Here's what we are reading this morning:
Skadden Recruits Former SDNY Bankruptcy Judge Drain as Counsel: Robert D. Drain will join Skadden as of counsel in the corporate restructuring group in New York, the firm said Thursday.
Tupperware Working With Turnaround Advisors Ahead Of Possible Bankruptcy: The household storage brand brings on Alvarez & Marsal along with investment bank Moelis and law firm Kirkland & Ellis.
Bankrupt Drugmaker Sorrento’s Scilex Unit Explores Stock Sale: Sorrento Therapeutics’ subsidiary Scilex is exploring the issuance of new stock to take advantage of a share-price rally as Sorrento charts a path out of chapter 11.
WeWork, Rhone Venture Default on San Francisco Office Tower Loan - Bloomberg: The $240 million loan was for a building at 600 California St. that is owned by funds managed by a venture formed by WeWork and Rhone in 2019 to buy and oversee real estate. The property, which includes a WeWork coworking space as an anchor tenant, is located in San Francisco’s Financial District.
Highland Park facing financial crisis, bankruptcy possible option - WDET 101.9 FM: Highland Park owes roughly $20 million to Great Lakes Water Authority
More Junk-Rated Companies Are Facing Credit Downgrades and Defaults - WSJ: U.S. businesses with lower credit ratings or significant leverage are increasingly struggling with steep increases to debt-servicing costs.
NY Boys & Girls Club Proposes Up to $21 Million for Abuse Claims: Madison Square Boys & Girls Club Inc. has submitted a bankruptcy reorganization plan that would create a trust with up to $21 million to pay abuse claimants.
Apollo-Backed Golfing Chain Paves Way for Contentious Debt Move: ClubCorp Holdings Inc., a golf and country club operator backed by Apollo Global Management Inc., has started the process of moving two of its businesses into different legal entities as talks with creditors falter ahead of a $1.1 billion debt maturity, according to people familiar with the matter.
Triton-Backed Werner’s Creditors Hire Advisers Amid Debt Wall: A group of bondholders to ladder maker Werner Co. is seeking legal advice from Paul Weiss Rifkind Wharton & Garrison ahead of a deadline next year to refinance a term loan, according to people with knowledge of the matter.
Judge Orders American Dream Mall Debtor to Pay Lenders $390M: In a court decision filed Tuesday, the judge in the case ruled the entity is on the hook for the loan, plus interest. The ruling came relatively quickly after the suit was filed, as no one contested the case.
Celsius Says Other Bidders Eyeing Bankrupt Crypto Lender - Law360: Embattled cryptocurrency lender Celsius Network has notified a New York bankruptcy court that it will file its upcoming disclosure statement for its reorganization later than previously planned to accommodate competing bidders who say they want to top the $45 million offer from the stalking horse bidder.