Bankruptcy & Restructuring News Headlines for Friday Jul 30, 2021

Here's what we are reading this morning:

GBG USA Commences Voluntary Chapter 11 Proceedings | Business Wire: GBG USA Inc., an indirect wholly-owned subsidiary of Global Brands Group Holding Limited announced that the North America wholesale business and certain subsidiaries and affiliates have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York. The Group’s global Brand Management and Europe wholesale businesses are separate legal entities from GBG USA, not included in this filing and continue to maintain ongoing operations

Global Brands Group’s U.S. Footwear, Apparel Business Files for Bankruptcy: The North American division of Global Brands Group Holding filed for chapter 11 protection, putting its apparel and footwear brands up for sale with help from a $16 million bankruptcy loan.

Nikola Founder Trevor Milton Charged With Securities Fraud - The New York Times: Federal prosecutors charged Mr. Milton with misleading investors about the technology for battery- and hydrogen-powered vehicles Nikola had hoped to manufacture.

Growth Is Strong, but the Obstacles to Full Recovery Are Big - The New York Times: The new G.D.P. numbers paint a vivid picture of a nation still struggling to complete an economic readjustment.

Nikola electric-truck prototypes were powered by hidden wall sockets, towed into position and rolled down hills, prosecutors say - MarketWatch: Prosecutors said the prototypes didn’t function and were Frankenstein monsters cobbled together from parts from other vehicles.

Current Reports (Form 8-K) Filed With the Securities & Exchange Commission (SEC) Regarding Material Impairments (Item 2.06) for the Week Ended Thursday Jul 29, 2021:

Downtown Miami Holiday Inn Files for Chapter 11 Bankruptcy: Rocked by pandemic and cessation of cruises out of PortMiami, hotel seeks to regroup under Chapter 11 protection.

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