Bankruptcy & Restructuring News Headlines for Friday Jun 24, 2022

Here's what we are reading this morning:

Tilton, Zohar Both Tell Chancery They Control Stila Styles - Law360: Delaware Chancery Court Chancellor Kathaleen St. J. McCormick got a crash course Wednesday in what she called "a very long and bitter control dispute" for Stila Styles Inc., as distressed debt diva Lynn Tilton and an investment fund she once owned both claimed they had the right to manage the cosmetics company.

West Indies Petroleum denies ownership of St. Croix refinery: A statement from West Indies Petroleum Limited left local and federal officials astonished Wednesday, after the company claimed it has no ownership interest in Limetree Bay refinery on St. Croix, despite having won the bankruptcy auction in December.

Wall Street Faces Billion-Dollar Losses on Sinking Buyout Debt - Bloomberg: Investment bankers in the US and Europe are bracing for potentially billions of dollars in total losses on big-ticket leveraged buyouts as they struggle to offload risky corporate debt that’s plunging in value amid a sweeping market selloff.

FDA orders Juul to pull its vaping products from U.S. market : NPR: The Food and Drug Administration has issued a marketing denial order to Juul, telling the company to remove its e-cigarettes from the U.S. marketplace — a decision that promises to shake up the vaping market.

DeFi participants should prepare to confront the unknown as bankruptcies loom | Insights | DLA Piper Global Law Firm: Recent turmoil in in the cryptocurrency markets has left investors and blockchain projects wondering about what will come next and how to address the potential fallout. Many facts about the failures of these projects remain unknown. What is certain, however, is that there are many open questions related to how the laws will operate in the event of a US-based bankruptcy filing.

The Five Largest Lodging Loans That Are 90+ Days Delinquent: On one hand, the Trepp CMBS delinquency rate for lodging properties has improved significantly from its pandemic era highs of 15 to 25%, but on the other hand, the lodging sector has yet to regain its pre-pandemic levels of less than 2% and is currently the second most distressed property type.

Elon Musk calls Tesla electric car factories 'gigantic money furnaces' - The Washington Post: The Tesla CEO said factories in Austin and Berlin are ‘losing billions of dollars’ amid supply-chain disruptions and challenges in battery manufacturing

EV Startup Lucid Froze Its Assembly Line in Early June: Lucid paused production to install new tooling, a spokesperson confirmed. The pause also enabled logistics reorganization, sources said.

Why the retail industry is facing a bankruptcy wave: Last week, Revlon became the first consumer-facing name in months to file for bankruptcy. Now the questions are: Which retailer will be next, and how soon?

New York’s Biggest Mall Avoids Default With Lender Reprieve : New York’s biggest mall has reached a deal with lenders to avoid a default after the pandemic and years of retail turmoil left it deeply underwater on its mortgages.

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