KaloBios Gets Bankruptcy Financing

KaloBios Pharmaceuticals was approved for bankruptcy financing that is premised on tamping down former Chief Executive Martin Shkreli’s stake in the company. The Wall Street Journal has the Daily Bankruptcy Review article here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

As DBR reports in WSJ, Alberstons is buying 29 profitable stores form supermarket operator Haggen Holdings. The stores make up the core of the chain that filed for bankruptcy.

Senate Democrats plan to introduce two bills Monday that would give Puerto Rico power to get rid of some its bonds while also giving priority to public worker pensions, DealBook reports.

Bankruptcy Beat reports on Arch Coal’s $10,000 donation to a Washington, D.C.-based group that is known for suing climate scientists.

Steven Rhodes says Detroit Public School will close next month if it doesn’t get state money, Reuters reports.

Bankruptcy Beat reports on the bankruptcy filing of a maker of the world’s first smart basketball.

A senior official in China said the country is putting consolidation ahead of bankruptcy for state companies, WSJ reports.

A WSJ opinion piece blasts the idea of a Puerto Rico bankruptcy.

Rapper 50 Cent said he was quitting Instagram amid the saga of him posting photos posing with fake wads of cash, the Associated Press reports.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa