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Fast-Food Franchisee Enters Bankruptcy | Abuse Victims Watching Boy Scouts Assets | McClatchy Expects Offers
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Good day. NPC International Inc., the nation's largest Pizza Hut and Wendy's franchisee, is seeking a bankruptcy turnaround but doesn't have a deal with creditors or with Pizza Hut parent Yum Brands. Sexual-abuse victims said some local Boy Scouts councils may be dissipating assets. And newspaper publisher McClatchy Co. is fielding interest ahead of a possible bankruptcy auction.
Note: We won't be publishing a newsletter tomorrow in observance of the Independence Day holiday in the U.S..
Now for today's news...
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Pizza Hut and Wendy’s Franchisee NPC Files for Bankruptcy
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NPC International Inc., the nation’s largest Pizza Hut and Wendy’s franchisee, filed for bankruptcy and will put its burger restaurants up for sale as it continues to hold discussions over the fate of its pizza outlets. Read More.
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Abuse Victims Suspect Boy Scouts Councils of Moving Assets
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Lawyers for men claiming they were sexually abused by Boy Scouts of America volunteers as children said they suspect some local councils of the youth organization are moving assets out of their reach. Read More.
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McClatchy Expects Multiple Bids for Newspaper Business
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McClatchy Co. expects to get multiple offers for its business, a lawyer for the company said, setting up a pivotal month that will likely determine the future of one of the largest U.S. newspaper publishers. Read More.
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YRC employs about 30,000 workers and was the fifth-largest U.S. trucker by 2019 revenue.
PHOTO: YRC WORLDWIDE INC.
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U.S. Treasury to Lend $700 Million to Trucking Firm YRC Worldwide
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The U.S. government plans to lend $700 million in coronavirus stimulus funds to trucking firm YRC Worldwide Inc., in exchange for a 29.6% equity stake in the company, the Treasury Department said. Read More.
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Junk Bonds Underperform as Covid Cases Climb
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Worry about a second wave of Covid-19 cases is pushing junk bond yields to their highest levels in a month, causing the risky debt to underperform other credit markets. Read More.
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Fed’s $600 Billion in Main Street Lending Sees Lukewarm Interest
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The government is offering to lend up to $600 billion to help small and midsize businesses weather the coronavirus-induced recession, but so far interest has been sparse. Read More.
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Macy’s Says Most Stores Have Reopened as U.S. Infections Rise
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Macy’s Inc. said nearly all its stores have reopened after a monthslong closure due to the Covid-19 pandemic, though the retailer warned it could take other measures as states tally more coronavirus infections. Read More.
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Wirecard Administrators to Sell Assets as Investigators Search Offices
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Bankruptcy administrators for Wirecard AG, the scandal-hit German payments company, have begun the process of selling some of its businesses, as they try to stabilize its operations and raise money to pay off its heavy debt burden. Read More.
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AIG and Barings Among Lenders Objecting to Hertz Fleet Cuts
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Capital Group Cos., Barings LLC and One William Street Capital Management LP are among the asset-backed securities lenders fighting Hertz Global Holdings Inc.’s plan to reduce its U.S. rental fleet. Read More.
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PG&E Corp. Emerges from Chapter 11
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PG&E Corp. on Wednesday emerged from Chapter 11 bankruptcy protection with financing in place to restructure its utility business and compensate victims of wildfires sparked by its equipment. The company received court approval of its reorganization plan last month, ahead of a June 30 deadline for its participation in a wildfire fund meant to help California's largest utilities handle future fire costs. (Dow Jones Newswires)
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“We’re all kind of struggling to figure out who this sort of unicorn borrower might be.”
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— Bank Policy Institute senior vice president Lauren Anderson on which companies would participate in the Fed's Main Street Lending program
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Federal regulations bar companies from receiving Paycheck Protection Program money while they are in bankruptcy—but not the other way around. (Bloomberg)
American fashion retailer Dillard's has reached a settlement with companies owned by Canadian designer Peter Nygard, and it includes buying inventory to sell in its chain of luxury department stores. (CBC)
Sears is exploring a sale of its home improvement business following interest from potential suitors such as private equity firms. (Reuters)
PG&E emerged from bankruptcy protection and has begun funding a wildfire victims' fund. (New York Times)
Sanchez Energy has emerged from Chapter 11 bankruptcy protection, renamed Mesquite Energy. (Houston Business Journal)
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