J.Crew filed for bankruptcy protection; the company’s lenders have agreed to “convert $1.65 billion . . . into equity.” Neiman Marcus Group Inc. and J.C. Penney are also on the bankruptcy path, already entering talks with lenders – WSJ and NYT

All American equity indexes opened lower; the yield on two-year Treasuries was unchanged at 0.19% (the lowest in more than eight years); the yield on 10-year Treasuries rose two basis points to 0.63% (the biggest advance in a week); West Texas Intermediate crude fell 1.4% to $19.50 a barrel; and gold strengthened 0.3% to $1,706.22 an ounce – Bloomberg and WSJ

Big oil had planned to divest assets to “pay down debt” prior to the pandemic, now those deals hang in the balance – WSJ

Wall Street v. Hollywood: Hedge fund Elliott Management Corp. is financing a patent lawsuit against streaming service provider Quibi on behalf of interactive video company Eko. Elliott will end up with an equity share in Eko as part of the deal – WSJ

Tesla’s stock fell Friday after Elon Musk tweeted “Tesla stock price is too high imo.” Elon Musk has a history of making such remarks, much to the aggravation of investors – WSJ

The FDA has given the greenlight for the use of Ebola drug, remdesivir, when treating severe COVID-19 patients – Law360

Blue Bell Creameries has agreed to “plead guilty to charges it shipped products linked to a 2015 listeriosis outbreak.” The company’s former president faces seven felony charges related to the incident – Law360

Warren Buffett seems more worried than usual, making remarks that the economy’s downturn could last years, maybe up to a decade. Mr. Buffett sold his holdings in the four biggest U.S. airlines. In addition, Berkshire sold $6.5 billion worth of stocks last month, putting most of the money into Treasury bills – NYT

The pandemic continues to plague meat production at Tyson Foods Inc. Last month, the United Food and Commercial Workers International Union reported roughly 5,000 food-processing workers had been hospitalized or had symptoms of COVID-19 – WSJ

Judge Klausner of the United States District Court for the Central District of California dismissed the United States women’s soccer team’s equal pay claims on Friday. Summary judgment was granted in favor of the United States Soccer Federation. The players’ representative said they would appeal the decision – NYT