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Bulk Carrier in Debt Talks | Opioid Maker Insys Wins Liquidation Approval | White House Gives Green Light on $16 Billion Puerto Rico Aid
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Good day. Bulk commodities carrier American Commercial Barge Line Co. is in talks with a group of lenders to restructure its more than $1 billion of debt, WSJ Pro Bankruptcy reports exclusively. Insys Therapeutics Inc., the first corporate default stemming from the opioid crisis, had its liquidation plan confirmed. And the White House opened a path for Puerto Rico to access $16 billion in disaster relief, an important boost for the debt-stricken U.S. territory.
Subscribers' Note: There will be no newsletter on Monday, Jan. 20. We'll be back on Tuesday.
Now for today's news...
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Dry Bulk Carrier American Commercial Barge Preps for Restructuring
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Struggling bulk commodities carrier American Commercial Barge Line Co. is in talks with a group of lenders to restructure its more than $1 billion of debt, according to people familiar with the matter. Read More.
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Opioid-Maker Insys Wins Court Approval of Bankruptcy Plan
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Insys Therapeutics Inc., the first drugmaker driven to bankruptcy by fallout from the opioid crisis, won court approval of a bankruptcy plan that pays less than a dime for unsecured creditors. Read More.
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Trump Administration Releases Puerto Rico Aid, With Strings Attached
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The Trump administration imposed financial controls on billions of dollars in disaster relief for Puerto Rico, laying out conditions on how the federal money must be budgeted and spent. Read More.
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PG&E Bonds Hit Three-Month High on Settlement Talks
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Prices of PG&E Corp.’s high-interest bonds are approaching three-month records, lifted by expectations that bondholders and the bankrupt utility will reach a settlement in their dispute over recoveries on the debt. Read More.
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Blackjewel Founder Challenges Probe of Pre-Bankruptcy Payments
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The founder and former chief executive of Blackjewel LLC is challenging an investigation by company and creditor lawyers over pre-bankruptcy transactions he made with his former coal-mining business. Read More.
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Payless ShoeSource Emerges From Chapter 11
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Payless ShoeSource has emerged from the chapter 11 bankruptcy protection it filed last February. The retailer has named a new executive management team and is set to undertake a new strategy. Read More.
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Michael Avenatti Ordered Jailed Until Trial
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A federal judge in California ordered celebrity attorney Michael Avenatti jailed until his trial in that state, after prosecutors accused him of committing a ream of financial crimes while free on bond. Read More.
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Barclays, FactSet Offer New Tool to Navigate Opaque Bond Market
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Barclays PLC and data provider FactSet are teaming up to bolster transparency in opaque bond markets, making available a proprietary tool used by the bank to measure liquidity in more than 22,000 bonds. Read More.
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$16 Billion
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Federal dollars released to Puerto Rico under Thursday's administration directive from the Trump administration
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Bose Corp. said Thursday that it will close all 119 retail stores in North America, Europe, Japan and Australia in the coming months. (Retail Dive)
Unlike certain other retailers that have found themselves in bankruptcy of late, Pier 1 Imports Inc. is almost certainly a victim of Amazon Inc. (Petition)
A California lawmaker is demanding a review of California's utility regulator to determine whether its oversight enabled neglect at PG&E Corp. (AP)
The chief financial officer for Florida’s 1 Global Capital fraud was sentenced to five years in prison after he pleaded guilty to one count of conspiracy to commit securities fraud in August. (Miami Herald)
How American Apparel is trying to make a comeback after two bankruptcies. (CNBC)
A mixed-use property in New York City's Chinatown will be auctioned off at the end of January after its owner failed to attract new office tenants to the bankrupt building. (The Real Deal)
The Navy veteran who wiped out his $220,000 debt in bankruptcy speaks out about how he did it. (Above The Law)
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