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Restaurants Find Buyers While Retail Languishes | Fast-food Franchisee NPC Preps for Chapter 11 | TPG Vies to Salvage Cirque du Soleil
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Good day. Not all brick-and-mortar is doomed, if restaurants are any indication, WSJ Pro Bankruptcy's Aisha Al-Muslim reports. While bankrupt retailers have had difficulty finding buyers, investors are more optimistic that eateries can outlast the pandemic.
NPC International Inc., a big franchisee of Pizza Hut and Wendy's, certainly hopes so. The debt-laden company is preparing to file for bankruptcy soon, WSJ's Heather Haddon reports.
And Cirque du Soleil entered Canada's version of chapter 11 protection, continuing a standoff between unhappy creditors and top shareholder TPG.
Now for today's news...
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Investors Bet on Bankrupt Restaurants, Shun Retailers
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Buyers are betting that restaurants will rebound after the pandemic. That view doesn’t extend to retailers that have struggled to adapt to changing consumer preferences and the obsolescence of malls. Read More.
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Fast Food Franchisee NPC International Poised For Bankruptcy
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NPC International Inc., one of the largest restaurant franchisees in the U.S., is preparing to file for bankruptcy protection despite its brands reporting a bump in sales since the coronavirus pandemic. Read More.
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Cirque du Soleil Files for Bankruptcy Protection in Canada
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Cirque du Soleil Entertainment Group filed for bankruptcy protection in Canada on Monday, in an effort to salvage a circus business that’s ground to a halt because of the coronavirus pandemic. Read More.
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Wave of Corporate Failures Stays at Bay—For Now
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The tidal wave of corporate failures that in April seemed poised to come crashing down has yet to materialize, and some on Wall Street are starting to wonder if it ever will. Read More.
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A worker filling a truck with fuel to transport to pump trucks at a Chesapeake Energy fracking site near Douglas, Wyo.
PHOTO: JENNA VONHOFE FOR THE WALL STREET JOURNAL
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Chesapeake Energy to Start Tapping $925 Million Bankruptcy Loan
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Chesapeake Energy Corp. has been cleared to begin drawing on a $925 million bankruptcy loan, a crucial first step in the oil-and-gas producer’s plan to eliminate billions of dollars of debt from its balance sheet in chapter 11. Read More.
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PHOTO: MIKE BLAKE/REUTERS
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Quorum Health Chapter 11 Plan Approved Despite Shareholder Protest
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Quorum Health Corp. won a bankruptcy judge’s approval to exit bankruptcy with $500 million less in debt, beating back a hedge-fund shareholder that said the hospital operator had deliberately undervalued itself. Read More.
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Frontier Communications Wins Chapter 11 Plan Disclosure Approval
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Frontier Communications Corp.’s top lenders are signaling there could be a fight ahead of the telecommunications company’s bankruptcy-plan confirmation hearing later this summer. Read More.
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Lilis Energy Files for Chapter 11 Bankruptcy
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Lilis Energy Inc. has filed for bankruptcy protection amid an oil- and gas-price rout stoked by the Covid-19 pandemic, which has hurt demand for fossil fuels. Read More.
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Deals Resume in Sale of Risky Collateralized Loan Obligations
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One of the hardest-hit corners of the global debt markets is showing signs of revival after being virtually shut down by the coronavirus. Sales of new collateralized-loan obligations, or CLOs, have rebounded sharply over the past six weeks as debt investors resume their reach for higher-yielding, riskier debt. Read More.
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“A path to success for restaurants is clearer to an investor than one for retailers."
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— Stephanie Lieb, a bankruptcy lawyer at Florida-based Trenam Law
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McClatchy Co.’s board of directors and senior executive leadership acted properly in 2018 when the company refinanced its debt, an investigation in the local news company’s bankruptcy case has found. (McClatchy)
Financially distressed airline Aeromexico gets a $50 million lifeline (Reuters)
Midlevel associates are being reassigned to feed the bankruptcy beast (Law.com)
We muse on the fate of a family favorite: Chuck E. Cheese parent company will permanently close 34 locations across the U.S. as it filed for bankruptcy (NPR)
PG&E changes leaders for a post-bankruptcy era fraught with challenges (San Francisco Chronicle)
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