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It appears that the next incarnation of FirstEnergy Solutions (FES) will have licenses to operate the Davis-Besse, Perry and, for now at least, Beaver Valley nuclear plants, once the company exits its chapter 11 bankruptcy proceeding, Crain's Cleveland Business reported. The company will operate under a new name, Energy Harbor, while still based in Akron, Ohio. FES announced yesterday that the U.S. Nuclear Regulatory Commission has approved the transfer of the operating licenses for the plants to units of the newly named and reorganized company. The licenses have been held by FES' sister company, FirstEnergy Nuclear Operating Co. "The NRC staff's review of the license transfer application concluded that Energy Harbor Nuclear Generation LLC is financially qualified to own Beaver Valley, Davis-Besse and Perry, and that Energy Harbor Nuclear Corp. is financially and technically qualified to operate the plants," the NRC said in a separate statement on Tuesday. "The NRC staff also concluded that, since the plants' existing decommissioning funds will be transferred, the new licensees satisfy the NRC's decommissioning funding assurance requirements and the facilities are not owned, controlled or dominated by a foreign entity." That last point about decommissioning may be of particular importance in Pennsylvania, where the NRC noted that the Beaver Valley plant's two reactors north of Pittsburgh "are scheduled to permanently shut down in May 2021 and October 2021," as the company previously announced.

The Palm restaurant chain may soon be for sale, the Nation's Restaurant News reported. A Florida bankruptcy judge on Monday approved the hiring of advisors for the families that have owned the iconic steakhouse chain for 93 years to put it up for sale following a rancorous dispute over royalties. The Naples, Fla.-based company that operates and licenses 24 restaurants under The Palm banner filed for chapter 11 bankruptcy in March about four months after a New York court awarded about $120 million to cousins of the founders’ descendants. The cousins, who were not involved in the business, in 2012 filed suit challenging the way they were paid royalties. Earlier this year, the two owners and grandchildren of the founders — Bruce Bozzi Sr. and Walter Ganzi Jr. — also filed personal chapter 7 bankruptcy in Florida as the two largest shareholders, according to court filings. A judge in those cases approved the hiring of advisors to proceed with a sale of the company, which includes full ownership of 18 restaurants and majority ownership of another three, as well as the licensing of three more locations.

Imerys SA is exploring options for its North American talc operations, which filed for bankruptcy after being drawn into cancer lawsuits connected to Johnson & Johnson’s baby powder, Bloomberg News reported. The company is considering strategic alternatives that could include a sale of the businesses. Paris-based Imerys’ U.S. unit, Imerys Talc America, plans to work with advisers at PJT Partners Inc., though a formal mandate will require court approval. Three North American units of Imerys filed for chapter 11 protection from their creditors in February, citing more than 14,000 claims in U.S. courts brought mostly by women who allege the company’s talc caused their ovarian cancer. Others say they have mesothelioma brought on by asbestos in the talc. The businesses generated about $174 million of combined revenue in 2018, according to a court filing. Deliberations are at an early stage, and no final decisions have been made. Proceeds from any sale could provide funds for settling lawsuits. When the North American talc business filed for bankruptcy, Alexandra Picard, who was chief financial officer at the time, said the goal was to set up a trust to handle cancer and asbestos lawsuits filed against Imerys Talc. To set up and fund the trust, Imerys Talc planned to negotiate with its creditors, including those with medical claims, and insurers. So far, the company has not sought permission to sell itself at a court-supervised auction, according to court documents.

