Here's what we are reading this morning:
Center For COVID Control Got $124 Million From Feds While Telling Workers To Lie About Results, Throw Tests In The Trash, Ex-Employees Say: The company, a suburban Chicago-based chain that boasts 300 locations nationally, has been paid more than $124 million for testing from the federal government since the start of the pandemic. It is now facing a lawsuit from the Minnesota attorney general’s office and is under investigation by various federal and state agencies. It has closed all its locations until Friday amid the scrutiny.
Peloton to pause production of its Bikes, treadmills as demand wanes: Peloton is temporarily halting production of its connected fitness products, according to internal documents obtained by CNBC.
“Restructure This!” Highlights Current Issues and Developments in Corporate Restructuring: Sheppard Mullin: Sheppard Mullin’s New Podcast Features Interviews with Industry-Leading Advisors, Principals, Scholars, and More
The Deal Q4 Bankruptcy League Tables: A Year of Change: Although there were few large filers, 2021 will be remembered for years to come.
Property sector is most 'zombified,' rate hikes will be risky: Kearney: There's a "big risk" of real estate companies filing for insolvency when interest rates rise, said Nils Kuhlwein of consulting firm Kearney.
Peloton Interactive, Inc. Reports Preliminary Second Quarter Fiscal 2022 Results: "As we discussed last quarter, we are taking significant corrective actions to improve our profitability outlook and optimize our costs across the company. This includes gross margin improvements, moving to a more variable cost structure, and identifying reductions in our operating expenses as we build a more focused Peloton moving forward. "
Sears Auto Centers close last 15 locations | Tire Business: The closings shut the book on an enterprise that at one time boasted over 800 locations throughout the U.S. and a portfolio of private-brand tire lines, such as DieHard, Road Handler and Weather Handler.
China Aoyuan Won’t Pay Bonds, Signals Default Imminent - Bloomberg: China Aoyuan Group Ltd. won’t make payments on four dollar bonds and said that will trigger defaults on all other offshore debt, becoming the latest Chinese developer to succumb to the industry’s liquidity crisis
Evergrande creditors raise threat of action over default | Reuters: A key group of China Evergrande's international creditors said on Thursday they were ready to take "all necessary actions" to defend their rights if the property developer did not show more urgency to resolve a default.
Georgian Airways files for insolvency, put up for sale | Eurasianet: Georgia’s national airline, Georgian Airways, has filed for bankruptcy. It was hit first by a Russian ban on direct flights, then by the pandemic.
Seadrill New Finance Limited Announces Emergence from Chapter 11: The Plan was confirmed by the United States Bankruptcy Court for the Southern District of Texas on January 12, 2022. All conditions precedent to the restructuring contemplated by the Plan have been satisfied or otherwise waived. Seadrill New Finance Limited will shortly be renamed Paratus Energy Services Ltd.