Investors Bargain Hunt in Evergrande Bonds Amid Default - WSJ: Fund managers are betting creditors will recover far more than the debt’s current prices suggest, despite the likelihood of a complex restructuring. The real-estate company has $20 billion of international bonds outstanding.
J&J Unit’s Talc Bankruptcy Needs Examiner, U.S. Trustee Says: The Justice Department’s bankruptcy watchdog urged a court to appoint an independent examiner in the bankruptcy case of Johnson & Johnson spin-off LTL Management LLC to assess whether a controversial liability-limiting practice is viable.
Judge Throws Out Purdue Pharma’s Deal to Shield Sacklers From Opioid Lawsuits - WSJ: The decision raises questions about the future of the company and its owners, who have been accused of fueling the nation’s opioid crisis.
Noble Group Is Said to Start Debt Restructuring Talks Again - Bloomberg: The move comes just three years after the Hong Kong-based company emerged from its last multibillion-dollar debt restructuring, which converted much of the company’s debt to equity and handed control to a group of hedge fund creditors led by Taconic Capital Advisors.
Purdue Pharma Appeals Judge Strikes Down Opioid Settlement (3): U.S. District Judge Colleen McMahon on Thursday struck down the OxyContin maker’s sweeping opioid settlement, putting the accord at risk of collapsing. Supporters of the deal have warned that the alternative to a settlement is years of costly -- and potentially fruitless -- litigation.
Stream TV Loses District Court Appeal of Chapter 11 Dismissal: Stream TV Networks Inc. failed in its bid to overturn a bankruptcy court’s dismissal of its Chapter 11 case, boosting creditors’ chances of accessing its assets to be repaid.