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Marble Ridge Founder Accused of Fraud; Colorado Natural Gas Driller Seeks Bankruptcy; Transocean Debt Swap Gets Approval
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Good morning. Marble Ridge founder Dan Kamensky was arrested Thursday and charged with fraud, extortion and obstruction of justice in connection with alleged bid rigging in Neiman Marcus’s bankruptcy case. Colorado-based natural-gas driller Ursa Piceance Holdings LLC filed for bankruptcy protection. And Transocean Ltd., the world’s largest offshore oil-rig contractor, can proceed with a $2 billion debt swap after a federal judge rejected hedge-fund manager Whitebox Advisors’ bid to stop the deal.
Subscribers' Note: There will be no WSJ Pro Bankruptcy newsletter on Monday because of the Labor Day holiday in the U.S. We'll be back on Tuesday.
Now for today's news...
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The bad blood between Neiman and Mr. Kamensky dates back years. PHOTO: RICHARD B. LEVINE/ZUMA PRESS
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Hedge-Fund Founder Arrested Over Neiman Marcus Bankruptcy
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Dan Kamensky, the founder of Marble Ridge Capital LP, was arrested Thursday and charged by federal prosecutors in New York with securities fraud, wire fraud, extortion and obstruction of justice in connection with his efforts to acquire shares in Neiman’s MyTheresa e-commerce business. Read More.
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Colorado Natural-Gas Driller Ursa Piceance Files for Bankruptcy
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Ursa Piceance Holdings LLC has filed for bankruptcy protection, its natural-gas drilling operation battered by commodity-price volatility, Covid-19 pandemic damage and a tighter regulatory climate in Colorado. Read More.
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Transocean Restructuring Can Proceed Over Hedge Fund’s Opposition
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A federal judge on Thursday authorized Transocean Ltd., the world’s largest offshore oil-rig contractor, to proceed with a disputed restructuring of up to $2 billion of its $9 billion debt load amid a deeply painful period for deep-water drilling. Read More.
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The energy sector has been hit by a downturn caused by the coronavirus pandemic and a drop in oil prices due to a price war between Russia and Saudi Arabia. PHOTO: JENNIFER HILLER/REUTERS
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Denbury Resources Cleared to Exit Bankruptcy
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Denbury Resources Inc. got the green light to exit bankruptcy with a plan that hands the oil-and-gas producer to creditors and cuts $2.1 billion in bond debt. Read More.
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Aircraft Maker One Aviation Can Consider New Offers
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Business disruptions caused by the coronavirus pandemic aren’t a good excuse for the proposed buyer of a bankrupt aircraft maker to fail to close the deal, a judge ruled Thursday. Read More.
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Juul to Cut More Than Half of Its Workforce
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E-cigarette maker Juul Labs Inc. is planning to lay off more than half its employees, according to people familiar with the matter, and is considering halting its sales across Europe and Asia. That could mean pulling out of as many as 11 countries and shrinking the startup’s footprint to its core markets of the U.S., Canada and the U.K. Read More.
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"In a conversation with an employee of the investment bank, Kamensky went as far as to say, ‘Maybe I should go to jail.’ Today, we’ve removed the ‘maybe,’ and forced him to answer for his conduct.”
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— FBI Assistant Director-in-Charge William F. Sweeney
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Members of New York Sports Clubs, the fitness chain that warned it is close to bankruptcy, woke this week to find that an automated monthly charge for dues has been fully reinstated as the gyms partially reopen. (Bloomberg)
Costa, the U.K.-based coffee chain, is laying off more than 1,600 employees, the latest in a number of cuts to hit the U.K. food service business as a result of the coronavirus crisis. (FT)
Lawyers for Harvey Weinstein’s former movie studio said they will convert the case to chapter 7 if the movie mogul’s accusers reject the company’s latest chapter 11 plan. (Law 360)
Ethiopian Airlines Group is among companies in talks with South Africa’s government about potentially offering support to the country’s insolvent state airline. (Bloomberg Law)
A dispute among two groups representing Boy Scouts of America’s sexual abuse victims intensified this week following attempts by one of them to get a seat at the table in the organization’s bankruptcy proceedings. (Reuters)
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