Here's what we are reading this morning:
Producer price index June 2022: Gain 11.3% on surge in energy costs: The producer price index, a measure of the prices received at the wholesale level, increased 11.3% from a year ago.
Michaels downgraded as costs, consumer shifts add pressure | Retail Dive: Moody’s downgraded Michaels’ corporate credit rating this week to B2 from B1 and gave the crafting retailer a negative outlook, indicating the likelihood of another downgrade down the road.
Webinar: The Bankruptcy Outlook and a Trifecta of Factors: Global Risk, Inflation, Rising Rates | Lowenstein Sandler LLP: July 26, 2022, Time: 11-11:30 a.m. ET | This panel, featuring Lowenstein partner Robert M. Hirsh, will answer questions, and dive deeper to refresh the bankruptcy outlook and examine: Shifts in the past 24 months of bankruptcy data; Rising default risk across sectors; Probability of default analysis and red flags; The correlation between interest rates and corporate defaults; Emerging distressed asset trends
Crypto Lender Celsius (CEL) Discloses $1.19 Billion Deficit in Bankruptcy Filing - Bloomberg: Bankrupt cryptocurrency lender Celsius Network Ltd. disclosed more details on its collapse, including that it has a $1.19 billion deficit on its balance sheet. The platform held about $4.3 billion of assets against $5.5 billion of liabilities as of Wednesday, according to a court filing.
Carvana, Inotiv Among 2021 Junk Bond Issuers That Are Already Distressed - Bloomberg: In hindsight, maybe it wasn’t a good idea to lend hundreds of millions of dollars at rock-bottom interest rates to a money-losing used-car seller, a payday lender, or a hospital chain in the middle of a pandemic.
Credito Real Says It’s Been Ordered to Liquidate by Mexican Court - Bloomberg: Non-bank lender Credito Real SAB said a Mexican court has ordered it to liquidate following legal action brought by a shareholder. A judicial liquidator has been appointed and assumed office, according to a filing on Thursday.
New York Attorneys Picked for Southern District Bankruptcy Court: John P. Mastando III of Weil, Gotshal & Manges LLP and Philip Bentley of Kramer Levin Naftalis & Frankel LLP will be appointed as bankruptcy judges later this year to 14-year terms, according to press releases from the US Courts for the Second Circuit.
NFT Marketplace OpenSea to Lay Off 20% of Employees - WSJ: The crash in cryptocurrency prices continues to wreak havoc on digital-asset firms.