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AMC Nears Deal to Avert Near-Term Bankruptcy | Endologix Can Tap Deerfield DIP Loan | Judge OKs Cerberus Purchase of Bluestem
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Good day. Cinema Chain AMC Entertainment Holdings Inc. is said to favor a Silver Lake-led restructuring deal over a rival offer from a group that includes Apollo, Davidson Kempner and Ares, writes WSJ’s Alexander Gladstone. Medical device maker Endologix Inc. can move forward with a buyout offer from Deerfield Management Co. And a judge said Cerberus can buy Bluestem Brands Inc. with a $250 million credit bid.
Now for today's news...
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AMC Nears Financing Deal to Avert Near-Term Bankruptcy
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AMC Entertainment Holdings Inc. is nearing a financing deal that would help stave off a near-term bankruptcy filing while turning down a competing offer from senior lenders including Apollo Global Management Inc. Read More.
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Judge Says Endologix Can Tap Deerfield Bankruptcy Loan
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A bankruptcy judge said Endologix Inc. can tap a chapter 11 loan from senior lender Deerfield Management Co., a first step in the investment firm’s planned purchase of the medical-device maker. Read More.
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Cerberus-led Lenders Win OK to Purchase Bluestem Brands
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Bluestem Brands Inc. won bankruptcy court approval to sell its assets to lenders led by Cerberus Capital Management LP, which agreed to forgive $250 million in the Fingerhut catalog owner's debt. Read More.
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Drugmaker Vivus Files for Bankruptcy in Deal With IEH
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Vivus Inc., a pharmaceutical company focused on the treatment of obesity, filed for bankruptcy protection Tuesday after reaching a deal with IEH Biopharma LLC in a debt-for-equity swap. Read More.
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Pizza Hut is among the chains roping off buffets as they seek to reopen dining rooms. One of its salad and pizza buffets in 2015.
PHOTO: CHRIS RATCLIFFE/BLOOMBERG NEWS
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Buffets and Salad Bars Remain Roped Off
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Bad news for fans of buffet meals: It might be a long time until your next one. Pizza Hut, Ponderosa & Bonanza Steakhouses and other restaurant chains have roped off their buffets to prevent contamination and crowding as they seek to reopen dining rooms during the Covid-19 pandemic. And grocery stores such as Whole Foods Market and Wegmans Food Markets Inc. have kept hot-food bars closed since March. Read More.
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The World Can’t Take Much More Shale Gas
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Natural-gas prices have bounced back from the 25-year low reached late last month, but analysts and traders don’t expect them to go much higher—at least until it is time to turn on the heat. Read More.
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Gyms Were a Bright Spot for Retail Owners Until Covid-19
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As retail real estate swooned in the five years leading up to the coronavirus pandemic, shopping center owners pinned some of their hopes on the expansion of gyms fueled by the health and wellness craze. But those hopes might be upended, like so many others, by Covid-19. Read More.
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Apollo Invests in Special Situations and Credit in Italy
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Apollo Global Management has extended its partnership with Milan-headquartered investor and adviser Apeiron Management, increasing its investment in a previously established investment platform by €100 million. Read More in PEN.
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“We are not going to get back to buffet in its current form.”
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— Pizza Hut U.S. President Kevin Hochman
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Shares of PJT and Houlihan Loke—which have prominent restructuring practices—have risen this year. Evercore, Lazard and Greenhill—which are more vulnerable to a downturn in traditional M&A—are down between 24% and 42%. (FT) .
Creditors are calling for a new trustee in Stadil family's shipping bankruptcies. (ShippingWatch)
Jane Gladstone—who was named president of Promontory Interfinancial Network on Monday—said there will be hundreds of fintech in the next year or so. (American Banker)
Ares CEO said he sees opportunities in distressed debt amid the coronavirus pandemic. (Bloomberg)
Private equity firm Solitaire Partners is in talks with Brooks Brothers about making a bid after the retailer filed for bankruptcy. (Fox Business)
As the pace of extraordinary intervention by regulators and lawmakers to help consumers and businesses stave off economic collapse slows, bankruptcy filings also are likely to increase dramatically. (Brookings)
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