Beyond sells majority stake in Zulily for $5M : Lyons Trading Company, owner of off-price retailer Proozy, is acquiring the brand. It’s Zulily’s fourth owner in two years
Purdue Pharma L.P. Files New Plan of Reorganization Providing for More Than $7.4 Billion in Creditor Distributions - Purdue Pharma: The cash value of the Plan, assuming full creditor participation and net of certain reserves, is approximately $7.4 billion, including available cash from Purdue and payments by the Sacklers. The number could go higher, with up to an additional $500 million from the Sacklers if the international pharmaceutical businesses they will be required to sell yield proceeds above a certain value. Additional value is also expected from insurance and litigation recoveries that the bankruptcy estate will pursue.
Brightmark Announces Chapter 11 Filing to Continue Operation of Indiana Facility : “Today’s filing allows us to take control of our future,” Powell said. “This strategic move is designed to ensure the long-term viability of the Ashley facility and enables us to grow our business sustainably. We are excited about the future of our plastics business, and our commitment to it and the Ashley community is unwavering.”
Highland Liability Shields Are Still Too Broad, Fifth Cir. Rules: The bankruptcy court overseeing Highland Capital Management LP’s Chapter 11 case “exceeded its power” by allowing a reorganization plan that improperly shielded people who aren’t bankrupt from liability, the Fifth Circuit ruled.
Struggling Businesses Sharpen Debt Tactics, Just In Time for a Downturn: Borrowers are getting better at kicking the can down the road using debt swaps known as liability management exercises
