Market Moves
Ackman Bets Against Junk Bonds, Now Resurgent
Hedge fund honcho thinks dragged-out economic recovery will harm high-debt companies.
Tag: Bankruptcy
Newsmakers
Under New Ownership, McClatchy Could Offload $1.4 Billion Pension Assets to PBGC
The bankrupt newspaper chain’s retirement obligations propelled it into Chapter 11, but the new owner, hedge fund Chatham, will get a clean slate.
Alternatives
PE-Related Bankruptcy Filings Soared in May
Too much debt and the virus economic slide harmed companies such as Hertz and J. Crew.
Opinion
Op-Ed: U.S. Public Pension Underfunding—Don’t Make the Same Mistake Thrice
As some lawmakers suggest states consider declaring bankruptcy, governments will be tempted to cut back on pension contributions. Amundi Pioneer senior adviser Charles E.F. Millard urges them not to do so.
Coronavirus - COVID-19
Lock Down the US to Save It from Virus, Ackman Says
‘Hell is coming,’ the activist investor admonishes, calling for more stringent measures while the nation reels economically.
Risk
Newspaper Company McClatchy Halts Retirement Payouts After Chapter 11 Filing
Company negotiating with PBGC to take over benefit payments amid a new company-wide restructuring plan.
Market Moves
Seth Klarman Outfoxes Wildfires with Canny Insurance Bet on Utility
Billionaire hedge fund operator offsets equity stake in woebegone PG&E with purchase of liability claims against it.