Bankruptcy & Restructuring News Headlines for Friday Oct 8, 2021

Here's what we are reading this morning:

Shipping costs have finally slumped | Financial Times: Power shortages and Covid outbreaks in China have halved spot rates on one route.

Midtown Manhattan reels from the highest retail vacancies in NYC: As of this summer, nearly 30% of the retail storefronts in Midtown East and around Grand Central were vacant, according to a new report from REBNY.

GW Bridge Bus Station Lender Sues Port Authority Over Bankruptcy Sale - WSJ: The developer says it struck a worse deal that resulted in wiping-out foreign investors who funded he renovation of the George Washington Bridge Bus Station in Manhattan.

Holders of Evergrande-Linked Jumbo Fortune Bond Yet to Be Paid: Creditors have yet to receive repayment of a dollar bond they say is guaranteed by China Evergrande Group and one of its units, in what could be the firm’s first major miss on maturing notes since regulators urged the developer to avoid a near-term default.

Walmart, Target, Home Depot and other large retailers are chartering ships to bypass supply chain problems. Will the strategy save Christmas? - MarketWatch: Leasing a ship can cost millions per month, making it an option only for the retailers with the biggest financial resources

Crypto Mystery: Where’s the $69 Billion Backing the Stablecoin Tether? - Bloomberg: A wild search for the U.S. dollars supposedly backing the stablecoin at the center of the global cryptocurrency trade—and in the crosshairs of U.S. regulators and prosecutors.

Federal Rules of Bankruptcy Procedure (FRBP) Changes for December 1, 2021 | Middle District of Georgia | United States Bankruptcy Court: On December 1, 2021, changes to four FRBP rules will take effect. A summary of the rule changes as well as the rule changes as they will appear in future publications of the FRBP.

Evergrande Dollar Bond Trustee Citi Hires Mayer Brown as Counsel: A unit of Citigroup, the trustee to a large chunk of China Evergrande Group’s dollar bonds, has retained law firm Mayer Brown to help navigate the unraveling of the world’s most indebted developer, according to people with knowledge of the situation.

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