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Tupperware Surges on Turnaround Hopes; J.C. Penney Eyes Imminent Sale; Private Credit Defaults Rise
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Good day. Tupperware Brands, which has been working with advisers to address its debt, surged after the company said it had largely weathered coronavirus-related shutdowns. J.C. Penney's bankruptcy counsel rejected speculation it could liquidate or sell its stores to another platform while promising a quick sale of the business. And smaller, privately held companies are being especially squeezed by the pandemic.
Now for today's news...
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Tupperware, whose food containers for decades were staples in many homes, has struggled for years to boost demand and recruit sales agents.
PHOTO: JOHN GREIM/LIGHTROCKET/GETTY IMAGES
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Tupperware Shares Surge as Company Pushes Turnaround Effort
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Tupperware Brands Corp. shares jumped 68% Wednesday after the company said that it weathered coronavirus-related shutdowns in the second quarter and that it was looking for ways to deal with about $500 million in debt obligations coming due next year. Read More.
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J.C. Penney Lawyer Says Company Nearing Sale, Won’t Liquidate
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J.C. Penney Co. expects to sell itself in coming months to a bidder that will keep the company’s stores operating under the current name after the company received interest from potential buyers that want to keep it in business. Read More.
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Pandemic Puts Pressure on Private Debt as Default Rates Rise
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Privately held companies, particularly smaller operations, are starting to feel more pain from the coronavirus pandemic as loan default rates rise while their lenders and private-equity backers seek ways to steer them safely to the end of the year. Read More.
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Legislation Would Aid Cash-Strapped Commercial-Property Owners
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Lawmakers introduced a bill Wednesday to provide cash to struggling hotels and shopping centers that weren’t able to pause mortgage payments after the coronavirus shut down the U.S. economy. Read More.
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Stimulus Money for Airline Contractors Comes Under Scrutiny
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Lawmakers are launching an investigation into whether companies that provide catering and other services to airlines and airports received federal funding for payroll expenses despite laying off workers. Read More.
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DAVID ZALUBOWSKI/ASSOCIATED PRESS
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Denbury Resources Expects to File for Chapter 11 by Thursday
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Denbury Resources Inc. said it expects to file for chapter 11 bankruptcy by Thursday as it enters a restructuring support agreement with lenders that will eliminate its bond debt by $2.1 billion, joining energy companies that have had to restructure due to the Covid-19 pandemic. Read More.
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Singapore’s PIL Gets $110 Million Lifeline From Temasek Fund
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Pacific International Lines Pte. Ltd. is getting $110 million in funding from an affiliate of Singapore’s sovereign-wealth fund that will keep the debt-ridden container ship operator in business while talks continue to secure a bigger lifeline of $450 million. Read More.
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Steel Dynamics: Strong Relative Performance
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Steel Dynamics Inc.’s sales and adjusted EBITDA were hurt by lower selling prices and shipments as the Covid-19 pandemic led to the temporary shutdown and slowdown of many end-user markets, especially for steel and metal recycling. Read More.
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“We have had not one discussion about a liquidation... It’s simply not in the cards.”
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— J.C. Penney's lead bankruptcy lawyer, Joshua Sussberg
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Law firms are scouring the field to hire experienced restructuring attorneys, counter to what has otherwise been a declining attorney job market. (Bloomberg)
Celebrity-magnet Hamptons restaurant Il Mulino and six other outposts of the glamorous Italian eatery empire have filed for Chapter 11 bankruptcy – the latest big dining-world name victimized by the Covid-19 pandemic. (New York Post)
California real-estate investment companies under federal investigation for suspected financial misconduct have filed for bankruptcy and described a three-decade-old “Ponzi scheme-like operation.” (Marin Independent Journal)
Aeromexico’s second-quarter financial results reported a net loss of $1.3 billion and 84.5% decrease of revenue as over a tenth of the company's workforce lost their jobs, indicating deepening problems for the largest Mexican airline. (Aerotime Hub)
This rural Mississippi hospital beat bankruptcy. Can it survive the pandemic? (The Clarion-Ledger)
Maine's Calais Regional Hospital is asking a judge to dismiss its Chapter 11 bankruptcy case so that it can seek at least $1.8 million in PPP funding, (Associated Press)
Richmond attorney’s death pushes firm into receivership, bankruptcy (Richmond Biz Sense)
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