Here's what we are reading this morning:
Emergency-Room-Staffing Firm Shelves Struggling Leveraged Loan: American Physician Partners, a closely held provider of doctors to emergency rooms, has shelved a leveraged loan sale that had struggled to attract demand from investors, according to a person with knowledge of the matter.
China Nears a Reckoning as Property Firms Face Tough Deadlines - The New York Times: Evergrande and Kaisa must come up with hundreds of millions of dollars in days. Beijing sought to reassure markets overall, but signaled it might let Evergrande fail.
BuzzFeed’s First Day as a Public Company Is a Big Test - The New York Times: They are eyeing BuzzFeed’s market performance as they face a tough advertising climate and look for ways to pay back their early investors.
Mallinckrodt Drug Insurers Denied Chapter 11 Price-Gouging Claims: A bankruptcy judge cleared Mallinckrodt of liability for allegedly charging anticompetitive prices to health insurers on its flagship product, rejecting their claims for $382 million in antitrust damages.
Medical Cost-Sharing Group’s Members Want Administrator Aliera in Bankruptcy: Members of a defunct medical cost-sharing group want its administrator, Aliera, forced into chapter 11 bankruptcy after winning more than $25 million in lawsuits alleging they were misled into buying sham health insurance of little value.
Construction Firm Strike LLC Will Sell to Creditor in Bankruptcy: Construction company Strike LLC says it filed for Chapter 11 protection with a plan for its largest debt holder, private equity firm American Industrial Partners, to buy the company’s assets through a bankruptcy auction.
Strike Enters Asset Purchase Agreement with Affiliates of American Industrial Partners: Affiliates of American Industrial Partners to Serve as “Stalking Horse Bidder” in Court-Supervised Sale Process and Provide Approximately $29 Million in DIP Financing to Support Operations
Mexico Gives $3.5 Billion Lifeline to Pemex to Help Finances - Bloomberg: Petroleos Mexicanos, the world’s most indebted oil company, will get a $3.5 billion cash injection from the government as President Andres Manuel Lopez Obrador orders a new business plan for the struggling company
Sunshine 100 Says It Has Defaulted on Senior Notes Due 2021 - Bloomberg: The company said that it won’t be able to repay principal amount and the accrued interest, due to “liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment and the real estate industry.”
Yango Group’s Parent Gets One-Year Extension on Bond Payment - Bloomberg: Troubled Chinese developer Yango Group Co. received a reprieve after its parent company got bondholders’ approval to delay payment of a local bond due next week
Evergrande set for restructuring, with no word on first formal default: Evergrande is set to forge ahead into a restructuring that would include all of its offshore public bonds and private debt, according to analysts.