Bankruptcy & Restructuring News Headlines for Friday Jul 9, 2021

Here's what we are reading this morning:

U.S. weekly jobless claims unexpectedly rise to 373,000, as job growth slows: Initial filings for unemployment insurance rose last week, a possible hint that the job growth seen in the first half of 2021 could be slowing.

Q&A: Glenn Agre's Andrew Glenn reflects on Hertz shareholders' wild ride | Reuters: Earlier this year, Andrew Glenn, along with several other former Kasowitz Benson Torres partners, launched a new law firm, Glenn Agre Bergman & Fuentes. Based out of New York and San Francisco, the firm focuses on bankruptcy, civil and white collar matters. Since then, Glenn has represented shareholders in the wild Hertz bankruptcy, which led to a recovery for shareholders of at least $1 billion after Knighthead Capital Management and Certares Opportunities LLC bought the company. He also helped bring recoveries to shareholders in the bankruptcy of autoparts supplier Garrett Motion Inc and is now trying to do the same for shareholders of Latin America’s largest air carrier, LATAM Airlines Group SA.

Wells Fargo is shutting down all personal line of credit accounts: Wells Fargo CEO Charles Scharf has been forced to make hard decisions during the pandemic, offloading assets and deposits and stepping back from some products.

15 States Drop Opposition To Controversial Purdue Pharma Oxycontin Bankruptcy : NPR: Massachusetts and New York are among the states agreeing to end the fight to halt a controversial Purdue Pharma bankruptcy plan. The deal shelters members of the Sackler family from opioid lawsuits.

Debtor’s Obligation to Reimburse Indenture Trustee Limited to Incurred Fees and Costs | Faegre Drinker Biddle & Reath LLP: On June 25, 2021, Judge Shannon issued the Memorandum Opinion in In re Tribune Media Company, Chapter 11 Case No. 08-13141 (BLS), U.S. Bankruptcy Court for the District of Delaware, on remand from the U.S. District Court for the District of Delaware, allowing the indenture trustee a claim for reimbursement of fees and costs in the amount of $3 million, reduced from the alleged amount of $29,790,038.61.

Bankruptcy Judge Urges Long Island Parishes to Divulge Assets to Abuse Victims: Roman Catholic parishes on suburban Long Island are resisting calls to divulge their asset holdings to clergy sex-abuse victims.

California residents asked to cut water usage by 15% amid drought: Gov. Newsom added nine more counties to the state's drought emergency declaration at a press conference in San Luis Obispo County.

Office Vacancy Rate in New Jersey Nears 19%: The office vacancy rate in New Jersey reached 18.8% as tenants were slow to make plans in the second quarter.

NY Post: New owner of NY Daily News mulling bankruptcy: source: A spokesman for the paper’s new hedge fund owner, Alden Global Capital, dismissed it as an unsubstantiated rumor. “This is entirely false and clearly your source knows that by making up lies under cloak of anonymity,” the spokesman said.

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

Eviction crisis possible in Clark County when CDC moratorium ends | Las Vegas Review-Journal: Experts have warned of a pending eviction crisis in states across the country, and data indicates Clark County will be faced with one as well.

Restaurant workers across North Carolina say there’s no labor shortage. It’s a ‘wage shortage.’: The state is facing an employee-led reckoning in the restaurant industry—and workers say they’re at a breaking point.

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