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Coal Suppliers Lose Their Biggest Booster; J.C. Penney Lenders Call Out 'Economic Terrorism;' Pandemic Sinks Fish Taco Pioneer
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Good day. U.S. coal companies will now confront a diminishing role in powering the U.S. energy grid without Robert E. Murray, who died Sunday after fashioning himself into one of the coal industry’s most potent political advocates.
In bankruptcy court, lenders with the most to gain from J.C. Penney's bankruptcy-exit strategy claimed to be the victims of "economic terrorism" by other investors. And the pandemic pushed Rubio's Restaurants into bankruptcy, two decades after the fish taco pioneer went public.
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Robert Murray inside a corridor at the Century Mine in 2014.
JEFF SWENSEN FOR THE WALL STREET JOURNAL
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Flagging Coal Industry Loses Potent Voice With Robert Murray’s Death
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The U.S. coal industry, pressured by falling demand and a switch to renewable energy, lost a powerful voice with the death of Robert E. Murray, who had fashioned himself into one of the flagging sector’s biggest advocates. Read More.
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J.C. Penney Lenders Trade Barbs Over Chapter 11 Split
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A lawyer for J.C. Penney Co.’s top lenders accused a rival creditor group of “economic terrorism” during a court hearing on the escalating battle between hedge funds seeking bigger shares of the beleaguered department-store chain. Read More.
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Mexican-Restaurant Chain Rubio’s Files for Chapter 11 Over Covid-19
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Rubio’s Restaurants Inc., a chain of more than 150 Mexican eateries known for fish tacos, has filed for bankruptcy protection citing restrictions imposed due to the coronavirus pandemic. Read More.
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‘In times like this, people turn to brands they trust,’ says Ms. Syngal.
JESSICA CHOU FOR THE WALL STREET JOURNAL
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Can Gap Escape the Whirlwind? New CEO Confronts Years of Decline
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The pandemic has washed out many companies that were already on shaky ground, especially in retailing. J.Crew Group, Neiman Marcus Group Ltd. and J.C. Penney Co. have filed for bankruptcy protection, and others have lost millions in sales and profits.
Gap Inc. CEO Sonia Syngal's job is to avoid that vortex, in part by fixing Gap, the company’s namesake brand that some financial analysts say is so troubled that it is worth less than zero. Read More.
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These Loans Require a New York State of Mind
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Across the U.S. banking sector, bad loans remained relatively rare in the third quarter. But some of the most perplexing debts are in quarantine.
Take the closely watched bellwether that is New York City commercial real estate. Thanks to Covid-19 lockdowns, working from home, high unemployment and tepid consumer spending, many Big Apple properties ranging from offices to storefronts to apartments are under some form of stress. Read More.
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“You never had a problem understanding what his opinion was."
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— Bill Raney, president of the West Virginia Coal Association, on the death of coal entrepreneur Robert Murray
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The coronavirus recession tipped dozens of troubled companies into bankruptcy, setting off a rush of store closures, furloughs and layoffs. But several major brands, including Hertz Global, J.C. Penney and Neiman Marcus, doled out millions in executive bonuses just before filing for Chapter 11 protection. (Washington Post)
Fresh out of bankruptcy, Neiman Marcus is hoping for holiday magic in a digital-ad campaign. (Adweek)
Hertz Global Holdings junior creditors are questioning the car rental company’s proposed $1.65 billion bankruptcy loan, saying the terms of the deal are overly beneficial to lenders and that a competing offer may be on the table in the next few days. (Reuters)
Movie theaters big and small are hauling in less than a quarter of the revenue they were generating last year. For many, bankruptcy looms. (CNBC)
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