By , NEW YORK (Reuters) - Chesapeake Energy Corp is preparing to file for bankruptcy as soon as this week, said three people familiar with the matter, becoming the largest oil and gas producer to unravel after an energy market rout caused by the coronavirus outbreak.The Oklahoma City-based company, co-founded by the late wildcatter Aubrey McClendon, is in the final stages of negotiating a roughly $900 million debtor-in-possession loan to support its operations while under Chapter 11 bankruptcy-court protection, two of the sources said.The company is also in talks with creditors to “roll up”...…By , NEW YORK (Reuters) - Chesapeake Energy Corp is preparing to file for bankruptcy as soon as this week, said three people familiar with the matter, becoming the largest oil and gas producer to unravel after an energy market rout caused by the coronavirus outbreak.The Oklahoma City-based company, co-founded by the late wildcatter Aubrey McClendon, is in the final stages of negotiating a roughly $900 million debtor-in-possession loan to support its operations while under Chapter 11 bankruptcy-court protection, two of the sources said.The company is also in talks with creditors to “roll up”...WW…

By , (Reuters) - Purdue Pharma LP filed a bankruptcy plan on Monday that would resolve thousands of opioid lawsuits by restructuring the OxyContin maker into an entity that would steer profits to plaintiffs and require the company’s Sackler family owners to contribute nearly $4.3 billion to the settlement.The plan is intended to serve as Purdue’s roadmap out of bankruptcy, which it filed in September 2019 in the face of nearly 3,000 lawsuits accusing the company of fueling the national opioid crisis through deceptive marketing.The plan, which Purdue says is worth more than $10 billion, sets...…By , (Reuters) - Purdue Pharma LP filed a bankruptcy plan on Monday that would resolve thousands of opioid lawsuits by restructuring the OxyContin maker into an entity that would steer profits to plaintiffs and require the company’s Sackler family owners to contribute nearly $4.3 billion to the settlement.The plan is intended to serve as Purdue’s roadmap out of bankruptcy, which it filed in September 2019 in the face of nearly 3,000 lawsuits accusing the company of fueling the national opioid crisis through deceptive marketing.The plan, which Purdue says is worth more than $10 billion, sets...WW…

By , , NEW YORK (Reuters) - Members of the wealthy Sackler family, owners of OxyContin maker Purdue Pharma LP, have long denied that the $10 billion they transferred from their company over the course of a decade was an unlawful attempt to shield assets in anticipation of litigation over their role in the opioid crisis.But a review of emails, memos, depositions, legal motions and other documents unsealed late on Friday in Purdue’s bankruptcy proceedings show Sackler family members discussed potential litigation exposure at least as early as 2007, a full decade before they faced a new...…By , , NEW YORK (Reuters) - Members of the wealthy Sackler family, owners of OxyContin maker Purdue Pharma LP, have long denied that the $10 billion they transferred from their company over the course of a decade was an unlawful attempt to shield assets in anticipation of litigation over their role in the opioid crisis.But a review of emails, memos, depositions, legal motions and other documents unsealed late on Friday in Purdue’s bankruptcy proceedings show Sackler family members discussed potential litigation exposure at least as early as 2007, a full decade before they faced a new...WW…

By (Reuters) - Two members of the wealthy Sackler family who own OxyContin maker Purdue Pharma LP offered apologies on Thursday for the role the prescription painkiller has played in the deadly U.S. opioid epidemic but sought to deflect personal responsibility in response to withering criticism from lawmakers.Testifying remotely during a hearing before the U.S. House of Representatives Oversight Committee, David and Kathe Sackler, both of whom previously served on Purdue’s board, insisted they were assured by management that the company was meeting regulatory and legal requirements as the...…By (Reuters) - Two members of the wealthy Sackler family who own OxyContin maker Purdue Pharma LP offered apologies on Thursday for the role the prescription painkiller has played in the deadly U.S. opioid epidemic but sought to deflect personal responsibility in response to withering criticism from lawmakers.Testifying remotely during a hearing before the U.S. House of Representatives Oversight Committee, David and Kathe Sackler, both of whom previously served on Purdue’s board, insisted they were assured by management that the company was meeting regulatory and legal requirements as the...WW…

By , (Reuters) - Nearly a third of more than 40 large companies seeking U.S. bankruptcy protection during the coronavirus pandemic awarded bonuses to executives within a month of filing their cases, according to a Reuters analysis of securities filings and court records.Under a 2005 bankruptcy law, companies are banned, with few exceptions, from paying executives retention bonuses while in bankruptcy. But the firms seized on a loophole by granting payouts before filing.Six of the 14 companies that approved bonuses within a month of their filings cited business challenges executives faced...…By , (Reuters) - Nearly a third of more than 40 large companies seeking U.S. bankruptcy protection during the coronavirus pandemic awarded bonuses to executives within a month of filing their cases, according to a Reuters analysis of securities filings and court records.Under a 2005 bankruptcy law, companies are banned, with few exceptions, from paying executives retention bonuses while in bankruptcy. But the firms seized on a loophole by granting payouts before filing.Six of the 14 companies that approved bonuses within a month of their filings cited business challenges executives faced...WW…

By NEW YORK (Reuters) - J.C. Penney Co Inc is exploring filing for bankruptcy protection after the coronavirus pandemic forced the U.S. retailer to temporarily shut its 850 department stores, upending its turnaround plans, according to people familiar with the matter.The Plano, Texas-based company has access to enough cash to survive in the months ahead, even as revenue dries up because of the store closures, the sources said. Still, the company is contemplating a bankruptcy filing as one way to rework its unsustainable finances and save money on looming debt payments, which include...…By NEW YORK (Reuters) - J.C. Penney Co Inc is exploring filing for bankruptcy protection after the coronavirus pandemic forced the U.S. retailer to temporarily shut its 850 department stores, upending its turnaround plans, according to people familiar with the matter.The Plano, Texas-based company has access to enough cash to survive in the months ahead, even as revenue dries up because of the store closures, the sources said. Still, the company is contemplating a bankruptcy filing as one way to rework its unsustainable finances and save money on looming debt payments, which include...WW…

By , (Reuters) - Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of...…By , (Reuters) - Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of...WW…

By , (Reuters) - Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of...…By , (Reuters) - Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of...WW…

By (Reuters) - J. Crew Group Inc filed for bankruptcy protection on Monday with a plan to hand over control to lenders, adding to a list of brick-and-mortar retailers pushed to the brink by widespread store closures in response to the COVID-19 pandemic.The New York-based chain, known for preppy clothing at times worn by former first lady Michelle Obama, filed for bankruptcy in a Virginia federal court with an agreement to eliminate $1.65 billion of debt in exchange for ceding ownership to lenders. Overall, roughly $2 billion of its total debt will be cancelled and exchanged for roughly 82%...…By (Reuters) - J. Crew Group Inc filed for bankruptcy protection on Monday with a plan to hand over control to lenders, adding to a list of brick-and-mortar retailers pushed to the brink by widespread store closures in response to the COVID-19 pandemic.The New York-based chain, known for preppy clothing at times worn by former first lady Michelle Obama, filed for bankruptcy in a Virginia federal court with an agreement to eliminate $1.65 billion of debt in exchange for ceding ownership to lenders. Overall, roughly $2 billion of its total debt will be cancelled and exchanged for roughly 82%...WW…