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McKenzie Lueck, 23, was not in distress when she was met at Hatch Park by an individual in a vehicle, according to authorities.
In the big merger announcement between Eldorado Resorts and Caesars Entertainment, there's been no mention of sports betting.
Pacific Gas & Electric's key lenders on Tuesday offered a $30 billion plan to pull the utility out of bankruptcy and give the tarnished company a new name. The proposal filed in U.S. Bankruptcy Court would set aside up to $18 billion of that $30 billion to pay claims on the 2017 and 2018 wildfires caused by PG&E equipment, the Sacramento Bee reported.
There’s a surprising acquisition coming in the gaming space and an unsurprising result in the fast-food industry.
Dealers who subscribe to Hailer application through CDK Global Inc will be able to offer rides without the customer having to install the Lyft app. Lyft, which debuted on the New York Stock Exchange a couple of months before Uber, has partnered with several companies to offer its services in a bid to gain share in a market dominated by bigger rival Uber Technologies Inc. Last week, the company struck a deal with Agero Inc to provide rides for consumers whose cars need a tow assistance, and has also become the official rideshare of Disney Parks and Resorts.
(Bloomberg) -- A group of creditors angling for control of PG&E Corp. is pushing to scuttle the bankrupt utility’s $31 billion restructuring plan.An ad hoc committee of unsecured lenders filed a motion to terminate the period of exclusivity that PG&E has to file a plan for emerging from Chapter 11, according to a court filing Tuesday. That period ends on Sept 26. While it is in effect nobody else can submit a reorganization plan.The creditor group, led by Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Capital Management, wants to end it now so they can put forth their own plan that would see the California power company emerge from bankruptcy by the end of 2019 or shortly after. That plan would inject up to $30 billion of new money into PG&E."The need to exit bankruptcy expeditiously is paramount," the creditors said in the filing in U.S. Bankruptcy Court in San Francisco. "It has been five months since the petition date, and a new wildfire season has already begun."PG&E rose as much as 2.5% on the news. The shares gained 1.2% to $21.92 at 1:51 p.m. in New York, giving the company a market value of about $11.6 billion.In an emailed statement, PG&E said it was committed to work with its stakeholders through the Chapter 11 process to resolve 2017-2018 wildfire claims and develop a “more sustainable business model.”The creditor request is the latest twist in the biggest utility bankruptcy in U.S. history. California politicians, creditors, activist investors, wildfire victims and others have all piled into the case since PG&E declared Chapter 11 in January to deal with an estimated $30 billion in damages tied to wildfires that its equipment ignited.The creditor group indicated last month that it would push to end the exclusivity period early, saying in a hearing that the company’s lengthy process to replace its board had slowed its exit from bankruptcy protection.Plan DetailsTheir reorganization plan would provide up to $30 billion in new money and introduce major changes. They’re also proposing to give PG&E a new name: Golden State Power Light & Gas Co.PG&E would bring in an outside management team, “top-tier” utility or energy holding company to run its operations, according to the filing. The new management may have the opportunity to invest in the reorganized utility.Their plan proposes a new board with no more than 11 members. The majority would be appointed by shareholders. Employees, PG&E customers and the future wildfire fund would appoint one representative each.In addition, the plan calls for the sale of up to $1 billion in real estate, with the proceeds providing a customer rate credit over ten years. It would also prohibit the utility from transferring any part of its system to municipal ownership for five years. This would potentially block San Francisco’s efforts to take over PG&E’s distribution system.The plan includes a trust of up to $18 billion to resolve past wildfire claims under certain conditions as well as contributions of $4 billion from PG&E for a statewide future wildfire fund. The creditors’ plan wouldn’t reject any of the company’s renewable energy contracts.The plan would be funded by $18 billion in cash from the investor group, $2.2 billion in insurance proceeds and the issuance of about $9.5 billion of debt."The ad hoc committee is willing to fund the reorganized company with fresh equity, which will restore strong investment grade credit metrics so PG&E can once again access low cost capital going forward for all of its necessary long-term infrastructure," the group said.Exclusivity PeriodsIn Chapter 11 cases, companies typically have an exclusive period of time to devise a reorganization plan. While it’s unusual for a court to terminate it, that happened when the company’s utility -- Pacific Gas & Electric Co. -- went through bankruptcy in the early 2000s.That case was overseen by U.S. Bankruptcy Judge Dennis Montali, who is also overseeing the current reorganization.In May, Montali said he ended the exclusivity in PG&E’s previous reorganization after a viable, competing proposal surfaced.The creditor group has asked him to consider approving their request in late July.The creditors’ plan would counter PG&E’s own reorganization plan, which would see it emerge from bankruptcy in March. That plan calls for a $14 billion fund to be established to address past wildfire claims and another $20 billion statewide fund for future fires.(Adds PG&E comment in sixth paragraph.)To contact the reporters on this story: Scott Deveau in New York at firstname.lastname@example.org;Mark Chediak in San Francisco at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, ;Lynn Doan at email@example.com, Joe Ryan, Christopher MartinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
With the help of huge subsidies and favorable policies, the Chinese government seems to be determined to keep the electric vehicle revolution in the country alive.
A committee of bondholders of PG&E Corp's utility unit on Tuesday proposed a bankruptcy reorganization plan that would inject up to $30 billion (£23.6 billion) to help the California power provider emerge from Chapter 11 and pay off its liability from wildfires. In a filing with the U.S. bankruptcy court in San Francisco, the committee, made up of senior unsecured noteholders of Pacific Gas & Electric Co, also sought to terminate the utility's exclusive period for filing a Chapter 11 reorganization plan so the committee may file its own plan. PG&E has until Sept. 29 to file a plan.
Recently, PG&E; (PCG) stock continued to fluctuate. The stock started the week on a lower note and lost 5.6% on June 24. Last week, the stock rose more than 24%.
Abercrombie (ANF) grapples with adverse impacts of foreign currency and higher operating expenses. Nevertheless, its cost-saving efforts, loyalty and marketing programs are encouraging.
Based on the early price action, the direction of the September U.S. Dollar Index on Tuesday is likely to be determined by trader reaction to Monday’s close at 95.487. If the Euro posts a reversal top then look for the index to post a reversal bottom.
Ahead of the day, Fed Chair Powell Speech and Consumer Confidence Index are must-watch events. On a broader technical view, the pair appeared to maintain a healthy uptrend.
Negative comments ahead of trade talks and rhetoric from Iran in response to the prospect of sanctions dampen the mood ahead of the European open.
Caesars Entertainment (CZR) stock jumped over 15% Monday after news broke that the company agreed to merge with Eldorado Entertainment (ERI).
Trump called the Fed as a “Stubborn Child”. Today, the Crude prices slipped around 1% over demand concerns boiled out of escalating US-Iran tensions. The April Japanese Leading Economic Index reported higher than market hopes.
Utilities rose 0.3%, while the S&P; 500 rose 1.6% for the week ending June 21. So far in 2019, utility stocks have risen almost 15%, while broader markets have risen more than 17%.