Bankruptcy & Restructuring News Headlines for Monday Feb 21, 2022

Here's what we are reading this morning:

America’s Power Grid Is Increasingly Unreliable - WSJ: Behind a rising number of outages are new stresses on the system caused by aging power lines, a changing climate and a power-plant fleet rapidly going green

One year after an epic storm, Texas' largest electric co-op takes on grid operator | Reuters: After a year in bankruptcy, the largest electric cooperative in Texas will face off at a trial on Tuesday against the state’s electric grid operator over a $2 billion bill it was hit with following a historic winter storm last year that knocked out power for millions.

From spyware to landmine clearance: how Novalpina Capital fell apart | Financial Times: The private equity firm behind Israeli spyware maker NSO Group held talks to buy a landmine clearance company that works for Saudi Arabia in Yemen — a divisive deal that contributed to the group’s unravelling.

Ford (F) Is Exploring Ways to Separate EV Business to Unlock Tesla-Like Value - Bloomberg: Chief Executive Officer Jim Farley wants to wall off Ford’s electric operations from its internal combustion engine business and has even considered spinning off one or the other, people familiar with the effort said.

Sears’ Parent Embroiled in Another Million-Dollar Supplier Lawsuit – Sourcing Journal: Transformco is battling another supplier lawsuit over unpaid orders, this time from a former California vendor.

Sacklers Offer Another $1.6B For Purdue Ch. 11 Settlement - Law360: The mediator overseeing negotiations for a new Chapter 11 plan for Purdue Pharma reported Friday that the drugmaker's former owners in the Sackler family have agreed to add more than $1.6 billion to the $4.3 billion settlement they would have paid under the company's prior, scuttled bankruptcy plan.

O-I Glass Unit Paddock Gets Approval to Send Reorg Plan for Vote: Paddock Enterprises LLC, a bankrupt subsidiary of glass bottle maker O-I Glass Inc., received bankruptcy court approval to solicit votes for its Chapter 11 reorganization plan, proposing to fund a $610 million trust to pay current and future asbestos claims.

Sheppard Mullin's Restructure This!: Views From the S.D. Texas Bankruptcy Bench with Judges David R. Jones and Marvin Isgur: As part of the conversation, the judges opine on venue reform, third party releases, one day “prepacks,” and the propriety of repeat independent directors in chapter 11.

Feds probe accusations against family behind Fatburger - Los Angeles Times: Federal authorities have been investigating the famous family behind Fatburger on allegations of fraud and money laundering.

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