Bankruptcy & Restructuring News Headlines for Friday May 28, 2021

Here's what we are reading this morning:

When banks could restart home foreclosure proceedings: About 2.1 million homeowners are still in forbearance plans that suspend their mortgage payments, according to Mortgage Bankers Association’s latest data. And about 1.8 million families are not in forbearance, but are already at least 90 days delinquent on paying their mortgages as of April, according to the latest data from Black Knight, which monitors mortgage data.

3 Reasons Bankruptcies Could Pick Up Later This Year — and What Retailers Are at Risk: This month, researchers from S&P Global identified 15 public retailers with probability of default scores that ranged from 11.7% to 32.8% — representing the odds that a company could default on its debt within a year, based on financial reports and accounting for various macroeconomic factors.

MJardin Group Announces Fourth Quarter and Full Year 2020 Financial Results | Financial Post: The Board of Directors of the Company has formed a special committee of independent directors to explore, review and evaluate a broad range of strategic alternatives for the Company due to its limited capital resources with a view to identify a transaction that is in the best interests of shareholders.

Cherokee's Claims Market now displaying estimated claims trading pricing for large claims in select bankruptcy cases: Prices, updated weekly, are Cherokee's estimates for claims over $1mm. Prices are reported to be based on observed claim prices, known transactions, and prices of reference securities.

Business Restructuring Review | May–June 2021 | Jones Day: - First Impressions: Third Circuit Scuttles Triangular Setoff in Bankruptcy - Should Equitable Mootness Bar Appeals Only of Chapter 11 Plan Confirmation Orders? - Debate Intensifies on Substantial Contribution Claims in Chapter 7 Cases

Puerto Rico Board Seeks Island’s Bankruptcy Exit This Year - Bloomberg: The oversight board, which Congress created in 2016 to fix Puerto Rico’s financial crisis, filed a restructuring plan this month to the bankruptcy court to reduce $22 billion of debt. Judge Laura Taylor Swain is set to hear arguments on the restructuring at a July 13 hearing.

Sequential Brands Group Enters Into Waivers Under First Lien & Second Lien Credit Agreements: The Waivers waived existing defaults and extended the deadline under the First Lien Credit Agreement and the Second Lien Credit Agreement to deliver the first quarter of 2021 financial statements and the first quarter of 2021 compliance certificates to June 8, 2021.

Current Reports (Form 8-K) Filed With the Securities & Exchange Commission (SEC) Regarding Material Impairments (Item 2.06) for the Week Ended Thursday May 27, 2021:

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