Here's what we are reading this morning:
Peloton to Cut 500 More Jobs in Last Bid for Turnaround - WSJ: c
UK Supreme Court Rules in Favour of Directors in Seminal Case on Directors’ Duties in ‘Zone of Insolvency’ | Insights | Skadden, Arps, Slate, Meagher & Flom LLP: In what Lady Arden described as a “momentous decision for company law,” the Supreme Court of the United Kingdom has confirmed that there are circumstances in which company directors are required to consider the interests of creditors and has given guidance on when the duty arises.
A Statement From Peloton CEO and President Barry McCarthy | Peloton Interactive, Inc.: "I joined Peloton for the comeback story, not to sell the business. And today the business is fundamentally more sound than ever and on the right path, so to be clear, there is no timeclock nipping at our heels. If my comments to the WSJ suggested otherwise, then I misspoke, as that is simply not true."
FemTec Health has laid off staff, faces debt, unhappy customers: Vendors, former employees and contractors tell Erin FemTec stopped paying them in July, just around the time the company acquired Ava. Angelides acknowledged not paying vendors on time, but would not confirm exact amounts.