, Tanking Bonds
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Goodman Networks Inc. lost a home service provider contract with DirecTV LLC that generates the bulk of the wireless infrastructure company’s earnings, according to people familiar with the matter. Read More.
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Checkers Drive-In Gets $20 Million Lifeline From Oak Hill
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Checkers Drive-In Restaurants Inc., the company behind the Checkers and Rally's burger chains, raised $20 million from private equity owner Oak Hill Capital Partners. The infusion will be used to finance a five-year growth plan, the company said. Checkers enjoyed strong results last year, with same-store-sales rising by high single-digit percentages, according to Peter Armstrong, principal at Oak Hill. In 2020, Checkers approved 40 new franchisees and plans to add 72 new locations. — Soma Biswas
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The victories of Raphael Warnock and Jon Ossoff in Georgia clinched Democratic control of both Congress and the presidency for the first time in a decade.
ELIJAH NOUVELAGE/REUTERS
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Democratic Control Sparks Unease in Private Equity
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The private-equity industry’s standing hopes for a divided government have been dashed, and the industry is now likely to face a higher tax bill and stricter oversight under the incoming Congress. Read More.
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“I would expect private equity to be quite a bit more on its back foot now."
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— Milan Dalal, managing partner of public-affairs and lobbying firm Tiger Hill Partners.
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Former Brigade Capital Management LP partner Carney Hawks is planning to raise money for a blank-check firm that will target distressed companies. (Bloomberg)
In documents filed in bankruptcy court, Loves Furniture said warehousing and delivery problems led to bad customer experiences, canceled orders and ultimately the company's financial distress. (Detroit Free-Press)
Reform our bankruptcy laws before a tsunami of Covid debt comes due, says Georgetown University law professor Adam J. Levitin (CNBC)
Wyoming's long-held dream of exporting Powder River Basin coal from a terminal off the West Coast was recently dashed when the project's owner filed for bankruptcy and failed to find an interested buyer. (Casper Star-Tribune)
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