Bankruptcy & Restructuring News Headlines for Friday Oct 15, 2021

Here's what we are reading this morning:

Generic Drug Maker Teligent Files Bankruptcy, Plans Sale - Bloomberg: The publicly traded company listed assets of as much as $100 million and liabilities of as much as $500 million in its bankruptcy petition. Buena, New Jersey-based Teligent manufactures injectable and topical prescription medicines, according to its website.

Jobless claims fall below 300,000 for the first time since the pandemic began: Initial claims for unemployment insurance for the week ended Oct. 9 were expected to total 318,000.

Foreclosures surge 67% as Covid mortgage bailouts expire: Foreclosures are starting to surge as programs designed to help homeowners contend with the Covid pandemic have begun to expire. The foreclosure numbers should stay relatively low because of aggressive modifications by lenders and also because of high levels of home equity.

Puerto Rico Board to Remove Pension Cuts From Debt Plan - Bloomberg: Puerto Rico’s financial oversight board has agreed to remove proposed public employee pension cuts from a plan to restructure the island’s debt, a major concession from the panel that aims to get commonwealth lawmakers to approve new restructuring bonds and lift the island out of bankruptcy.

Delaware Bankruptcy Court Treats Royalty Owner Claims as Unsecured | Gray Reed : If you are a royalty owner and have questions about how your claim is likely to be treated when your lessee/operator goes into bankruptcy in Delaware, In re MTE Holdings LLC is a significant case.

Close to 40% of U.S. Households Say They Face Financial Difficulties as Covid-19 Pandemic Continues - WSJ: More than 30% of people say their situation is worse, survey finds; 19% of households have depleted their savings

U.S. wholesale inflation rises at slowest pace in nine months - but it's not as good as it looks - MarketWatch: Wholesale prices rose in September at the slowest pace in nine months, but they were held down by several unusual factors that are unlikely to last. The report offered little proof the highest bout of U.S. inflation in 30 years is fading fast.

Johnson & Johnson Takes Steps to Resolve All Current and Future Talc Claims: Johnson & Johnson (NYSE: JNJ) today announced that LTL Management LLC, a newly created and separate subsidiary of Johnson & Johnson, that was established to hold and manage claims in the cosmetic talc litigation, has filed for voluntary Chapter 11 bankruptcy protection

Johnson & Johnson Places Talc Injury Claims in Bankruptcy: Johnson & Johnson placed into bankruptcy its liabilities for tens of thousands of claims linking talc-based products to cancer, hoping to drive a settlement of personal-injury claims that are expected to grow for decades to come.

German energy retailer Otima declares itself insolvent as energy crisis bites | Reuters: Otima Energie, a small German power and gas retail company, on Wednesday declared itself insolvent, the latest victim of soaring energy prices, while E.ON, Entega and EnBW temporarily withdrew their gas deals from price comparison portal Verivox.

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