Bankruptcy & Restructuring News Headlines for Friday Apr 1, 2022

Here's what we are reading this morning:

Billionaire-Tied Fund Seeks Bankruptcy Amid IRS Levy Notices - Bloomberg: A Bermuda fund linked to billionaire Robert Brockman has landed in U.S. bankruptcy court after the Internal Revenue Service said it may seize some of the fund’s assets at Vista Equity Partners to satisfy tax debts owed by Brockman.

MoFo Brings Aboard Bankruptcy Partner From Arnold & Porter - Law360: Morrison & Foerster LLP announced Tuesday the hiring of a former Arnold & Porter partner for its business restructuring and insolvency group out of New York and Chicago.

Can Home Prices and Interest Rates Soar at the Same Time? - The New York Times: Rising mortgage rates are supposed to cool house prices. But this time could be different.

Kinder Morgan’s Ruby Pipeline Taps Advisers as Deadline Nears: Ruby Pipeline LLC has brought in PJT Partners and Richards Layton & Finger to advance restructuring talks as time runs out for repaying $475 million of bonds, according to people with knowledge of the situation.

Hospital margins off to rough start in 2022: The median operating margin for hospitals and health systems declined by 11.8 percent month-over-month in February, and margins were down 42.4 percent from February 2020, just before the pandemic started, according to a March 28 report from Kaufman Hall.

U.S. Supreme Court Bankruptcy Roundup | Jones Day: Supreme Court to Resolve Circuit Split on Constitutionality of U.S. Trustee Fee Hike

Confirmation Denied: Chapter 11 Plan Did Not Satisfy New Value Exception to Absolute Priority Rule Without Market Testing | Jones Day: In In re Platinum Corral, LLC, 2022 WL 127431 (Bankr. E.D.N.C. Jan. 13, 2022), the U.S. Bankruptcy Court for the Eastern District of North Carolina applied the Bankruptcy Code's "cram-down" confirmation requirements in denying confirmation of a chapter 11 plan under which one of the debtor's existing equity holders would receive 100% of the new equity in the reorganized company in exchange for cancellation of a prepetition unsecured "loan" and a $100,000 cash infusion.

Paul Hastings Law Firm Poaches About 40 Restructuring Attorneys From Stroock: The mass lateral move comes as defaults and bankruptcies hover around their lowest rate in decades.

18 Partner Elite Nationwide Financial Restructuring Group Joins Paul Hastings: The team is led by Kristopher Hansen, who, along with Jayme Goldstein, is recognized by Chambers Global for The Elite: Bankruptcy/Restructuring.

SEC Proposes Significant Changes to Rules Affecting SPACs | Skadden, Arps, Slate, Meagher & Flom LLP: On March 30, 2022, the SEC proposed new rules intended to enhance existing disclosure requirements and investor protections in IPOs by SPACs and in business combination transactions involving SPACs (de-SPACs).

Russia sets six-month moratorium on bankruptcies, PM says | Reuters: Russian Prime Minister Mikhail Mishustin said on Thursday that Moscow would impose a moratorium on bankruptcies for a period of six months starting on Friday.

Talen Energy Said to Seek Financing for Potential Bankruptcy: Talen Energy Corp. has held discussions with lenders for a loan that would fund a potential bankruptcy filing as the power producer struggles with rising hedging costs and a more than $4 billion debt load, according to people with knowledge of the matter.

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