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Lordstown Flags Risk To Its Survival; Kyrgyz Mine's Seizure Sets Up International Bankruptcy Fight
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Good day. Electric-truck startup Lordstown Motors issued a going-concern notice, which can flag survival problems for businesses. And the seizure of a gold mine in Kyrgyzstan has reached a New York bankruptcy court, where the mine operator is seeking help in its fight with the government.
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Lordstown Motors headquarters in Ohio.
PHOTO: DUSTIN FRANZ/BLOOMBERG NEWS
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Lordstown Motors Says It Doesn’t Have Cash to Start Commercial Production
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Electric-truck startup Lordstown Motors Corp. disclosed that it doesn’t have sufficient cash to start full commercial production and has doubts about whether it can continue as a going concern through the end of the year. Read More.
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Kyrgyzstan Disputes U.S. Bankruptcy Filing by Centerra Gold-Mining Units
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Kyrgyzstan will challenge the U.S. bankruptcy filings of Centerra Gold Inc.’s Kumtor gold operations, a lawyer for the Central Asian republic said after it took control of the mining project from the company. Read More.
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AMC, Other Meme Stocks Turn Options Market Upside Down
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The rush into meme stocks like AMC Entertainment Holdings Inc. coincided with frenzied trading for options—contracts that allow investors to bet on price moves in stocks or protect their portfolios. Read More.
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A dome was lowered onto a Vogtle containment building in 2019.
PHOTO: MICHAEL HOLAHAN/THE AUGUSTA CHRONICLE/ASSOCIATED PRESS
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Vogtle Nuclear Plant in Georgia Faces More Construction Delays
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The startup of the Alvin W. Vogtle Electric Generating Plant in Georgia, the only nuclear-power plant under construction in the U.S., will likely be delayed until the summer of 2022 and could cost $2 billion more than expected. Original reactor builder Westinghouse Electric Co. filed for bankruptcy in 2017. Read More.
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“They will be late and they will pay a penalty."
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— Tim Echols, vice chairman of the Georgia Public Service Commission, on Southern Co.'s delay of the startup of the Alvin W. Vogtle Electric Generating Plant
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Private prison operator CoreCivic's bond due in 2027 was the biggest gainer among high-yield bonds Tuesday, while several bonds from independent power producer Talen Energy were among the biggest decliners.
Click here to access our table of high-yield bonds, leveraged loans and credit ratings data provided by IHS Markit.
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A congressional committee heard grievances Tuesday against the owners of OxyContin maker Purdue Pharma as it considered longshot legislation that would keep them from using a corporate bankruptcy as a shield for personal liability. (Associated Press)
In-Shape Holdings LLC asked to dismiss its Chapter 11 case, saying it doesn’t have sufficient funds to get a bankruptcy plan approved despite selling its chain of California fitness centers. (Bloomberg)
San Francisco and PG&E are at it again, this time with city officials pushing back against what they say are expensive changes in the way their infrastructure connects to the utility’s poles and wires. (San Francisco Chronicle)
Attorneys for survivors who have filed child sex abuse lawsuits against the Roman Catholic Diocese of Rochester say mediation has failed. Nearly 500 claims are part of a federal bankruptcy proceeding. Now, in documents filed Tuesday, some are asking the judge to take a rather unusual step: to allow them to move their cases to a different court. (WHAM)
A West Virginia coal mine that Consol Energy Inc. sold to Murray Energy Corp. in 2013 and wound up in the bankruptcy of the Ohio-based miner in 2019 is closing for good. (Pittsburgh Post-Gazette)
Corporate bankruptcy filings slumped to a nearly four-year low in May as struggling companies are riding out their problems amid the broader economic recovery from the pandemic. (S&P Global Market Intelligence)
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