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OxyContin maker Purdue Pharma to pay states’ lawyers, urged to help victims

“Purdue has said the money has been tied up by disagreements among states, local governments and others parties over how to spend the funds” writes Midwest Communications Inc for 95kqds.com. Purdue proposed a $200 million emergency fund last month that could be spent quickly on addiction treatment while the parties resolve the entire bankruptcy case, a process that will take many months.As governments perform due diligence on the settlement, Purdue will reimburse their reasonable fees, which could reach $20 million, a lawyer for the official committee of unsecured creditors said…

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TROUBLES: MCCLATCHY Teeters Near Bankruptcy…

“(Bloomberg) — The McClatchy Co., the storied news publisher weighed down by pension obligations and debt, could file for bankruptcy within the next year, according to analysts” writes Josh Saul for yahoo.com. Founded in 1857 as The Daily Bee in Sacramento, McClatchy has two classes of stock, giving the McClatchy family control over the company.The company is also negotiating with Chatham to restructure its debt, including its term loans and junior notes.Chatham, New Jersey-based investment fund Chatham Asset Management LLC is the largest holder of McClatchy debt and, according to…

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Dean Foods files for bankruptcy as oat milk and other alternatives gain popularity

“Plant-based milk alternatives are in demand, with reports of oat milk being sold on Amazon.com Inc” writes Tonya Garcia for marketwatch.com. Dean Foods Inc. announced that it has filed for voluntary bankruptcy on Tuesday morning, falling victim to the growth in popularity of dairy alternatives like oat milk and almond milk and challenges with debt and pensions. Dean Foods said it would use the chapter 11 reorganization to address the issues with debt and unfunded pensions.In addition to changing tastes, Wells Fargo analysts highlighted that Dean Foods is bogged down…

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PG&E expects more than $6B in wildfire costs

“The company anticipates those costs could escalate to as much as $6.3 billion” writes The Associated Press for seattletimes.com. That’s a per-share loss of $3.06, or $1.11 when one-time costs are removed.The company is also facing criticism for intentional blackouts that have left millions without power as it tries to limit wildfires during dry, windy conditions.Since the utility’s bankruptcy filing in January, PG&E’s shareholders and creditors have battled for control of the company, putting forth competing plans in bankruptcy court that would maintain PG&E’s long-running setup as a for-profit company. Source:…

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California utility meets with governor amid bankruptcy case

“Newsom also reiterated the state would consider a potential takeover of the utility if the bankruptcy is not resolved by June 30” reports thebusinessjournal.com. In January of this year, facing potential damages of up to $30 billion, PG&E filed for bankruptcy.This year, the company has been aggressive in shutting off power during dry, windy conditions to prevent wildfires.Since the utility’s bankruptcy filing in January, PG&E’s shareholders and creditors have battled for control of the company, putting forth competing plans in bankruptcy court that would maintain PG&E’s long-running setup as a…

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PG&E agrees to extend deadline for wildfire damage claims

“Lawyers for wildfire victims and PG&E are also considering whether new claims related to a wildfire burning in wine country will be included in the bankruptcy case” writes The Associated Press for latimes.com. PG&E has set aside $8.4 billion to pay wildfire victims as part of its bankruptcy plan.On Monday, a federal judge asked PG&E to report by Nov. 29 “when, how and by whom” the jumper cable at the transmission tower was last inspected.Pacific Gas & Electric has agreed to extend by two months the deadline to file claims…

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Murray Energy is the last big employer paying into the union pension fund.

“The biggest privately owned coal company in the U.S., Murray is the eighth coal company to seek Chapter 11 protection this year alone, according to The Wall Street Journal” writes Labor Reporter for huffpost.com. Critically for retired miners, Murray Energy is the last large coal operator paying into the pension fund of the United Mine Workers of America.When a company ― especially one as large as Murray Energy ― bows out of the plan due to bankruptcy, it squeezes whatever others remain.Company bankruptcies and falling employment have hit the pension…

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