Bankruptcy & Restructuring News Headlines for Friday Mar 25, 2022

Here's what we are reading this morning:

Dept. of Education says owners of troubled schools responsible for costs to public: The U.S. Department of Education says it will hold the owners of certain colleges that closed or defrauded students accountable for taxpayer losses.

STX Puts Rights to ‘The Contractor’ in Chapter 11 Bankruptcy Amid Studio Sale – The Hollywood Reporter: The measure to protect STX's rights to the movie comes as parent Eros is in a sales process for STX Entertainment to be acquired by Najafi Companies for $157 million

Burdened by PPP loans, BLT Steak owner files for bankruptcy: BLT Restaurant Group said it was unable to meet the requirements for PPP forgiveness due to the closure of indoor dining in New York City.

Oaktree-Backed Power Plant Goes Bankrupt After Construction Spat: A Boston-area power plant backed by Oaktree Capital Management has landed in bankruptcy after losing a long-running legal feud over the plant’s construction.

Ultra Resources Can Drop Pipeline Contract Without FERC Review: A bankruptcy court had authority to approve Ultra Resources’ reorganization plan without a federal energy regulator’s review of the natural gas driller’s pipeline contract, the Fifth Circuit ruled.

Instacart Cuts Its Valuation by 38 Percent in Nod to ‘Turbulence’ - The New York Times: Despite the company’s fast growth during the pandemic, the market for technology stocks appears to have cooled.

Instacart Slashes Its Valuation by Almost 40% to $24 Billion - Bloomberg: Instacart Inc. is slashing its valuation by almost 40% to about $24 billion, a move it says will help the company attract talent and adapt to market conditions

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