Here's what we are reading this morning:
Panda Stonewall Seeks Refinancing Deal as Loan Maturity Nears: Panda Stonewall is gauging investor interest in a refinancing deal with help of Investec Bank, according to people with knowledge of the situation.
Bed Bath & Beyond (BBBY) shares tank on supply chain issues, traffic drop: "In August, the final and largest month of our second fiscal period, traffic slowed significantly and, therefore, sales did not materialize as we had anticipated. As COVID-19 fears re-emerged amid the on-going Delta variant, we experienced a challenging environment. This was particularly evident in large, key states such as Florida, Texas and California, which represent a substantial portion of our sales. Furthermore, unprecedented supply chain challenges have been impacting the industry pervasively, and we saw steeper cost inflation escalating by month, especially later in the quarter, beyond the significant increases that we had already anticipated. "
EV Company Workhorse’s Finance, Operating Chiefs Leave in Shakeup - WSJ: Electric-vehicle maker Workhorse Group said a pair of top executives have left the company in a management shakeup as the company works to get production back on track.
Intelsat bankruptcy judge denies equity call for examiner | Reuters: The judge overseeing satellite operator Intelsat SA’s bankruptcy has rejected a request by a group of equity holders to bring in an independent examiner to investigate claims of potential mismanagement and other ways to bring in more money for creditors that they say the company has ignored.
Silver Point, Sculptor-Led Group to Control Nordic Aviation (1): Debtholders led by Silver Point Capital and Sculptor Capital Managementare set to take control of Nordic Aviation Capital AS as part of a restructuring deal announced last week, according to people with knowledge of the situation.
Tilton Still Must Pay $40 Million to Bankrupt Ambulance Company: Distressed-debt investor Lynn Tilton and her private equity firm lost their bid to overturn a nearly $40 million bankruptcy court judgment for foreclosing on the assets of an insolvent ambulance company’s assets for less than they were worth.
Business Travel Firm CWT Plans Bankruptcy Filing to Cut Debt: Business travel firm CWT said it will file for bankruptcy in a pre-arranged deal to enact a restructuring agreement with creditors that will allow it to shed around $900 million of debt.
Lordstown Motors to Sell Former GM Factory in Ohio to Foxconn - WSJ: The two companies have entered into a nonbinding agreement for Lordstown to sell the facility and property, with the exception of certain assets, for a purchase price of $230 million, said Lordstown Motors Chief Executive Daniel Ninivaggi. Additionally, Foxconn plans to invest $50 million into the Ohio-based startup through a purchase of common stock.
Express Grain files for Chapter 11 bankruptcy | The Greenwood Commonwealth: One of Greenwood’s fastest-growing companies is seeking protection from its creditors.