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Vaccine Rollout Puts Rescue Deals At Risk; Fed Officials Mull Stimulus Timeline; Talc Bankruptcy Irks J&J
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Good day. Companies in hard-hit industries have largely subsisted through the Covid-19 pandemic on borrowed money. Now a sluggish vaccine rollout is undermining the timeline that investors projected when extending emergency credit, WSJ Pro Bankruptcy reports.
Meanwhile Federal Reserve officials aren't clear on when its stimulus efforts could taper. In bankruptcy court, Johnson & Johnson isn't happy with the chapter 11 strategy of Imerys SA's U.S. mining operation.
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A Carnival cruise ship docked in Long Beach. Carnival was able to raise billions of dollars of debt during the pandemic, even while the cruise industry has been incapacitated.
BRITTANY MURRAY/ZUMA PRESS
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Delayed Vaccine Rollout Spells Risk For Debt Investors
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Delays in administering Covid-19 vaccine shots pose a fresh risk to investors who bet on a speedy vaccination process to help risky U.S. companies bounce back from the pandemic. Read More.
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Fed Officials Signal Uncertainty About When Bond-Buying Stimulus Could Change
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Federal Reserve officials have been offering hints about the outlook for their bond buying, with some saying the stimulus effort could persist unchanged through the year and others saying they can’t make a prediction with all the unknowns surrounding how the economy recovers. Read More.
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J&J Opposes Former Talc Supplier’s Bankruptcy Plan to Resolve Cancer Claims
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Imerys SA is pressing ahead in an effort to get out from under lawsuits over its U.S. mining operation, Imerys Talc America Inc., over the protests of health-care company Johnson & Johnson. Read More.
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The Trump Organization has tried to sell its Washington, D.C., hotel, shown a day before the Capitol riot.
JIM URQUHART/REUTERS
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Capitol Riot Threatens Trump’s Already-Hurting Business
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The storming of the Capitol last week by a pro-Trump mob will ratchet up the pressure on President Trump’s family business at a moment when some of his most lucrative assets were already suffering from the pandemic and facing looming debt payments. Read More.
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$24 Million
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Political spending at Trump properties since 2015, according to the nonpartisan Center for Responsive Politics
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“You need to be careful about those companies that got access to capital markets when they probably shouldn’t have.”
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— Martha Metcalf, head of U.S. credit at asset management firm Schroders PLC
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Toronto-Dominion Bank denied knowing about illegal activity in the accounts of convicted fraudster Allen Stanford and said it shouldn’t be held liable for a $4.5 billion negligence claim made by trustees trying to recover losses for Stanford investors. (Bloomberg)
Ferrellgas Partners LP may face opposition in its bankruptcy from a rail services company that says the proposed reorganization plan does not adequately account for more than $100 million in claims that it asserts. (Reuters)
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