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Lucky Brand Files for Bankruptcy With Offer From ABG and Simon | Purdue Creditors Want Closer Look at Sackler Family Foreign Holdings | Chapter 11 Bankruptcies Rise 26%
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Good day. Leonard Green Partners’ jeans retailer Lucky Brand Dungarees LLC filed for bankruptcy with a deal from licensing firm Authentic Brands Group and landlord Simon Property Group, which have teamed to buy a number of bankrupt retail brands in recent years. Purdue Pharma LP's creditors want a closer look at the financial dealings of businesses outside the U.S. controlled by the Sackler family. And businesses filing for chapter 11 rose 26% in the first half of this year, according to legal-services firm Epiq Systems Inc.
Now for today's news...
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Jeans Retailer Lucky Brand Files for Bankruptcy
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Clothing retailer Lucky Brand Dungarees LLC has filed for bankruptcy with a possible deal to sell its private equity-backed business to the operator of Aéropostale and Nautica brands. Read More.
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Endologix Files for Chapter 11 Bankruptcy With Deal to be Acquired by Deerfield
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Endologix Inc. said it has filed for chapter 11 bankruptcy with a deal in hand to be acquired by its biggest lender, health-care investment firm Deerfield Management. Read More.
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Purdue Creditors Deamand Info on Sackler Foreign Businesses
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Creditors are issuing new demands for answers from the Sackler family members that own bankrupt OxyContin maker Purdue Pharma LP, saying they won't agree to a settlement without a further look at the books. Read More.
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Chapter 11 Business Bankruptcies Rose 26% in First Half of 2020
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Chapter 11 business bankruptcy filings increased 26% in the first half of this year as more companies sought protection from creditors during the coronavirus pandemic, according to legal-services firm Epiq Systems Inc. Read More.
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Lonestar operates in the Eagle Ford shale in South Texas. PHOTO: JENNIFER HILLER/REUTERS
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Lonestar Resources Skips $14 Million Interest Payment
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Lonestar Resources US Inc., an oil-and-gas producer that recently raised doubts about its ability to survive, said it skipped a $14.1 million bond interest payment due last week. Read More.
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Tailored Brands Skips Bond Payment, Starting 30-Day Clock
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Tailored Brands Inc., which operates Men’s Wearhouse and Jos. A. Bank stores, has skipped a payment to bondholders, but the struggling retailer elected to make scheduled interest payments to lenders due the same day. Read More.
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Tribune Publishing Gives Alden Co-Founder a Board Seat
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Tribune Publishing Co. said it has appointed Randall Smith, the co-founder of Alden Global Capital LLC, to its board, giving the hedge fund further oversight of the newspaper company and extending a standstill agreement between them. Read More.
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Can Restaurants Survive a Second Coronavirus Blow?
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Restaurants that survived the coronavirus hit in March and April are reeling from a second punch that could put more eateries out of business. Read More.
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A Bharti Airtel office building on the outskirts of New Delhi, 2016.
PHOTO: REUTERS/ADNAN ABIDI
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U.K. Government, Bharti Global Commit $1 Billion to Buy OneWeb
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The U.K. government and Bharti Global Ltd. have committed to pay $1 billion to acquire satellite company OneWeb and fund the restart of its operations, the parties said Friday. U.K. Business Secretary Alok Sharma said the government will invest $500 million and take a significant equity stake in the company alongside Bharti Global, part of Bharti Airtel Ltd. Read More.
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How Wirecard Went From Tech Star to Bankrupt
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Markus Braun built Wirecard AG from an obscure firm based in a small town outside of Munich into a global electronic-payments giant. From its perch at the crossroads of online commerce, Wirecard extracted fees for processing credit-card transactions on behalf of businesses. It pushed into emerging markets, bought up smaller firms and struck partnerships to recruit more customers. In its financial statements, sales and profits ticked steadily upward. Read More.
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“If we get rain we go to zero. It’s not a sustainable business model.”
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— Tim McLoone, New Jersey restaurateur
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Luxury Dining Group, owner of the Fig & Olive chain of high-end restaurants with sites in New York, Washington, D.C., and Los Angeles, filed for bankruptcy protection, blaming employee lawsuits and the pandemic. (Bloomberg)
After Wirecard’s collapse is it time to audit the auditors? (FT)
Houston-based Sanchez Energy emerged from bankruptcy under a new name, Mesquite Energy. (Houston Chronicle)
Is a new mobile app enough to save Francesca’s from bankruptcy? (Footwear News)
Coal miners and families reflect on the year since the Blackjewel bankruptcy. (Casper Star Tribune)
With brick-and-mortar stores disappearing, analysts say as much as a quarter of America’s malls may close in the next five years. (NYT)
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