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Coachella Developer Fights to Save Hotel; RentPath Finds Second Buyer; GPB Investors Want Answers
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Good day. The embattled developer behind a half-built hotel in Coachella, Calif. is defending itself against a lender, saying a bankruptcy loan in the works would ease a successful reorganization. Real-estate brokerage Redfin agreed to buy RentPath out of bankruptcy after a prior deal collapsed. And investors in private-equity firm GPB Capital are asking what went wrong.
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ETIENNE LAURENT/SHUTTERSTOCK
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Developer of Unfinished Coachella Hotel Spars With Lender in Bankruptcy
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The developer of an unfinished luxury hotel that sought to capitalize on the popularity of the Coachella Valley Music and Arts Festival is fighting in bankruptcy with a lender that has said the project was grossly mismanaged. Read More.
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Redfin Agrees to Buy RentPath for $608 Million After CoStar Deal Collapsed
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Real-estate brokerage Redfin Corp. has agreed to buy apartment search site operator RentPath Holdings Inc. out of bankruptcy for $608 million, in a deal that would combine operators of leading U.S. property listing websites for purchasing and renting a home. Read More.
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GPB Capital Investors Ask Why the SEC Waited So Long to Act
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The Securities and Exchange Commission’s recent move to install an outside monitor to oversee private-equity firm GPB Capital Holdings LLC has prompted some of the firm’s investors and their lawyers to ask what took so long. Read More.
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Bankruptcy Judge Approves Sale of In-Shape Health Clubs to Aquiline Capital
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A bankruptcy judge approves the sale of In-Shape Holdings LLC to private-equity firm Aquiline Capital Partners LLC. The transaction allows In-Shape to continue operating under new ownership after the health club operator filed for chapter 11 protection in December. The Calif.-based chain of health clubs is one of several gym operators that have been pushed into bankruptcy during the Covid-19 pandemic. — Jonathan Randles
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Garrett Motion Settlement Talks With Minority Shareholders Continue
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Auto parts maker Garrett Motion's discussions with a minority shareholder group over restructuring terms will continue, the company's lawyer said at a bankruptcy court hearing Friday. Garrett Motion is in settlement talks with a group of shareholders who are pushing a rival restructuring plan to the company's preferred strategy.
The company's plan has garnered support from former parent Honeywell International Inc., a key creditor in the chapter 11 case. The company is making progress in its discussions with the holdout shareholders and may have a deal by Monday, Garrett Motion's lawyer told Judge Michael Wiles Friday. — Soma Biswas
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Quibi Says Elliott Management Might Have Supported Patent Lawsuit Because of Personal Motive
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Defunct streaming service Quibi is trying to force executives at Elliott Management to explain whether the hedge fund’s involvement in financing a patent lawsuit against the company was motivated by a relationship between Elliott’s founder and a colleague. Read More.
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Companies Aren’t Saving Their Pennies as Markets Turn Bubbly
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Companies facing major pandemic-related challenges such as hospital systems, movie theaters and sit-down restaurant chains have had little trouble accessing capital. It is about a lot more than survival, though. This environment has opened the door for management teams to get creative and ultimately take more risk. Read More.
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“After Madoff, there is just no excuse."
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— Joseph Peiffer, a lawyer for plaintiffs suing GPB Capital Holdings LLC, a private-equity firm accused by New York regulators of a Ponzi-like operation
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Why it’s time to lift the trading ban on Venezuela’s debt. (Financial Times)
The Delaware judge presiding over the Weinstein Co. bankruptcy has rejected a request by four women who have accused disgraced film mogul Harvey Weinstein of sexual misconduct to put her approval of the company’s bankruptcy plan on hold. (Associated Press)
The Federal Reserve warned of significant risks of business bankruptcies and steep drops in commercial real estate prices in a report published on Friday. (Bloomberg)
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