Welcome back to the weekly Re/Re/Recap. Thanks for putting on your Sunday best. Or at least your Sunday not-worst.
Opioid liabilities push Mallinckrodt to file
The global pharma company filed for bankruptcy protection on the 12th, hoping to use the courts to mitigate the effects of active and ongoing litigation stemming from the drug-maker’s role in contributing to the widespread abuse in opioids.
Current potential claims against the company are approximately $1.6 billion, if I interpret their filings correctly.
JC Penney sale process could be on the rocks
The Simon Property Group and Brookfield Property Partners joint acquisition play has slowed their roll, missing deal update deadlines.
The acquiring companies and JC Penney signed a nonbinding letter of intent last month, but the deal hasn’t been sealed.
The retailer originally targeted October 3rd for a sale date.
Movie it along: theaters continue to get hit hard
B&B Theaters is the 6th largest chain of movie theaters in the US with 48 theaters across eight states, but has so far escaped the full wrath of the pandemic: a wind-down.
With blockbuster franchises pushing release dates for volume-driving films farther and farther into the future, theaters without strong balance sheets are left to flounder.
And you know it’s all going to come back to the Simon Property Group, at least according to this fool on The Motley Fool who argues that the “hidden loser” in the closures of movie theater chains is actually SPG — a landlord who has around 60 movie theaters on its properties.
Misc.
Equinox, the gym, muscles up for a potential filing.
Hertz gets a $1.65 billion loan - this case just gets more interesting by the day.