Bankruptcy & Restructuring News Headlines for Friday Feb 16, 2024

Here's what we are reading this morning:

Express’s stock jumps 30% but is still down 38% on the week amid bankruptcy concerns - MarketWatch: The troubled retailer is reported to have hired restructuring advisers amid a debt burden of nearly $300 million.

Express CEO Tries to Calm Bankruptcy Worries After Media Report: Express (EXPR) CEO Stewart Glendinning said the retailer is preserving liquidity as it waits on an IRS payout under the CARES Act.

The Children's Place Provides a Shareholder Update: As a result of Mithaq’s unsolicited acquisition of shares, Mithaq has triggered a Change of Control thereby causing an Event of Default under the Company’s Amended and Restated Credit Agreement. The Company is in discussions with its lenders to seek a waiver of the Event of Default.

Sham Burger King Franchisee Bankruptcy Stuns, but Avoids Harm: A “fraudulent” bankruptcy petition submitted on behalf of a major Burger King franchisee caught lawyers by surprise but showcased the ability of bankruptcy courts to quickly root out shady conduct.

Children’s Place Soars After Mithaq Capital Builds 54% Stake: Struggling apparel retailer The Children’s Place Inc. saw its shares more than double Thursday after saying Mithaq Capitalbought more than half the company’s outstanding stock and asked to enter financing talks.

Byju's Insiders Seek Ch.11 Dismissal, Calling It Litigation Ploy - Law360: Affiliates of Indian tech giant Byju's U.S. arm, which are embroiled in state court litigation with the company's lender, asked a Delaware bankruptcy judge to dismiss the company's Chapter 11 case, saying the bankruptcy petition was filed to stymie the ongoing state court litigation.

Sullivan & Cromwell Poised to Be Appointed as Binance's Independent Monitor - Bloomberg: New York law firm Sullivan & Cromwell is poised to be appointed Binance Holdings Ltd.’s independent monitor following the crypto giant’s multibillion-dollar settlement with the US government.

Older Post Newer Post