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Philly Hospital Owner Faces Probe; Ruby Tuesday Puts Sale in Motion; Rig Owner Noble Exits Bankruptcy
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Good day. A defunct hospital for the poor in Philadelphia is seeking to investigate its owner’s real-estate transactions. Restaurant chain Ruby Tuesday secured approval for a sale process. And offshore-drilling contractor Noble Corp. was cleared to exit bankruptcy.
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Hahnemann Hospital sits abandoned in March.
CORY CLARK/ZUMA PRESS
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Philadelphia's Defunct Hospital Seeks Details on Real-Estate Deals
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Bankruptcy lawyers cleaning up after the collapse of Philadelphia's historic Hahnemann University Hospital are seeking help from a judge in getting answers from affiliates of Joel Freedman, the California investor who controlled the hospital, about real-estate transactions. Read More.
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Ruby Tuesday Gets Approval for Bankruptcy Sale Process
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Ruby Tuesday Inc. received speedy court approval for a sale process after the bankrupt restaurant chain made last-minute changes sought by major landlords. Read More.
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Offshore Oil-Rig Operator Noble Cleared to Exit Chapter 11
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Noble Corp., an operator of offshore oil-and-gas drilling rigs, was cleared to exit bankruptcy with a plan that transfers control of the business to its bondholders and trims more than $3 billion in debt. Read More.
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Long Island Diocese Sets February Deadline for Sex-Abuse Claims
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The Diocese of Rockville Centre, the seat of the Roman Catholic church in Long Island, set a bar date for sex abuse claims on Feb. 17, 2021, a court filing shows.
The Diocese, which covers almost all of suburban Long Island, filed for bankruptcy in October, halting approximately 200 lawsuits from victims of alleged sexual abuse. Claims against the diocese have exploded since New York state last year lifted the statute of limitations for childhood sexual abuse. — Soma Biswas
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Satellite Company OneWeb Emerges From Bankruptcy
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Satellite company OneWeb has emerged from bankruptcy protection after receiving a $1 billion investment from the British government and India’s Bharti Global Ltd., as the U.K. looks to strengthen its position in space technology. Read More.
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Carnival Close to $2 Billion Bond Deal to Weather Pandemic
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Carnival is working on efforts to raise roughly $2 billion in bonds as it aims to weather headwinds to the cruise business caused by the coronavirus pandemic.
The company is expected to close books today on a $1.425 billion bond, as well as a €350M note, with interest rates in the mid-to-high 7% range, according to people familiar with the matter. JPMorgan is serving as lead banker on the deal. Shares fall 1.9% to $17.85. — Alexander Gladstone
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Trump Partner Shelves Office Tower Sales Effort
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The Trump family’s partner in two of its most valuable properties halted an effort to sell the buildings, cutting off what could have been a big cash payout for the Trump Organization, which has hundreds of millions of dollars in debt coming due. Read More.
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“A total assault on our attorney-client privilege."
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— Lawyer Edward Moss, describing Hahnemann creditors' quest for his client's documents.
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“Gut-wrenching” Zoom calls and liquidation sales: how the Stein Mart bankruptcy ended. (Jacksonville Daily Record)
Norwegian Air Shuttle flew too close to the sun, expanding too quickly and amassing too much debt. (Bloomberg Opinion)
Chinese automaker Brilliance Auto’s debt problems drive it into restructuring. (Caixin Global)
California Gov. Gavin Newsom announced an overnight stay-at-home order after the Democrat rolled back reopening his state's economy amid a surge in COVID cases. Businesses in California and elsewhere meanwhile are facing more pain amid renewed calls for lockdowns.(Sinclair Broadcast Group)
Democratic Sens. Elizabeth Warren and Ed Markey asked Attorney General William Barr to provide information about the Justice Department’s settlement agreement with Purdue Pharma and the Sackler family. (Bloomberg)
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