Bankruptcy & Restructuring News Headlines for Friday Jul 23, 2021

Here's what we are reading this morning:

Montgomery Mall foreclosed upon, $118M judgment issued - Philadelphia Business Journal: A bank has foreclosed on Montgomery Mall and a $118.78 million judgment has been rendered against the property’s owner, an entity affiliated with Simon Property Group, according to court documents.

Mall at Partridge Creek, Fairlane Town Center values plunge:

States Announce $26 Billion Settlement to Resolve Opioid Lawsuits - WSJ: States unveiled a historic settlement with drug companies to resolve thousands of suits, a milestone that could clear the way for the states to receive money early next year.

Endo International Debtholders Tap Advisers Amid Opioid Suits: Secured debtholders to Endo International Plc have hired Evercore financial adviser as the drugmaker faces potential damages stemming from opioid-related litigation, according to people familiar with the situation. The ad hoc group has been working with counsel Gibson Dunn & Crutcher, the people said.

New state unemployment claims rose last week - The New York Times: The weekly figure, before seasonal adjustments, was about 406,000, an increase of 14,000 from the previous week. New claims for Pandemic Unemployment Assistance, a federally funded program for jobless freelancers, gig workers and others who do not ordinarily qualify for state benefits, totaled 110,000, up about 14,000 from the week before. The figures are not seasonally adjusted. (On a seasonally adjusted basis, state claims totaled 419,000, an increase of 51,000.)

Existing-Home Sales Expand 1.4% in June: Existing-home sales rose 1.4% on a seasonally adjusted annual rate from May to June, with no region showing a sales decline. The inventory of unsold homes increased 3.3% to 1.25 million from May to June – equivalent to 2.6 months of the monthly sales pace.

Justice Department Blasts Purdue Pharma's Bankruptcy Plan : NPR: Two divisions of the DOJ argue the deal improperly shelters members of the Sackler family and their associates from liability. States are finalizing a separate deal with other opioid companies.

Endo Announces Agreement in Principle to Settle Tennessee State Court Case: Endo International plc (NASDAQ: ENDP) today announced that its wholly-owned subsidiaries Endo Health Solutions Inc. and Endo Pharmaceuticals Inc. have reached an agreement in principle to settle an opioid-related case originally captioned as Staubus, et al. v. Purdue Pharma, L.P., et al., Case No. C-41916, in the Circuit Court for Sullivan County, Tennessee.

Work in an office? Or anywhere? Here's why 56% want both options at once | LinkedIn: LinkedIn’s Glint unit has surveyed more than 300,000 employees around the world, asking what type of work environment they want most, assuming the flexibility to choose between traditional workplaces and more personal settings. The majority, 56%, voted for a hybrid option, allowing them to shuttle back and forth. Another 31% wanted a purely remote setting; only 13% chose what amounts to all-office, all the time.

EV Startup Lucid Risks SPAC Deal Collapse on No-Show Holders - Bloomberg: The blank-check company seeking to buy electric-car startup Lucid Motors Inc. made a last-minute appeal for retail shareholders to vote for the deal amid signs that it’s struggling to win their approval.

Current Reports (Form 8-K) Filed With the Securities & Exchange Commission (SEC) Regarding Material Impairments (Item 2.06) for the Week Ended Thursday Jul 22, 2021:

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