Bankruptcy & Restructuring News Headlines for Friday Jun 21, 2024

Here's what we are reading this morning:

Additional Fisker U.S. Entities File for Chapter 11 Protection: Following on the announcement that Fisker Group Inc. filed for Chapter 11 protection in the District of Delaware, Fisker Inc. and its other U.S. subsidiaries have entered into Chapter 11. The Company’s discussions regarding the sale of its assets remain ongoing.

Rite Aid shutting down 27 more locations, bringing closure total to nearly 550 nationwide: The majority of closures have mostly occurred in the Pennsylvania-based drugstore's home state and neighboring ones, with more than 100 also hitting California, Bloomberg data showed.

Fisker and a Dying EV Dream - WSJ: Fisker Group declared bankruptcy late Monday, the second U.S. electric-vehicle startup to fail in a year. Building a new car company isn’t easy, but Fisker ironically may have been harmed by President Biden’s force-fed EV transition.

Judge Denies Invesco Bid to Retake Control of Robertshaw Restructuring - WSJ: Invesco can seek damages from Robertshaw for contract breach but can’t regain controlling-lender status, judge rules

EXEC: EMS/Bob’s Parent Files for Chapter 11 Bankruptcy | SGB Media Online: The company provided few details on the company’s reorganization plans, including whether Mountain Sports would seek to reorganize around a smaller number of stores or sell the business

Fitch Places Hertz on Rating Watch Negative; Assigns Expected Rating to New Secured Debt: The RWN reflects increased execution risk associated with liquidity management due to continued losses on the disposal of electric vehicles and minimum liquidity covenants on the RCF as Hertz enters its busy season, with meaningful in-fleeting through the summer months

Hertz Global Holdings Inc. Downgraded To 'B' On W | S&P Global Ratings: While the proposed transactions improve Hertz's liquidity position as the company goes through its fleet renewal plans, the higher debt and interest expenses result in weaker credit metrics through 2025

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