 | | Featured Premium Content | | | | | Debtwire: Saks Bondholder Group Plots Aggressive 51% LME
A group of secured bondholders of Saks Global is discussing providing the embattled luxury retailer with new financing as part of an aggressive liability management exercise, according to a Debtwire report. The creditors are in position to leapfrog ahead of other bondholders thanks to owning a 51% position in Saks’s USD 2.2bn 11% senior secured notes due 2029 and the bond’s malleable indentures, according to sources. READ MORE | | | | |  | | Editor's Picks | | | | | Court Approves Sale of Most of Rite Aid's Pharmacy Assets
Bankrupt Rite Aid yesterday received court approval to close stores and sell most of its pharmacy assets in separate transactions to CVS, Walgreens, Albertsons, Kroger and Giant Eagle, among others, Reuters reported. The U.S. pharmacy chain, which operates about 1,200 stores and has some 8 million customers, filed for bankruptcy earlier this month for the second time in two years. Its retail business was performing poorly due to decreased drug sales margins. READ MORE | | Diocese of Norwich Emerges from Chapter 11 Bankruptcy with Confirmation of Reorganization Plan
The U.S. Bankruptcy Court in Hartford, Conn., confirmed the Diocese of Norwich’s joint plan of reorganization, marking the emergence of the Norwich Roman Catholic Diocesan Corp. from chapter 11 bankruptcy, according to a press release from the diocese. The joint plan establishes a settlement fund of approximately $31 million. This includes contributions from Diocesan assets and sale proceeds from Diocesan properties, non-debtor assets and properties, insurance contributions, and other contributions. READ MORE | | New Orleans Archdiocese Reaches $179 Million Abuse Settlement
The Archdiocese of New Orleans struck a deal to pay $179.2 million to settle sex abuse claims after it emerges from bankruptcy, Bloomberg Law reported. The proposed settlement between the New Orleans archdiocese, its parishes, and some insurers comes five years after the Louisiana Catholic group first sought Chapter 11 protection, according to a release Wednesday from the committee representing the abuse claimants. The archdiocese faces about 600 claims of child sexual abuse by clergy members. READ MORE
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June 17 | New York, N.Y. | | | | |  | | Daily Roundup | | | | | List of Bidders in Citgo Auction Narrows, Remaining Groups to Sweeten Terms
Groups led by affiliates of Contrarian Funds, Gold Reserve and Vitol are working on improved offers for the parent of Venezuela-owned refiner Citgo Petroleum as the list of potential bidders narrows, Reuters reported. The three consortia, which participated in an earlier competition for setting a starting bid, have been in talks with banks to secure the financing needed for their offers in the court-organized auction of shares. They are also working to provide assurance they can deliver the proposed terms to complete the deal. READ MORE | | Azul Debt Talks Accelerate Toward Financing Through Chapter 11
Brazilian airline Azul SA is in advanced talks with creditors for a roughly $600 million financing that would fund the company through a potential bankruptcy that could come as soon as next week, Bloomberg News reported. Azul and its lenders have been exploring options, including chapter 11, Bloomberg previously reported. The carrier is looking to negotiate a debt restructuring in the face of weakening revenue and upcoming coupon payments. (Subscription required.) READ MORE | | Wisconsin Trucking Company, Affiliate Brokerage file for Bankruptcy
A Merrill, Wisc.-based trucking company and its affiliate brokerage business have filed for chapter 11 bankruptcy, Freight Waves reported. Elite Carriers and ECI Inc. filed for bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Wisconsin yesterday listing $1 million-$10 million in liabilities to one to 49 creditors. The company said in the filing that it has $1 million-$10 million in assets. READ MORE | | Popular S.F. Italian Restaurants File for Bankruptcy
A San Francisco favorite for wood-fired pizza has filed for bankruptcy at two of its four locations, the San Francisco Chronicle reported. Fiorella entered filings for its Richmond District and Sunset District locations, each operated by different limited liability corporations, for chapter 11 bankruptcy. (Subscription required.) READ MORE | | | | |
