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Mall Landlord Floats $950 Million Debt Cut; Tour Bus Operator Files Chapter 11; Lordstown's Executive Shakeup
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Good day. Mall owner Washington Prime Group filed for bankruptcy, proposing a handover to creditors with an equity recovery. A tour bus operator also filed, showing the pandemic's deep strains on businesses that depend on live events.
And Lordstown Motors parted ways with two top executives while welcoming fresh outside advisers.
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Lockdowns took their toll on retailers, many of which were already battered by the shift to online shopping.
PHOTO: MICHAEL REYNOLDS/SHUTTERSTOCK
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Mall Owner Washington Prime Seeks $950 Million Debt Cut in Bankruptcy
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Mall landlord Washington Prime Group Inc. filed for chapter 11 protection in the U.S. Bankruptcy Court in Houston after signing a restructuring support agreement with creditors that hold most of its debt. Read More.
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Tour Bus Operator That Chauffeured Dave Chappelle, 2 Chainz Files Bankruptcy
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Rapper DaBaby performs at Orlando Amphitheater on April.
PHOTO: GERARDO MORA/GETTY IMAGES
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A tour bus operator that has provided coaches to comedian Dave Chappelle and music artists including DaBaby and 2 Chainz has filed for bankruptcy, highlighting the pandemic’s ongoing financial toll on private bus operators even with the live-events industry poised to rebound. Read More.
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Steve Burns stepped down as chief executive and as a board member of Lordstown Motors on Monday.
PHOTO: MATTHEW HATCHER/BLOOMBERG NEWS
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Lordstown Motors Executives Resign Amid Inaccurate Preorder Disclosures
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Lordstown Motors Corp., one of the most ambitious electrical-vehicle startups, said its chief executive and top financial leader resigned after a new report from a board committee found inaccuracies in parts of the company’s disclosures on truck preorders. Read More.
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Lordstown also hired an outside advisory firm to handle its finances after a board report found inaccuracies in some of the startup's disclosures about truck preorders. Read More.
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The Pandemic Supercharged the Corporate Debt Boom
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U.S. companies during the pande ic borrowed more and paid less for their debt than before. Not everyone thinks it is good for the economy over the long term for struggling companies to have such an easy time refinancing debt. Read More.
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$11.2 Trillion
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Nonfinancial companies total debt at the end of March, including $1.7 trillion issued last year, more than twice the previous high
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A pandemic-fueled revival in sales of Gibson guitars may help produce a windfall for KKR & Co., controlling owner of the iconic brand favored by music legends from Eric Clapton to Joan Jett. (Bloomberg)
Forever 21’s remaining creditors would recover less than 1% of claims totaling more than $900 million under the latest Chapter 11 plan from the bankrupt retailer. (Bloomberg)
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