Instant Pot Maker Lays Foundation for Controversial Debt Move: Lenders to Instant Brands Holdings, the housewares maker behind the likes of Instant Pot and Pyrex, are huddling with lawyers after the company opened the door to a controversial form of financing, according to people familiar with the matter.
$4 Billion Accounting Scandal Exposes Supplier Finance Risks: The accounting scandal that led to a $4 billion hole in the balance sheet of major Brazilian retailer Americanas SA centers on a common funding tool with notoriously opaque reporting: supplier finance.
GDP Updates: U.S. Economy Grew at 2.9% Annual Rate - The New York Times: Activity at the end of last year showed the resilience of American consumers and businesses in the face of rising inflation and interest rates.
With Layoffs, Retailers Aim to Be Safe Rather Than Sorry (Again) - The New York Times: Companies that ramped up hiring in areas like technology over the past few years are cutting back as customers slow their spending.
New Complex Case Procedures in the Southern District of Texas | Fox Rothschild LLPa: Effective January 1, 2023, the procedures for filing complex cases in the Southern District of Texas changed. The courts have made the procedures specific and detailed.
Bed Bath and Beyond warns it doesn't have the cash to pay down debts: Bed Bath and Beyond again warned of potential bankruptcy, saying it doesn't have enough cash to pay down its debts.
Bed Bath & Beyond Says It Received Default Notice from JPMorgan (BBBY) - Bloomberg: “At this time, the Company does not have sufficient resources to repay the amounts under the Credit Facilities and this will lead the Company to consider all strategic alternatives, including restructuring its debt under the U.S. Bankruptcy Code,” the filing said.
Bed Bath & Beyond Says Banks Have Cut Off Its Credit Lines - WSJ: Retailer says it doesn’t have funds to repay credit lines as it prepares for potential bankruptcy filing.
FTX Creditor Group Opposes DOJ Call For Independent Examiner: FTX and its creditors urged a judge to reject the US Justice Department’s call for an independent probe into the crypto platform’s collapse, citing potential costs and delays.
