Bankruptcy & Restructuring News Headlines for Monday Feb 14, 2022

Here's what we are reading this morning:

Oilfield Services Firm PGS Taps Lazard, K&E to Advise on Debt: Oilfield services firm PGS ASA is working with adviser Lazard Ltd. and law firm Kirkland & Ellis to review its $1.05 billion debt pile, according to people familiar with the matter.

Troubled Center For COVID Control Must Prove It Followed State Rules, California Official Says: California is the latest state to target the suburbs-based Center for COVID Control. Its attorney general, who is investigating the company, is demanding it provide proof it gave accurate test results to customers in the time it promised to.

Fed Is Slamming the Door on Pandemic Era of Dirt-Cheap Credit - Bloomberg: In less than two months, the carefree days of ultra cheap credit have shown signs of coming to an end. Central banks around the world that pumped trillions of dollars into markets to keep economies afloat are now rushing to scale back the liquidity and fend off inflation. Those efforts could be hastened after U.S. Labor Department data on Thursday showed higher-than-expected price increases in January.

Retired Bankruptcy Judge Judith K. Fitzgerald Testifies Before the Senate Judiciary Subcommittee Meeting on Possible Solutions to ‘Texas Two-Step’ Issues | Tucker Arensberg, P.C.: Retired Bankruptcy Judge Judith K. Fitzgerald told the committee that a company can take advantage of Texas state laws to undergo a divisive merger that splits a subsidiary into two new entities, which in and of itself is not a problem.

As Recovery Continues, Chicago Retail Outperforming Other Major Cities: Foot traffic fell in all major cities after a Covid-19 variant hit in the fall, but unlike in NYC and LA, Chicago retailers are back to pre-pandemic levels.

Purdue’s Sacklers Said to Mull $1 Billion Opioid-Deal Boost: Members of the billionaire Sackler family that own Purdue Pharma LP are weighing whether to add $1 billion to the OxyContin-maker’s faltering opioid settlement bid in an effort to win over holdouts, according to people familiar with the talks.

India files complaint against ABG Shipyard alleging $3 billion bank fraud: The report, posted on the Central Bureau of Investigation's website, said a forensic audit report it received from the banks two years ago had found instances of fraud in April 2012 and July 2017.

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