Junk Bond Deal for Murray Energy to Take Over Bowie Resource Partners Falls Through FacebookTwitterLinkedInEmailPrint分享Wall Street Journal: Bowie Resource Partners LLC, a Kentucky coal-mining company, pulled a $510 million debt deal Friday as investor sentiment toward high-yield debt became more cautious.The deal would have paved the way for a takeover of the company by Murray Energy Corp. and new bondholders.The proposed deal was intended to refinance Bowie debt set to mature in 2020 and would have cashed out Bowie’s current owner, commodity trading firm Trafigura PTE Ltd.The debt deal was a key condition in a new partnership Bowie planned to form with Murray Energy, to be called Canyon Consolidated Resources. Murray Energy was set to take a 30.5% stake in the company, and new bond investors would’ve gotten a 28.5% stake if the debt deal had gone through.The decision to pull the plug on the capital raise puts the fate of the Canyon partnership into question.More: ($) “Coal Company Bowie Resource Partners Pulls Debt Deal Backing Takeover”
The UK government’s plan for changes to tax relief risk a pensions “implosion” that could undermine the foundations of the country’s tax system.Ruston Smith, outgoing chairman of the National Association of Pension Funds (NAPF), argued his organisation’s role was to act as a “social conscience and savers’ champion” and cautioned the government against implementing radical changes to the tax system.Opening the NAPF’s annual conference in Manchester, Smith, also group pensions director at supermarket chain Tesco, said change should not be confused with improvement.He argued that it was the NAPF’s role to challenge government. “If we stood and watched as changes were made to the industry, we’d end up with higher DB deficits, regulation that doesn’t work and reforms that can’t be implemented,” he said.“If we stand and watch, short-term fixes will damage long-term gains.”Smith reserved his harshest criticism for changes to pension taxation put out to consultation by the UK Treasury in July, coming in the wake of an overhaul that saw savers allowed to draw down their pensions pots from 55.“The government says it wants to strengthen the incentive to save, but it’s ulterior motive is to increase short-term tax revenue,” he said.“If the government gets its way on reforms to pensions tax relief, we could see the recent wave of change – the pensions revolution – becoming a pensions implosion.“[It’s] tax change that could literally dig up and smash the foundations set to create a society of lifetime savers, putting pressure back on our ageing society.”The consultation launched over the summer proposed a shift from the Exempt-Exempt-Taxed model to a Taxed-Exempt-Exempt approach.Stewart Hosie, pensions partner at KPMG, previously argued that the government would be better placed to determine whether the current tax system provided value for money, and delivered on its own policy goals.
Instead, the Clippers unleashed their arsenal, starting with the outside shooting of Jared Dudley and J.J. Redick. Dudley hit four 3-pointers and scored a season-high 21 points and Redick made 8 of 11 shots for 19 points.Blake Griffin added 15 points and 12 rebounds and Paul, a day after he was held under 10 assists for the first time this season, had 16 points and 17 assists.“It makes it so much easier just because you have to worry about those guys,” Griffin said of Dudley and Redick. “Coming off a screen, even in transition, I don’t know how many J.J. and Jared got just in transition. … It puts a lot of stress on the defense, allows (DeAndre Jordan) and I to set screens and then facilitate that way.“Even not hitting shots you can put pressure on a defense just by the movement they have in our offense and their presence alone.”The Clippers (10-5) shot 63.6 percent in the first quarter, 61.1 percent in the second quarter and after a 57.1 percent third quarter held a 96-73 lead. Then the reserves held the Bulls (6-6) to nine points in the final period.“We know what our defense is capable of,” Paul said. “We’ve been saying it for a while. Some nights it doesn’t look like it, but we know where to be. We were all on a string tonight, where one guy got beat, another guy helped. This is the blueprint for us.“That’s huge for our team. This was our fourth game in five nights. We could have come in with a lot of excuses, but we did what we were supposed to do.”The Bulls, who reached the 2013 Eastern Conference semifinals without Rose, looked a little shell-shocked this time around. In addition to missing Rose, they were without swingman Jimmy Butler, who is sidelined by a toe injury.Luol Deng led the Bulls with 22 points and Mike Dunleavy and Carlos Boozer had 14 apiece. Chicago made only 4 of 25 shots in the final period.“Obviously we’re disappointed as a team,” Bulls guard Kirk Hinrich said. “We all feel for (Rose). We’ve been through this, we’ve been through a lot as a team. We’ve got a lot of guys that have seen a lot in their careers.”Antawn Jamison made his season debut for the Clippers and scored 11 points and Darren Collison had 14 points and five assists in a 48-point barrage from the reserves.Dudley has been a starter all season but has struggled through tendinitis in his knee. And now he’s beginning to become settled in his new environment.“For me personally, the same shots I had tonight I had through all season,” said Dudley, who made 8 of 10 shots. “I’m a little more confident and getting in a little better groove.“My thing was if I couldn’t hurt the team, then I was going to try and keep playing. … Times have been tough and other times I’ve felt good, so it’s been up and down.” “It was the imperfect storm in some ways because there was no Rose,” Clippers coach Doc Rivers said. “But I thought our defensive energy tonight was fantastic. We were sharp offensively, we were making shots and moving the ball.“This was the most active our hands were defensively. It was (Saturday’s) game in the first quarter for four quarters.”The 39-point rout was the largest winning margin in franchise history, eclipsing 37-point wins set in 1978 and 1975. Rose will undergo surgery for a right knee meniscus injury today and could be lost for the season for a second consecutive year.“Obviously they’ve had to deal with losing (Rose), which is a huge part of their team,” Clippers guard Chris Paul said. “The thing about their team is and their coaching staff is they know how to deal with that. They have an identity. They’re going to play hard every night, they’re going to be effective.” The Clippers were ready for and wary of a proud opponent accustomed to dealing with adversity.It might not have mattered who was across the Staples Center court from them on Sunday.In their fourth game in five days, the Clippers had plenty of legs left to shoot their way to a 121-82 victory over Chicago, which played its first game after former MVP Derrick Rose injured his knee.Not only did the five starters make 69 percent of their shots, the Clippers paid a little more attention on defense after building a 13-point halftime lead. All five starters were on the bench for the entire fourth quarter. Newsroom GuidelinesNews TipsContact UsReport an Error