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Regal Cinemas Owner Talks Rescue Deal; Wendy’s Bids For Restaurants
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Good day. Cineworld, owner of Regal and other movie-theater chains, is negotiating with lenders as it confronts the threat to its business caused by the pandemic. Also, the Wendy's fast-food chain is bidding along with franchisees to buy Wendy’s branded restaurants owned by bankrupt NPC International.
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A closed Regal movie theater in New York. Regal and other Cineworld chains have endured months of empty theaters during the coronavirus pandemic.
PHOTO: SPENCER PLATT/GETTY IMAGES
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Regal Cinemas Owner in Talks for Rescue Package to Weather Theater Shutdowns
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Regal Entertainment Group owner Cineworld Group PLC is in talks with investors for financial lifelines after months of empty theaters in the U.S. and U.K. during the coronavirus pandemic, according to people familiar with the matter. Read More.
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Wendy’s Consortium Bids to Buy Bankrupt NPC’s Wendy’s Restaurants
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A consortium including Wendy’s Co. and a group of franchisees has submitted a bid to acquire bankrupt NPC International Inc.’s Wendy’s restaurants. Read More.
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Treasury Secretary Stephen Mnuchin at the White House in August.
PHOTO: J. SCOTT APPLEWHITE/ASSOCIATED PRESS
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Mnuchin Declines to Extend Several Fed Emergency Lending Programs
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Treasury Secretary Steven Mnuchin declined to extend several emergency loan programs established jointly with the Federal Reserve that are set to expire on Dec. 31. The Fed’s corporate credit, municipal lending and Main Street Lending programs won’t be renewed, Mr. Mnuchin said Thursday. Read More.
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Macy’s CEO to States: Don’t Close Us Down Again
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Macy’s Inc., still smarting from the pandemic’s damage to its business, is lobbying states and cities not to close its department stores during the critical holiday period because of the surge in U.S. coronavirus cases. Read More.
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Airlines Flag Falling Bookings as Covid-19 Cases Climb
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Travelers are calling off holiday trips as Covid-19 case counts surge around the country, threatening U.S. airlines’ last hopes for bringing in more revenue this year. United Airlines Holdings Inc. became the latest carrier on Thursday to report that bookings have slowed and cancellations have risen over the last week amid a nationwide surge in Covid-19 cases. Read More.
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Venezuela Opposition Fights Creditors for Control of Billions in Global Assets
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Creditors from hedge funds to oil companies are moving closer to seizing billions of dollars in Venezuela’s overseas assets, posing a threat to an opposition movement that has sought to protect the assets for an eventual change of government. Read More.
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“We hope we don’t get locked into a definition again of essential or nonessential.”
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— Macy’s Chief Executive Officer Jeff Gennette said about potential government-mandated store closures.
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Wedding apparel retailer Brideside abruptly shuts down, saying that two-thirds of weddings were cancelled in 2020 and citing an uncertain year ahead. (Retail Dive)
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Eight months into the pandemic, struggling clothing stores, restaurants, gyms and other businesses racked up $52 billion in missed rent since April, according to CoStar Group Inc. (Bloomberg)
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Frontier Communications Corp. is looking to sell $2.8 billion of junk bonds to help finance its emergence from bankruptcy, its second such sale in two months. (Bloomberg Law)
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Global drugmaker Mallinckrodt PLC asked a bankruptcy judge to reject arguments that a proposed order allowing it to use lender cash to fund its chapter 11 case doesn't provide enough money or time for creditors to probe prebankruptcy transfers. (Law360)
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