CNBC: Glass Lewis endorses 6 of activist Ancora’s nominees for Norfolk Southern board
CNBC reports: Activist investor Ancora received a powerful endorsement in its efforts to secure a board ...
CNBC reports:
U.S. mall owners Simon Property Group and Brookfield Property Partners are close to finalizing an $800 million deal to rescue the embattled department store chain J.C. Penney from bankruptcy, avoiding a total liquidation and saving about 70,000 jobs and 650 stores, Joshua Sussberg of the law firm Kirkland & Ellis said Wednesday.
Simon and Brookfield will pay roughly $300 million in cash and assume $500 million in debt, Sussberg said during a court hearing.
Meantime, the hedge funds and private equity firms that have financed Penney’s bankruptcy are set to take ownership of some stores and the retailer’s distribution centers, in exchange for forgiving some of Penney’s $5 billion debt load. Penney’s lenders, led by H/2 Capital Partners, are going to own those assets in two different real estate investment trusts, or REITs, Sussberg said.
To read the full post, please click here.
'I'm scared', says Boeing whistleblower, after two others suffer mysterious deaths
Indian trade disrupted as port congestion forces liner services to skip calls
Shipper frustration as spot rates rise alongside demand, and cargo is rolled
Don't get too confident for Q2, market risks haven't disappeared, warns Yang Ming chief
Flexport's newly liveried aircraft ready as business looks up
Rail strike looming in Canada: it will come 'at the worst possible time'
Q1 'better than expected' for Maersk – but 'there's more pressure to come'
Airfreight contracts begin to reflect threat of a Q4 capacity crunch
Comment on this article