Pro Bankruptcy Briefing: J&J Beats Injury Lawyers on Talc Bankruptcy; Judge Questions Talc Supplier's Chapter 11 Vote morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
Pro Bankruptcy Briefing: New York Abuse Victims Face Hurdles in Court; Drugmaker Endo Weighs Options morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
By Alexander Gladstone and Aisha Al-Muslim Steak n Shake Inc. is preparing for a possible financial restructuring and has hired an advisory firm to evaluate options as the Covid-19 pandemic continues to hit the casual-dining sector hard, according to people familiar with the matter. The Indianapolis-based burger-and-milkshake chain hired FTI Consulting Inc. to advise on a restructuring strategy, the people said. Steak n Shake, owned by entrepreneur Sardar Biglari s eponymous holding company, has struggled with restrictions on indoor dining and has a $153 million loan coming due in March, they said. Steak n Shake, Biglari Holdings Inc., and FTI didn t immediately respond to requests for comment. Biglari Holdings said in a November securities filing that Steak n Shake may not be able to refinance its loan before the March maturity.
By Jonathan Randles Guitar Center Inc. has been cleared to exit bankruptcy with a plan to cut about $800 million in debt and provide the nation s largest seller of musical instruments with an infusion of cash to navigate the pandemic and holiday shopping season. Judge Kevin Huennekens of the U.S. Bankruptcy Court in Richmond, Va., said Thursday he would confirm Guitar Center s prepackaged chapter 11 plan, paving the retailer s path to get in and out of bankruptcy in less than a month. Guitar Center, which entered chapter 11 with more than $1.3 billion in debt, anticipates emerging from bankruptcy as soon as next week, a company lawyer said.