Bankruptcy & Restructuring News Headlines for Monday Aug 9, 2021

Here's what we are reading this morning:

Bankruptcy Appeals Are Dismissed Too Quickly, Appellate Court Says: Setting aside bankruptcy appeals without meaningful review under the legal doctrine of “equitable mootness” shouldn’t become the norm, an appeals court says.

US Payrolls July 2021 Climbed 943,000 Topping Estimates, Unemployment Rate 5.4% - Bloomberg: The U.S. labor market charged ahead in July with the biggest increase in employment in nearly a year, highlighting optimism about the economy’s prospects even as coronavirus concerns resurface.

Credit-Market Cracks Emerge as Delta Strain Sows Reopening Angst - Bloomberg: Strong corporate earnings have sent stocks on something of a tear in recent weeks. But credit markets are painting a more nuanced picture amid growing concerns of a coronavirus resurgence.

Huawei chairman says the ‘aim is to survive’ as revenue slides 29%: The chairman of Huawei said the Chinese technology company's "aim is to survive" as revenue fell almost 30% in the first half of the year.

Spirit Airlines CEO on what caused the carrier's meltdown: The causes of Spirit Airlines’ massive flight cancellations that derailed the summer vacations of tens of thousands of customers this week have been brewing for more than a month, CEO Ted Christie said.

United to require Covid vaccinations for its 67,000 U.S. employees: United employees must be vaccinated five weeks after the FDA fully approves a Covid vaccine or five weeks after Sept. 20, whichever is first.

ABC Carpet & Home is scrambling to stave off bankruptcy: sources: An ABC spokesperson confirmed the retailer has retained B. Riley and Greenberg Traurig “to handle strategic legal and financial matters concerning the past year’s many challenges.” The spokesperson didn’t address whether it’s exploring bankruptcy.

Current Reports (Form 8-K) Filed With the Securities & Exchange Commission (SEC) Regarding the Departure or Appointment/Election of Directors or Certain Officers (Item 5.02) for the Week Ended Sunday Aug 8, 2021:

Seadrill Limited Announces Settlement agreement with Northern Ocean Ltd.: The settlement agreement closes all outstanding balances, claims and counter-claims between the companies and their respective subsidiaries by way of set-off as full and final settlement. Further, the settlement agreement sets out that Seadrill will provide certain transition services to any prospective new managers in respect of NOL's rigs and requires Seadrill to restart bareboat lease payments for the West Bollsta rig from August 10, 2021, alongside Seadrill's continued operation of the rig on the Lundin contract.

Whoomp! (Where’d It Go?): Disappearing Assets in Bankruptcy | Bryan Cave Leighton Paisner LLP: In a recent post, the author discussed three situations in which a debtor in bankruptcy might find itself dispossessed of assets that appeared to be property of the bankruptcy estate. This article expands on that general idea and presents a compendium of situations in which creditors or circumstances may deprive a debtor of assets or their value.

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