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Coal Bankruptcies Pile Up | Sears Isn't Thriving After Bankruptcy | Judge Gives Sacklers Brief Reprieve
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Good day. Mounting coal bankruptcies signal the monumental challenges facing the industry as it faces competition from cheap natural gas and renewable-energy sources. More bad news for Eddie Lampert’s new Sears, which has closed or is closing about 100 stores since the financier bought the best locations out of bankruptcy. And Judge Robert Drain gave the Sackler family, owners of Purdue Pharma LP, a brief reprieve, shielding them for another few weeks from lawsuits for allegedly profiting from misleading sales of the opioid OxyContin.
Now for today's news...
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Coal Bankruptcies Pile Up as Utilities Embrace Gas, Renewables
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More than half a dozen large U.S. coal companies have filed for bankruptcy in the past year, a signal of coal's long fade as new competition arises from cheap natural gas and renewable energy sources. Read More.
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Sears Hasn’t Fared Better After Bankruptcy
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Sears’s bankruptcy filing was supposed to give the troubled retailer a fresh start. But a year later, the chain is still struggling with many of the same problems it faced before it sought court protection. Read More.
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Judge Pushes Purdue Into Talks With States Over Sacklers
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A bankruptcy judge granted a brief legal reprieve to the Sackler family, owners of Purdue Pharma LP, shielding them from answering in court for their alleged role in feeding the nationwide opioid crisis. Read More.
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Barneys Bankruptcy Lenders Extend Bid Deadline Until Tuesday
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A Barneys New York Inc. lawyer said Friday that the company needs a few more days to firm up a potential deal with a lead bidder, or stalking horse, that would keep the chain alive. Read More.
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Lawmakers Seek U.S. Creditor Shield for Venezuela’s Citgo
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Seven lawmakers urged President Trump to shield Venezuela’s Citgo Petroleum Corp. from the consequences of a potential default while keeping the company under the control of opposition leader Juan Guaidó. Read More.
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PG&E’s Big Blackout Is Only the Beginning
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PG&E Corp.’s decision to shut off power to more than two million Californians this week represents a new reality: It now plans to pull the plug whenever its equipment threatens to spark potentially deadly wildfires. Read More.
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Helicopter Operator CHC Group Posts 43% EBITDA Decline
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CHC Group recently reported an earnings decline for its fiscal first quarter ended July 31, reflecting continued pressure on the helicopter services space due to the slump in offshore drilling, according to a person familiar with the matter.
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The privately held, Texas-based company, which emerged from chapter 11 in 2017, posted $4.3 million of adjusted Ebitda for the recent quarter, down 43% from last year, on revenue of $207 million, which was down 4%. CHC's net loss for the quarter amounted to $29.4 million. As of July 31, CHC had $866.5 million of total debt and $52.8 million of cash on the balance sheet. —Alexander Gladstone
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Secret Recordings Describe Extensive Bribery at Mexico’s Pemex
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Oil company Oro Negro hired Israeli private investigation company Black Cube to secretly record senior officials at Pemex, who the bankrupt driller claims drove it into bankruptcy because it refused to pay bribes. Read More.
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$220 Million
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Amount that a group led by trade-show executive Sam Ben-Avraham is preparing to bid for Barneys.
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WeWork’s bankers are scrambling to complete a new debt financing package as soon as next week to buy time to restructure after the company’s failed initial public offering left it running short of cash at a faster rate than expected. (FT)
In his first move back into the movie business since the implosion of Weinstein Co., former co-chairman Bob Weinstein has launched a new production company. (Deadline)
Robert Murray, the king of the coal industry and a forceful supporter of President Donald Trump, is fighting to save his mining empire from financial collapse. (CNN)
Here are six lessons from Blockbuster's demise that are still relevant to retailers today. (Retail Dive)
A group of Native American tribes is asking for its own voice in the bankruptcy of Purdue Pharma LP, saying that the opioid crisis has disproportionately ravaged its communities. (Bloomberg)
Purdue’s choice of White Plains, N.Y., bankruptcy court is part of common forum shopping strategy, experts say. (WaPo)
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LEAVE THIS BOX EMPTY
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