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Newsom Slams PG&E Deal With Insurers | Purdue Can Pay Bankruptcy Bonuses | Insys Plan Would Bar Shareholder Lawsuits
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Good day. PG&E Corp. is closing in on a stock-and-cash settlement with victims of the wildfires, but California Gov. Gavin Newsom has concerns that the utility has a better plan to exit chapter 11 than a rival proposal from bondholders. Purdue Pharma LP won approval to pay about $30 million in bonuses, but a judge stopped short of approving a $1.3 million payout to the Oxycontin maker’s CEO. And defunct opioid maker Insys Therapeutics wants to bar shareholders from suing it under a chapter 11 plan that wipes them out.
Now for today's news...
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Governor Slams PG&E Deal as Wildfire Settlement Takes Shape
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PG&E Corp. is on the way to a settlement with victims of the wildfires that pushed the company into bankruptcy while clashing with California Gov. Gavin Newsom about the best path out of chapter 11. Read More.
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Judge Approves Millions in Bonuses for Purdue Pharma Employees
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A bankruptcy judge approved up to $30 million in bonus payments for a group of employees of OxyContin maker Purdue Pharma LP but declined to approve for the time being a bonus for the company's CEO. Read More.
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Insys Creditors Can Begin Voting on Chapter 11 Plan
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Defunct opioid maker Insys Therapeutics Inc. faced tough questioning from a bankruptcy judge Wednesday over its plan to bar shareholders from suing anyone involved in the company’s demise. Read More.
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Ex-Bumble Bee CEO Convicted for Role in Price-Fixing Scheme
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A jury convicted Christopher Lischewski, the former chief executive of Bumble Bee Foods LLC, for his involvement in an antitrust scheme to fix prices of canned tuna, the Justice Department said. Read More.
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Buffalo Bishop Resigns After Accusations of Covering Up Abuse
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The Catholic bishop of Buffalo has resigned following accusations he covered up clergy sex abuse of children as all eight dioceses in New York stuggle with church’s sexual-abuse scandal. Read More.
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Chesapeake Bonds Rally on Refinancing Efforts
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Chesapeake Energy Corp.’s bonds and shares rallied on Wednesday after the natural gas producer said it is launching a set of refinancing and exchange transactions. Read More.
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M&G Blocks Selling Shares in U.K. Property Fund
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London-based fund manager M&G PLC on Wednesday blocked investors from cashing out of a £2.5 billion ($3.3 billion) property fund, as a wave of pain among retailer tenants hammered the fund's holdings. Read More.
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$13.5 Billion
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Amount PG&E Corp. is trying to offer wildfire victims to match bondholder-backed chapter 11 plan.
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Nearly 10 months out of bankruptcy, Sears is limping into the holiday shopping season with fewer stores that are grungy and understaffed, poorly stocked and losing vendors. (AP)
Bankrupt N.J. generic drug maker Rising admits to price fixing, will pay $3 million in fines and restitution. (Philadelphia Inquirer)
Major Republican donor Paul Singer has very few fans in Sidney, Neb., the former home of Cabela's, which merged with Bass Pro Shops in 2017. (Fox)
IPS Worldwide LLC’s bankruptcy trustee won conditional approval of disclosures, paving the way for creditors’ vote on his plan to pay them pennies on the dollar. (Bloomberg)
The U.S. Supreme Court heard arguments in a tax refund case involving the FDIC, a bankrupt bank-holding company and the “Bob Jordan” rule. (Quartz)
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