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“#Sacklers transferred $10 billion, feared OxyContin lawsuits” Members of the wealthy Sackler family, owners of OxyContin maker Purdue Pharma, 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….
“#New York Sports Clubs owner gets bankruptcy plan approved” The owner of New York Sports Clubs will work to resolve complaints about its controversial billing practices under a court order approving the company’s bankruptcy plan. The plan paves the way for a group of lenders including private equity firm Tacit Capital to take control of…
“#Citigroup urges return of mistaken Revlon payment as trial ends” Citigroup Inc made a final push on Wednesday to persuade a federal judge to force lenders of Revlon Inc to return half a billion dollars of its own money that it mistakenly sent them. At the conclusion of a six-day non-jury trial, US District Judge…
“#Neiman Marcus CEO may cut pricey perk for top execs: report” Neiman Marcus may ax a controversial health insurance plan for its chief executive and his top officers — just days after the lavish perk was exposed in an exclusive report by The Post. Chief Executive Geoffroy van Raemdonck — who stands to reap as…
“#Neiman CEO Geoffroy van Raemdonck slammed for pay, lavish perk” Neiman Marcus emerged from bankruptcy with a cushy perk for its top execs — and now its leaders are being accused of escaping the belt-tightening they imposed on everyone else. Neiman CEO Geoffroy van Raemdonck has been lauded for steering the troubled retailer out of…
“#Cinemark eyes AMC’s No. 1 spot as largest movie theater chain in US” Cinemark — the nation’s second-biggest movie-theater chain — is angling to move in on AMC Entertainment’s turf under cover of the COVID-19 chaos that has roiled the industry, The Post has learned. AMC has racked up hundreds of millions of dollars in…
“#Apollo circling AMC as chain scrambles to stay afloat: sources” AMC Entertainment is being circled by a trio of investment firms including Apollo Global Management as the movie-theater chain scrambles to stay afloat amid the pandemic, The Post has learned. Apollo, which along with Canyon Capital Advisors and Davidson Kempner Capital Management are holders of…
“#Citigroup defends actions at trial over $900M Revlon blunder” Citigroup went to trial Wednesday to try to recoup a half-billion dollars it claims is still due after it accidentally used nearly $900 million of its own money to repay lenders of Revlon, the struggling cosmetics company. The unusual case in Manhattan federal court could provide…
“#JCPenney exits bankruptcy with sale to biggest landlords” JCPenney exited bankruptcy just in time for the holiday shopping crunch — in an unusual deal that leaves a downsized department-store chain privately owned by its biggest landlords. The 118-year-old retailer exited Chapter 11 on Monday, bought by Simon Property Group and Brookefield Asset Management, in a…
“#Francesca’s boutique chain files for bankruptcy” Budget-friendly women’s clothier Francesca’s has filed for bankruptcy, becoming the latest retail casualty of the coronavirus pandemic. The Houston-based chain — which operates 558 stores nationwide — filed for Chapter 11 bankruptcy protection in Delaware on Thursday after securing a commitment for $25 million in financing from its lender,…