A Saudi prince has expressed interest in purchasing a Beverly Hills estate once owned by newspaper publisher William Randolph Hearst, according to the estate’s owner who put the property into bankruptcy to stop a lender from foreclosing on it, WSJ Pro Bankruptcy reported. The estate, known as the Beverly House, is a nearly 40,000 square foot Spanish Colonial-style mansion that includes 17 bedrooms, 29 baths, a commercial kitchen and art-deco nightclub. The mansion was the location of a memorable scene in “The Godfather” where an enemy of Vito Corleone finds a severed horse head in his bed. John and Jacqueline Kennedy spent part of their honeymoon at the estate. Leonard Ross, a lawyer and real-estate investor who has owned Beverly House since 1976, said that Saudi Prince Abdullah Bin Mosaad bin Abdulaziz al Saud has expressed interest in the estate and will be in Los Angeles during the first half of December. Prince Abdullah owns English Premier League club Sheffield United, after prevailing in a legal dispute this year for control of the club. Ross has asked a bankruptcy judge to approve a listing agreement with two real-estate agents so that they can show Prince Abdullah the estate. He wants to list the property for $125 million, less than what the estate has been listed for in recent years.

The Masons won an auction for the bankrupt College of New Rochelle’s campus with a $32 million offer, $11 million more than the opening bid, Lohud.com reported. The trustees of the Masonic Hall and Asylum Fund beat out two others for the 15.6-acre property after eight rounds of bidding over two days last week. The 115-year private Catholic college ended academics over the summer after years of struggles and a scandal that led to criminal charges against a former top finance official. It declared bankruptcy in September. A sale conference is set to be held today in bankruptcy court in front of Judge Robert Drain, who’d have to approve the deal before the sale moves forward. It isn’t clear exactly what the Masons’ plans for the campus are, but court records describe all of the bidders’ intentions as being “for educational and/or institutional purposes.” An email to the Masonic Hall through its New York City website wasn’t immediately returned Saturday night.

A group of investors is raising money to bail out RAIT Financial Trust, a commercial real-estate investment trust headed to a bankruptcy auction, WSJ Pro Bankruptcy reported. Once known as Taberna Funding, RAIT Financial filed for chapter 11 protection in August touting an offer for its office property assets from Fortress Investment Group LLC that would deliver more than $174 million to creditors. That offer is due to be tested at an auction, if competing bidders step forward. On Monday, a committee of preferred shareholders filed court papers advancing a competing restructuring strategy based on a $50 million infusion of cash. Preferred shareholders Ramat Securities Ltd. and Kenneth Grossman are leading a group of nine hedge funds, family trusts and individuals that argued that the sale to Fortress is good for Fortress, but bad for RAIT and its creditors. The shareholders are proposing to reorganize the business instead of selling it. Based in Philadelphia, RAIT Financial filed for chapter 11 bankruptcy protection owing about $160 million in debt. RAIT’s chapter 11 plan said its sale to Fortress would go a long way toward paying down bond debt, compensating senior creditors in full while junior bondholders would get from 46 cents on the dollar to 77 cents on the dollar.

Bumble Bee Foods LLC, the canned tuna producer that pleaded guilty to price-fixing, is in talks with seafood industry peer FCF Fishery to buy the company during a bankruptcy reorganization, Bloomberg News reported. Taiwan-based FCF would act as the stalking-horse bidder in a chapter 11 reorganization, which Bumble Bee could file as soon as this week. FCF Fishery, which calls itself the largest tuna supplier in the Western Pacific, has discussed a bid for about $925 million comprised of $275 million of equity and $650 million of debt, one of the people said. The proposal calls for paying down part of Bumble Bee’s existing first-lien debt. San Diego-based Bumble Bee, the largest North American brand of packaged seafood, is planning to file for bankruptcy amid criminal fines and civil lawsuits stemming from a federal price-fixing case. It pleaded guilty in 2017 to conspiring with Starkist Co. and Chicken of the Sea Inc. to fix and raise prices of canned tuna in the U.S. from 2011 through at least late 2013. The company also agreed to cooperate with the antitrust investigation. Bumble Bee flagged its financial distress during the case, arguing the $81.5 million fine initially contemplated could push it into insolvency. The U.S. Department of Justice agreed, cutting the amount to $25 million and giving Bumble Bee an installment plan over several years that required no more than $2 million upfront.