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U.S. to Lose Millions on Solar Farm Collapse | California Pizza Kitchen Files for Chapter 11 | Il Mulino Puts Some Eateries Into Bankruptcy
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Good day. The owner of a Nevada solar farm filed for bankruptcy, putting the U.S. Energy Department on the hook for $225 million. Golden Gate Capital’s California Pizza Kitchen filed for bankruptcy, the latest restaurant chain to succumb to the Covid-19 pandemic. And the owner of famed Italian restaurant Il Mulino says its chain’s hedge fund lender is using the coronavirus pandemic to try to take control of a handful of its eateries.
Now for today's news...
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The Crescent Dunes solar energy project in Nevada has been unable to generate any electricity since April 2019 because of a leak that is undergoing repairs, according to a bankruptcy court filing. PHOTO: U.S. ENERGY DEPARTMENT/SOLARRESERVE
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U.S. Poised to Lose Up to $225 Million on Solar Farm Bankruptcy
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The owner of a Nevada solar farm financed with government backing filed for chapter 11 bankruptcy, proposing to repay taxpayers less than half of what they are owed on $425 million in outstanding public debt used to build the project. Read More.
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California Pizza Kitchen, Felled By Covid, Files for Bankruptcy
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California Pizza Kitchen Inc. filed for bankruptcy on Thursday, joining a growing list of troubled restaurant chains unable to outlast the Covid-19 pandemic. Read More.
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Il Mulino Owner Puts Some Restaurants Into Bankruptcy
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The owner of Il Mulino, a legendary Italian eatery in Greenwich Village, has placed seven of its restaurants outside New York City into bankruptcy protection amid fallout from the coronavirus pandemic and a dispute with the chain's lender. Read More.
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The San Francisco skyline from Marin County. An investigation is under way at Professional Financial Investors Inc. in Novato, Calif., north of San Francisco, into allegedly improper handling of investor funds. PHOTO: JOHN G MABANGLO/SHUTTERSTOCK
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Mystery Deepens At ‘Ponzi Scheme-Like’ Real Estate Operation
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Investors may have lost hundreds of millions of dollars in a “Ponzi scheme-like” real-estate investment firm in Northern California that began to unravel when its founder died, according to bankruptcy professionals digging through the financial wreckage. Read More.
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PG&E Posts Steep Quarterly Loss Tied to Bankruptcy Costs
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PG&E Corp. Thursday posted a $1.97 billion loss in the second quarter as it dealt with bankruptcy-related costs, but said it expects to strengthen its business and become profitable next year now that it has emerged from bankruptcy protection. Read More.
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Fannie, Freddie Earnings Improve Amid Housing Recovery
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Government-controlled mortgage giants Fannie Mae and Freddie Mac said their earnings improved in the second quarter, adding to evidence of a rebound in the U.S. housing market. Read More.
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Although oil prices have rebounded, uncertainty remains about whether the trend will be sustained, Valaris says. PHOTO: ROBERT PERRY/SHUTTERSTOCK
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Offshore Driller Valaris Says Bankruptcy Filing Could Be Imminent
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Offshore drilling contractor Valaris PLC said it could file for bankruptcy soon to deal with debt totaling about $7 billion, saying a waiver and forbearance period with lenders and bondholders is scheduled to end within days. Read More.
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Apollo’s Earnings Recover as Value of Investments Rises
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Apollo Global Management Inc.’s second-quarter earnings rose as the value of the private-equity firm’s investments climbed with the broader market. Read More.
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“Yeah, uh, after hours at Il Mulino
Or Sotto Sotto, just talkin' women and vino
The contract like '91 Dan Marino.”
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— Drake, rapping about two of his favorite Italian restaurants in 'Pound Cake,' a track from the musician's 2013 release Nothing Was the Same
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FTI Consulting Inc.’s restructuring advisers are in high demand as businesses face ongoing pressure from the pandemic that shows few signs of improving. (Bloomberg)
Brookfield’s property arm has renegotiated a $6.4 billion credit facility, offering sweeping concessions to banks that have lent money to its property arm after the coronavirus prompted many retailers to stop paying rent. (FT)
LATAM Airlines Group is defending its $900 million bankruptcy loan from shareholders as the best deal available. (Law 360)
Cities hit hard by the coronavirus pandemic and slumping local sales taxes are at risk of bankruptcy, according to a new report. (PBS)
Chapter 11 bankruptcy statistics in the oil shale patch aren't the best barometer to gauge the industry’s future. (Forbes)
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