Bankruptcy & Restructuring News Headlines for Friday Feb 18, 2022

Here's what we are reading this morning:

U.S. Jobless Claims Rise, Concentrated in a Few States - Bloomberg: Applications for U.S. state unemployment insurance unexpectedly rose for the first time since mid-January, mainly concentrated in a few states in the South and Midwest, while most others declined.

What are Vacant Office Towers Worth? Foreclosure Sales Show How Values of 1980s Office Towers in Houston Have Collapsed, Dishing out Huge Losses for CMBS | Wolf Street: We’re now seeing some of the results of the Houston office bust percolate through Commercial Mortgage Backed Securities (CMBS). Houston’s office market got hit by a triple-whammy.

NYC’s first outlet mall, Empire Outlets, to enter into foreclosure - Citing a need to restructure finances amid a variety of project challenges, Empire Outlets senior lenders -- Goldman Sachs Urban Investment Group and Sterling National Bank -- filed a consensual foreclosure action Friday in coordination with BFC Partners, the St. George mall’s current owner and operator.

Credito Real Bondholders Tap Adviser for Restructuring Talks (1): A group of Credito Real SAB bondholders has engaged Los Angeles-based investment bank Houlihan Lokey Inc. to help advise them in restructuring talks with the Mexican shadow lender, according to people with knowledge of the matter.

Jed Zobitz, Paul Zumbro and Eric Hilfers Author Article for the American Bankruptcy Institute Journal on Executive Compensation in Bankruptcy | Cravath, Swaine & Moore LLP: The article examines Section 503(c) of the Bankruptcy Code, a part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”), and the adverse impact it has had on the ability of companies in bankruptcy to optimize executive compensation.

What Do You Do If a Debtor Defaults on Its Confirmed Bankruptcy Plan? | Miller, Canfield, Paddock and Stone PLC: A recent opinion from the Michigan Court of Appeals explained that when a debtor defaults under a confirmed chapter 11 bankruptcy plan, a creditor can enforce its rights in state court, and perhaps also in the bankruptcy court.

10 Retailers to Watch for a Bankruptcy Filing in 2022 | Stark & Stark: With the end of both COVID-related relief and eviction moratoriums, there are a number of “problem tenants” that may not be able to recover or adapt, forcing them to use the bankruptcy process to stay viable.

2022: One of the hardest times to run a company: 2022 is shaping up to be one of the hardest years ever to run a company — even harder than 2020, when the pandemic first hit, corporate leaders and analysts tell Axios.

Founder And Former Chief Investment Officer Of New York Based Investment Adviser Charged With Securities Fraud And Obstruction Of Justice | USAO-SDNY | Department of Justice: Among the allegations: "Some [] manipulations caused certain positions held by the Investment Funds to have impossible values, such as where under the true terms of the swap, the value adopted by [the defendant] could only be true if volatility were negative – a condition which is mathematically impossible."

Banker for Bankrupt Texas Co-op Can Keep Client List Under Wraps: A bankruptcy court judge allowed a JPMorgan unit to work for bankrupt Texas utility Brazos Electric Power Cooperative while keeping the identities of hundreds of bank clients under seal to avoid making confidential business information public.

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