It took a bankruptcy filing and a coronavirus pandemic to reveal that there’s value inside Dallas-based closeout retailer Tuesday Morning.

The retailer of gift and home merchandise has been reorganizing in bankruptcy since late May. Its business has improved enough that it filed a reorganization plan Thursday that pays creditors 100% and includes no dilution to existing shareholders.

It’s a rare outcome for shareholders to retain any value after a company exits bankruptcy. Stockholders take on the risk that a company may fail and that their shares may be worthless. Once a company seeks bankruptcy court protection, the pecking order for who is paid, and how much, rarely includes those former equity holders.

With stores closed during the pandemic and no e-commerce infrastructure, the retailer’s prospects looked dim. But as its 700 stores started to reopen, business was good. Tuesday Morning sells rugs, sheets and towels and kitchen items —

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By Roslan Khasawneh, Chen Aizhu and Jonathan Saul

SINGAPORE/LONDON, Sept 16 (Reuters)The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to creditors, three sources said on Wednesday.

Xihe Holdings is part of the Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of which were placed under court-appointed supervisors earlier this year.

The sale includes three crude oil supertankers and is expected to get fully underway in the coming days, the sources said.

The ships were valued at a total of just over $196 million, according to vessel valuer TonnEdge on Eikon.

Clarksons Platou and Arrow Shipbroking Group have been appointed by the supervisor to act as the joint brokers for the marketing and sales

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(Bloomberg) — Lenders to Cirque du Soleil Entertainment Group won control of the company in a court-supervised restructuring.

The bid by the creditors’ group, which represents holders of about $760 million in Cirque debt and includes Toronto-based Catalyst Capital Group Inc., must still receive the approval of a Canadian court. Lenders are planning to inject $375 million of new capital into the Montreal-based company to restart its shows.

Under the proposal, first-lien creditors, owed more than $900 million as of March 31, wind up with virtually all of the equity.

“The offer made by our secured lenders is a clear recognition of our iconic brand and of the current management team,” Chief Executive Officer Daniel Lamarre said in an email. “We are focusing on the relaunch of our shows and look forward to moving the organization forward with the prospect of returning to a profitable situation.”

Cirque shareholders including TPG,

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