Bankruptcy & Restructuring News Headlines for Friday May 20, 2022

Here's what we are reading this morning:

Number of People Receiving Jobless Benefits Reached 52-Year Low in Early May - WSJ: Continuing claims for unemployment benefits declined to 1.3 million for the week ended May 7, adding to signs that the U.S. labor market remains unusually tight..

More U.S. subprime borrowers are missing loan payments - MarketWatch: Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end.

Fed’s Patrick Harker Supports Half-Point Rate Rises in June and July - WSJ: Philadelphia Fed leader Patrick Harker said he supports the central bank doing more big rate increases at its coming meetings as it seeks to lower inflation.

Kohl's, Target and Walmart see wide misses on profit margins in recent earnings: CNBC's Courtney Reagan reports on retail's recent slate of earnings results.

Existing home sales fell in April to lowest level since start of pandemic: Rising mortgage rates and continued tight supply caused home sales to drop to the lowest level since the start of the pandemic.

New York City’s Century 21 Makes a Comeback at Longtime Manhattan Flagship - WSJ: The iconic department store chain’s founding family salvaged the brand name out of bankruptcy.

Global Economy Loses $1.6 Trillion as World Struggles to Avoid a New Cold War - Bloomberg: New fault-lines are likely to outlast war and plague — leaving the global economy smaller and prices higher.

Cautionary Tales from Cryptoland | Harvard Business Review: In this Q&A with Web3 critic Molly White, creator of the website Web3 Is Going Just Great, White argues that as this technology becomes more mainstream, its ability to do harm — financial, emotional, and reputational — will grow, and fast. For one, blockchain technology is often applied in ways, or to problems, to which it is not suited, and companies frequently don’t understand the consequences of their decision to utilize it.

Chicago staring at $306 million 2023 budget gap | Bond Buyer: Chicago's preliminary projected gap in the next budget, when Mayor Lori Lightfoot has vowed to reach structural balance, is down from an $867 million estimate.

University Bridge Housing Project Defaults on $226M Bonds Outstanding: University Bridge - a 20-story, 886-unit, 1,244-bed residential tower housing students, faculty and staff of Florida International University in Sweetwater, Fla. - has defaulted on $225.5 million in Series 2018 bonds outstanding, according to a notice of default posted to EMMA by bond trustee Regions Bank on Monday, May 9, and year-end financials posted by the company on May 2

The Math Prodigy Whose Hack Upended DeFi Won’t Give Back His Millions - Bloomberg: An 18-year-old graduate student exploited a weakness in Indexed Finance’s code and opened a legal conundrum that’s still rocking the blockchain community. Then he disappeared.

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