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Opioid Distributors in Talks for $18 Billion Deal | Justices Wary of Dislodging Puerto Rico Board | Investors Flee WeWork Debt
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Good day. Drug distributors are in talks to settle government claims around the opioid crisis, marking a potential resolution to lawsuits that have shaken the pharmaceutical industry. The board overseeing Puerto Rico's finances had a good day at the Supreme Court. And WeWork bonds hit fresh lows, highlighting questions about the startup's plans to raise cash.
Now for today's news...
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Drug Distributors in Talks to Settle Opioid Litigation for $18 Billion
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Three major drug distributors are in talks to pay $18 billion to settle sweeping litigation brought by state and local governments blaming them for fueling the opioid crisis, people familiar with the discussions said. Read More.
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Top Court Appears Likely to Back Puerto Rico Oversight Board
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The Supreme Court on Tuesday appeared likely to uphold the special board that Congress created to resolve Puerto Rico’s debt crisis, despite claims from creditors that its members were wrongly appointed. Read More.
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WeWork Bonds Fall to Distressed Levels
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WeWork bonds plumbed new lows Tuesday, highlighting questions about the shared-office startup’s future as it explores options for raising desperately needed cash after shelving an initial public offering. Read More.
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Peabody to Close Illinois Coal Mine Amid Price Drop
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Peabody Energy Corp. plans to shutter a mine and coal processing facility in Saline County, Ill., as U.S. coal producers continue to face depressed pricing and competitive pressure from other energy sources. Read More.
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Propane Supplier Ferrellgas Hires Moelis to Rework Debt
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Propane supplier Ferrellgas Partners LP has engaged Moelis & Co. as a financial adviser while expressing doubt about its ability to continue as a going concern, according to a securities filing. Read More.
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FirstEnergy Solutions’ Restructuring Plan Gets Court Approval
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The judge presiding over FirstEnergy Solutions Corp.’s bankruptcy said he would approve the power producer’s restructuring terms, helping to clear the way for the Ohio company to wrap up the chapter 11 by year-end. Read More.
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Children's Place Relaunching Gymboree in Stores - MarketWatch
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Children's Place Inc. said Tuesday that it will relaunch the Gymboree brand in North America in early 2020. The relaunch will include a Gymboree website, app and locations in more than 200 Children's Place stores.
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Gymboree filed for bankruptcy in January and sold its Jack and Janie line to Gap Inc. Children's Place won the Gymboree intellectual property in March with a $76 million bid. Children's Place stock has slumped more than 45% over the past year while the S&P 500 index is up 7.8% for the period. — Tonya Garcia
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KPS Capital Partners Raises $7 Billion for Newest Funds
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Performance trumped politics for private-equity firm KPS Capital Partners. The New York-based firm saw strong demand for its latest funds, raising just over $7 billion in commitments. Read More.
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Woodford's Flagship Fund to Close After U.K. Suspension
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The flagship £2.9 billion ($3.7 billion) fund of one of the U.K.’s best known money managers will be liquidated after it failed to recover from a wave of investor redemptions earlier this year. Read More.
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$5 Billion
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Possible JPMorgan Chase & Co. debt package for WeWork, which likely needs at least $3 billion to get through the next year.
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Xcel Energy Inc. plans to close two of its coal-fired plants in Colorado. (ABC)
Is Rep. Katie Porter, the California law professor and bankruptcy expert elected to Congress in 2018, the next Elizabeth Warren? (American Banker)
Oil company Sanchez Energy Corp. appears to be drilling its way out of bankruptcy. (Houston Chronicle)
Wyoming lawmakers ponder how to protect workers, taxes in bankruptcies. (WyoFile)
William Popejoy, banker who worked to rescue Orange County from bankruptcy, dies at 81 (Orange County Register)
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LEAVE THIS BOX EMPTY
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