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PG&E, Bondholders Closing in on Deal | Goldman-backed REVA Medical Files Prepackaged Bankruptcy | Supreme Court Sets Standard for Appeals From Automatic Stay
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Good day. A lawyer for PG&E Corp. hinted the California utility was inching toward a deal with bondholders at a court hearing Tuesday. REVA Medical Inc. filed a prepackaged bankruptcy in a debt-for-equity swap with creditors including Goldman Sachs Group Inc. and Elliott Management Corp. And the Supreme Court set a national rule for when creditors can appeal an automatic-stay ruling.
Now for today's news...
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PG&E Negotiating Possible Bondholder Deal
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PG&E Corp. on Tuesday delayed a courtroom clash with bondholders in favor of continued talks, suggesting that peace is breaking out on a critical front in the utility’s bankruptcy. Read More.
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Goldman-Backed Medical Device Maker REVA Files for Bankruptcy
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Medical device manufacturer REVA Medical Inc. filed a prepackaged bankruptcy, proposing to cut $90 million in debt while turning itself over to Goldman Sachs Group Inc., Elliott Management Corp. and other creditors. Read More.
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Supreme Court Set a New Standard for Bankruptcy Appeals
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The U.S. Supreme Court on Tuesday set a national rule for when creditors may file appeals after they are stopped from proceeding against companies and individuals under bankruptcy protection. Read More.
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Trucker NEMF Wins OK for Chapter 11 Liquidation Plan
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A bankruptcy judge approved the liquidation plan of New England Motor Freight Inc. marking the end of the road for what was once one of the largest trucking companies in the Northeast. Read More.
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Lockheed Bid for Vector Launch Assets Gets Green Light
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A bankruptcy judge said space-technology company Vector Launch Inc. can proceed with a proposed sale of some of its assets to Lockheed Corp. after the companies agreed to cut bid protections by about 20%. Read More.
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Energy Companies Seize the Day With Bond Refinancings
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A surprise rally in junk bonds is providing much-needed help to some energy companies with lower credit ratings, allowing them to issue new bonds to push back looming repayment dates. Read More.
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GameStop Shares Down 10% as Holiday Sales Drop 27.5%
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GameStop Corp. shares fell 15% to $4.63 after the company reported lower sales for the 2019 holiday period. The videogame retailer said sales from continuing operations for the holiday period were $1.83 billion, down 27.5% from last year.
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The company expects a challenging sales environment as customers delay purchases ahead of anticipated console launches in late 2020. However, the accelerated decline in new hardware and software sales was well below its expectations, the company said. —Chris Wack
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$5.8 Billion
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The amount bondholders say PG&E Corp. owes in make-whole payments.
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A top official from the Federal Emergency Management Agency blasted the nation’s largest utility and fire victims’ lawyers for negotiating a deal that could put the government in the untenable position of trying to claw back money it already has paid to people who lost family members and homes in fires ignited by PG&E’s transmission lines from 2015 and 2018. (AP)
How China’s Jia Yueting, the man who challenged Tesla, went bankrupt. (Business Insider)
Flybe has been saved from the brink of collapse after the U.K. government reached agreement on a rescue deal for Europe’s largest regional airline. (FT)
A China port defaulter’s bankruptcy ruling stirs up a storm. (Bloomberg)
Unlike so many other retailers—Aéropostale and Claire's among them—that have staggered through bankruptcy and store closures, Bath & Body Works is posting double-digit growth and expanding into new locations. (WaPo)
Citgo is abandoning a refinery project in Aruba, sparking fury on the Dutch-controlled island. (Argus)
Thomas Health, a two-hospital system based in South Charleston, W.Va., filed for Chapter 11 bankruptcy protection on Jan. 10. (Becker’s Hospital Review)
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