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Feds Push Back Against PG&E's Fire Estimation | Top Avianca Owner Slams Rescue Package | Chicago Charter School Owes Pension Money
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Good day. State and federal agencies want nothing to do with an estimation proceeding that will determine how much PG&E Corp. has to set aside for its role in sparking a series of devastating California wildfires. The controlling shareholder of Avianca Holdings SA is trying to protect his stake from dilution and foreclosure as the airline restructures its debts. And a Chicago charter school operator tied to Rev. Dr. Jeremiah A. Wright Jr. entered bankruptcy owing $600,000 to an underfunded teachers' pension.
Now for today's news...
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State, Feds Push Back Against PG&E Bid to Estimate Wildfire Claims
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PG&E Corp. wants a federal judge to estimate what it really owes on more than $7.5 billion worth of damage claims from state and federal agencies that fought wildfires and sheltered victims. Read More.
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Avianca Shareholder Challenges Rescue Financing
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Avianca Holdings SA’s majority shareholder is challenging the indebted airline’s debt restructuring strategy, his latest effort to salvage his stake in the face of potential dilution and foreclosure. Read More.
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Chicago Charter School Operator Files for Bankruptcy
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A Chicago charter school operator whose vice chair is Rev. Dr. Jeremiah A. Wright Jr. filed for chapter 7 bankruptcy, with debts that include about $600,000 owed to a cash-strapped local teachers’ pension fund. Read More.
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U.S. Watchdog Objects to Purdue Plan to Hire Ernst & Young
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Purdue Pharma LP shouldn’t be allowed to hire Ernst & Young LLP as its auditor because the accounting firm signed off on dividend payments, the U.S. government’s bankruptcy watchdog said. Read More.
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Sanchez Wants to Override Junior Creditors on Restructuring Officer
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Sanchez Energy Corp. is seeking to appoint its preferred candidate for a chief restructuring officer at the behest of its top lenders, despite junior creditors’ requests for a different selection, according to a court filing. Read More.
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Intelsat Bonds, Shares Tumble After FCC Decision
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Intelsat SA’s bonds and shares tumbled after the satellite company failed to win federal backing from the FCC for a private auction of some of the wireless spectrum it controls. Read More.
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Investors Parse Mixed Signals Ahead of Retail Earnings
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Retail earnings are in the spotlight this week. The question for investors at this point is which group—the big gainers like Home Depot Inc. or the big decliners like Macy's Inc.—better reflects the economy. Read More.
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Ailing Art Collector Faces a Very Modern Problem: Mountains of Debt
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The art world is getting a crash course in leverage—and worries are growing that art lovers who pledged assets as collateral for debt are reaching a tipping point in an increasingly skittish art market. Read More.
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$5 Billion
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Avianca Holdings SA's debt load, virtually all of which is in default.
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PG&E Corp. is trying to match the $13.5 billion a rival group promised to pay wildfire victims in order to resolve its bankruptcy case. (San Francisco Chronicle)
Celebrity chef Jeff Mauro's Pork & Mindy’s closed locations and filed for bankruptcy. (Crain's Chicago Business)
A judge's ruling may push the Diocese of Pittsburgh into bankruptcy. (CBS Pittsburgh)
Blackjewel LLC's bankruptcy isn't over yet as demands for coal mining royalty payments roll in. (Casper Star-Tribune)
U.S. jewelry companies linked to Indian diamantaire Nirav Modi, accused in a multibillion-dollar fraud, won bankruptcy-court approval to liquidate in bankruptcy. (Bloomberg)
“Braxton Family Values” star Towanda Braxton is set to be grilled under oath about her financial situation as part of her bankruptcy case. (The Blast)
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