Bankruptcy & Restructuring News Headlines for Friday Apr 29, 2022

Here's what we are reading this morning:

U.S. GDP Drops 1.4% as Economy Shrinks for First Time Since Early in Pandemic - WSJ: The U.S. economy shrank at a 1.4% annual rate in the first quarter, the Commerce Department said Thursday, its first contraction since early in the pandemic.

Economy shrinks for first time in nearly two years: But the details are not as alarming as the headline would suggest.

Economy Contracted in the First Quarter, but Underlying Measures Were Solid - The New York Times: The overall figure understates the U.S. economic recovery because inventories needed less rebuilding and consumer spending widened the trade deficit.

A Big Risk Hanging Over European Banks: Leveraged Loans - WSJ: Europe’s banking regulator is growing antsy about a booming market for banks: loans that fuel riskier borrowers and the global deal-making machine.

Eagle Senior Living’s Bankruptcy Plan Approved With New Funding: American Eagle Delaware Holding won court approval of its bankruptcy reorganization plan that cuts $40 million of secured debt and ensures continued operation of its senior living facilities.

G/O Media Buys Business Site Quartz - The New York Times: G/O Media, the owner of websites that once belonged to the blog empire Gawker Media, has acquired the business news site Quartz, the latest deal in a wave of consolidation among digital publishers.

Lake Mead water valve is exposed for the first time amid historic drought | CNN: Lake Mead's plummeting water level has exposed one of the reservoir's original water intake valves for the first time, officials say.

Hess Says Subsidiary Filed for Bankruptcy to Resolve Refinery Asbestos Claims: A subsidiary of Texas-based Hess filed for bankruptcy to resolve asbestos-injury claims against the company stemming from an oil refinery it used to own in St. Croix in the U.S. Virgin Islands.

Cooper-Standard Taps Advisers for Supply-Chain, Debt Load Help: Cooper-Standard Holdings Inc. has hired turnaround advisers at Alvarez & Marsal Inc. to help the automotive-parts supplier navigate supply-chain problems and looming maturities on nearly $1 billion of debt, according to people with knowledge of the situation.

Personal insolvencies in England and Wales at highest level since 2018 | The Independent: There were 32,305 personal insolvencies between January and March, marking the highest total since the final quarter of 2018.

CDS committee met to prepare auction in Russia case - statement: The EMEA Credit Derivatives Determinations Committee said on Thursday it met to prepare for holding an auction to settle credit default swaps in case Russia goes into default.

Recent Developments in Bankruptcy Law, April 2022: By: Richard Levin | Jenner & Block

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