Bankruptcy & Restructuring News Headlines for Monday Apr 15, 2024

Here's what we are reading this morning:

BNPL users report problems with overspending, missed payments: survey | Retail Dive: Consumers are using buy now, pay later services to spread out their cash flow, according to a new Bankrate report. 

The Honorable Judge Kevin J. Carey (Ret.) | Hogan Lovells: We are extremely saddened by the passing of our colleague, the Honorable Kevin J. Carey (ret.). Judge Carey, a lion of the bankruptcy bar, was most recently Senior Counsel in Hogan Lovells’ Restructuring and Special Situations practice in the Philadelphia office.

Faraday Future faked early sales, lawsuits claim | TechCrunch: Two internal whistleblowers at Faraday Future claim the troubled EV company has been lying about some of the few sales it has announced to date.

Ghost Kitchens Are Disappearing, Squeezed by Demand and Complaints - The New York Times: Investors plowed billions of dollars into the space, and start-ups and established companies made plans to expand. Some Kroger stores had ghost kitchens, and Wendy’s announced plans in 2021 to open 700 delivery-only locations. That year, the commercial real estate company CBRE predicted that ghost kitchens would account for 21 percent of restaurant sales by 2025.

Oberweis Dairy files for bankruptcy protection | Crain's Chicago Business: Oberweis Dairy — with roots that stretch back to a horse-drawn wagon peddling milk in 1915 and later spawned the wealth that launched a successful investment business as well as less successful parlays into politics — has filed for bankruptcy protection.

Bankruptcy’s Turn to Market Value by Mark J. Roe, Michael Simkovic :: SSRN: Chapter 11 went from being viewed by many as a deficient legal structure in the 1980s to a substantial success story by the 21st century. The switch to market thinking across the bankruptcy spectrum—in bankruptcy transactions, in judging and in lawyering—goes far in explaining why.

Bankruptcy’s Turn to Market Value | Harvard Law School Bankruptcy Roundtable: Many lawyers viewed Chapter 11, which came into effect in 1979, as unsuccessful in the 1980s. Large firms were mired in bankruptcy for years—three years on average; the process was seen as expensive, inaccurate, and subject to abuse. While bankruptcy today still has problems and few would say it works perfectly, the contrast with bankruptcy today is stark: bankruptcies that took years in the 1980s take months in the 2020s. 

Antitrust fervor is gripping Washington and Silicon Valley. But lawsuits have been declining.: Civil antitrust cases alleging monopolistic mergers or business practices fell 42% between March 2020 and March 2023, according to the Administrative Office of the United States Courts, dropping to 361 from 626.

Legal Shield for the Gun Industry Is Starting to Crack  - WSJ: Gun-control advocates try to find ways to get around a federal immunity law that protects firearms companies

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