Bankruptcy & Restructuring >>>
The Tennessee Consolidated Retirement System has allocated only 13 percent of the $1.5 billion approved for junk-rated debt this year as its chief investment officer takes a guarded approach to the asset class. Click HERE for more.
Park Cities Bank’s holding company, North Texas Bancshares Inc., filed for bankruptcy, citing soured commercial real-estate loans and declining natural gas prices. Click here to continue reading.
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The Texas Municipal Retirement System is investing $250 million in bank loans as it shifts money from equities and bonds. Click HERE for more.
The State of Ohio’s Highway Patrol Retirement System allocated $22 million in assets to senior secured loans in August as it seeks higher yield. Click HERE for more.
A Detroit municipal-workers’ union can ask a Michigan employment judge to put in writing his opinion that the city violated labor laws when it unilaterally barred retirees from getting an extra pension check, a bankruptcy judge said. Click here to continue reading.
Tesco Plc’s Fresh & Easy Neighborhood Market Inc. filed for bankruptcy so it can sell itself at auction with an affiliate of billionaire Ron Burkle’s Yucaipa Cos. as the lead bidder. Click here to continue reading.
Kinetic Concepts plans to buy back $112 million of bonds due 2019 when it has excess cash provided that the debt trades at an attractive price, said Nathan Speicher, the issuer’s vice president of investor relations and treasury. Click HERE for more.
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The Ohio Police & Fire Pension Fund is boosting its holdings of high-yield debt, including floating-rate bank loans, while reducing equities to limit volatility. Click HERE for more.