Bankruptcy & Restructuring News Headlines for Monday Aug 15, 2022

Here's what we are reading this morning:

J.C. Penney hires a new CFO | Retail Dive: Stephanie Plaines has entered a role with much turnover in the last few years, as the retailer tries to reinvent itself in a difficult space.

Rivian’s Losses Nearly Triple to $1.7 Billion - WSJ: The electric-vehicle maker said its operating loss is expected to grow to $5.45 billion, from its previous projection of $4.75 billion for the full year, further pressuring the startup to conserve cash and move quickly to fill customer orders.

Peloton slashing 780 jobs, closing stores and hiking prices in push to turn profit: Peloton is slashing about 780 jobs, closing a significant number of its retail stores and hiking the prices of some of its equipment in a bid to be profitable.

Brookfield’s Altera Infrastructure Files for Bankruptcy in Texas: Altera Infrastructure LP, an offshore energy services provider owned by affiliates of Brookfield Asset Management, filed for Chapter 11 bankruptcy protection in Houston. The company, which listed both assets and liabilities of between $1 billion and $10 billion, had skipped an interest payment last month after months of financial strain.

Altera Infrastructure executes Restructuring Support Agreement : Altera Infrastructure L.P. and certain of its subsidiaries (“Altera”), one of the world’s leading suppliers of infrastructure assets to the offshore energy industry, announced today that it has executed a Restructuring Support Agreement (the “RSA”) with approximately 71% of Altera’s funded debt obligations, which includes Brookfield and a super-majority of its bank lenders. All in, the RSA has been signed, or agreed to in principle by, holders of 80% of its funded debt obligations, which includes approximately 91% of its bank lenders pending certain creditors’ internal credit approval processes. The terms of the RSA establish the framework for a consensual and comprehensive financial restructuring that will deleverage Altera’s balance sheet and best position Altera for long-term growth and success. To implement the balance-sheet restructuring, Altera has commenced a Chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas.

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