Restructuring

The results handily beat estimates as the company benefited from CEO Ellen Alemany’s ongoing effort to shed businesses and simplify operations.

Sports-equipment giant Russell Brands LLC made a bid to purchase the world’s first smart basketball, whose sensors transmit ball-handling data to smartphones.

The Kentucky manufacturer, a subsidiary of billionaire Warren Buffett’s Berkshire Hathaway Co., made a $1.5 million offer for the bankrupt startup behind the 94Fifty Smart Sensor Basketball, according to court papers.

The deal still needs approval from a bankruptcy judge.

The Roman Catholic Diocese of Gallup, N.M., on Tuesday won court approval of its plan to compensate clergy sexual abuse victims, paving the way for it to exit bankruptcy.

Following a hearing at the U.S. Bankruptcy Court in Albuquerque, N.M., Judge David Thuma signed off on the $25 million plan, which is largely funded by contributions from the diocese, insurance carriers, parishes and sales of the diocese’s property.

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On Monday in Manhattan, Sabine Oil & Gas Corp. and creditors it has fought for nearly a year in bankruptcy court will kick-off a seven-day showdown over the company’s multibillion-dollar restructuring plan.

During the hearing, which promises to be both lengthy and contentious, Sabine will face a group of creditors owed about $1.4 billion but slated to be repaid less than two cents on the dollar. Each side has agreed to limit itself to 24 hours of arguments and testimony spread out over at least seven days before U.S. Bankruptcy Court Judge Shelley Chapman.