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24 Hour Fitness Seeking Bankruptcy Loan | 'Essential' Marijuana Workers Denied Bankruptcy Protections | PG&E Plan Clears Regulators
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Good day. Gym chain 24 Hour Fitness Worldwide Inc. is shopping for a bankruptcy loan while negotiating with landlords, as have so many consumer-facing businesses trying to weather the coronavirus pandemic. Marijuana businesses and workers can't use the bankruptcy code to protect themselves from creditors, even in states where cannabis has been declared an essential business. And PG&E Corp. is a step closer to wrapping up its bankruptcy, clearing a key vote among California utility regulators.
Now for today's news...
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24 Hour Fitness Seeks Bankruptcy Loan as Gym Shutdowns Drag On
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Midprice gym chain 24 Hour Fitness Worldwide Inc. is seeking a financing package to stay afloat through a possible bankruptcy filing that could come within weeks, according to people familiar with the matter. Read More.
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U.S. Blocks ‘Essential’ Marijuana Workers From Bankruptcy Protection
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The Justice Department is preventing struggling cannabis businesses and their workers from accessing bankruptcy to weather the pandemic, even in states where medical marijuana is an essential industry. Read More.
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California Utility Regulators Approve PG&E’s Chapter 11 Exit Strategy
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California’s Public Utilities Commission voted to approve PG&E Corp.’s strategy for exiting bankruptcy, having resolved $25.5 billion in claims stemming from wildfires linked to the company’s equipment. Read More.
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Restaurants anticipate months of sales losses due to capacity constraints. Customers sit at a restaurant this week in South Beach, Miami.
PHOTO: CHANDAN KHANNA/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Socially Distant Dining Rooms Could Wipe Out Restaurants' Business
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Restaurants that built their businesses on keeping seats full are trying to figure out how to run at a fraction of that capacity.
Across the U.S., dining rooms are reopening and some customers are returning, industry data shows. But restaurants say they expect months of sales losses ahead due to capacity constraints imposed to contain the new coronavirus. Read More.
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James Bond’s Miami Beach Hotel, Is Shaken, Not Stirred, by Debt
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The Fontainebleau luxury hotel is among those now seeking to renegotiate terms with lenders, highlighting how deeply the coronavirus pandemic has cut into a popular segment of deals that concentrate investors’ risk into a single asset. Read More.
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Mideast-Based NMC Health Files for Bankruptcy in the U.S.
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NMC Health PLC, a hospital operator based in the United Arab Emirates that collapsed amid allegations of a multibillion-dollar fraud, filed for bankruptcy protection in the U.S. and could liquidate as it faces shareholder lawsuits over its financial irregularities. Read More.
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J.C. Penney Reopens 150 Stores; Targets 500 Open by June 3
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J.C. Penney Co. on Thursday said it has reopened another 150 stores in 27 states following the temporary nationwide closures prompted by the coronavirus pandemic. The Plano, Texas, retailer said it has now reopened 304 stores, or roughly a third of its fleet around the U.S., adding that it plans to have nearly 500 stores reopened by June 3. It filed for bankruptcy earlier this month. — Colin Kellaher
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“You walk in and it feels like a tomb"
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— Ray Washburne, co-owner of a Texas-based restaurant group
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More large bankruptcies were filed this month than at any time since 2009 (Bloomberg)
The disruption at Hertz Global Holdings Inc. is just one of many unusual things happening in car-related businesses right now. (New York Magazine)
Carl Icahn takes a $1.8 billion loss as he dumps stake in bankrupt Hertz (New York Post)
AMC Entertainment stock upgraded as ‘Bankruptcy risk appears to have subsided’ (Variety)
LATAM Airlines Group’s U.S. bankruptcy filing this week will delay its potential bailout in Brazil to at least July (Reuters)
As Neiman Marcus navigates bankruptcy, what happens to Bergdorf Goodman? (Vogue)
How the coronavirus sped up retail bankruptcies (Retail Dive)
Vince McMahon said in a court filing that he won't try to buy back the XFL (ESPN)
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