Bankruptcy & Restructuring News Headlines for Monday Jul 12, 2021

Here's what we are reading this morning:

Executory Contracts: Third Circuit Does Not Recognize the Doctrine of Implied Assumption | Patterson Belknap Webb & Tyler LLP: A recent case provides a cautionary reminder that the Third Circuit does not recognize the doctrine of implied assumption (i.e., assumptions implied through a course of conduct as opposed to those that are assumed pursuant to a motion and court order).

Shopper's Find Stores Sell Liquidators' Goods From Bankrupt Retailers - Bloomberg: The Covid-19 crisis, which prompted a wave of retail bankruptcies and nationwide shutdowns, swallowed a whole season’s worth of unsold goods. That has opened the door for Hilco and Gordon to run sales -- not for the retailers that usually hire them but under their own nameplate. Shopper’s Find, as the stores are called, are sourcing directly from manufacturers or wholesalers stuck with piles of last season’s fashion and other extra goods.

Limetree Bay’s Oil Refinery Is Said to Prepare Bankruptcy Filing: Limetree Bay Energy is preparing for a bankruptcy filing by its oil refinery in the U.S. Virgin Islands after environmental contamination caused the company to indefinitely extend a shutdown of the plant, according to people with knowledge of the matter.

Gas Sellers Reaped $11 Billion Windfall During Texas Freeze - Bloomberg: As millions shivered in the dark during the Texas freeze, the opportunity of a lifetime was opening up for some in the natural gas industry.

Spiaggia Closes After 37 Years, Marking the End for Chicago’s Top Italian Restaurant: Ownership says they had the intention of reopening, but blamed the decision to close on the inability to strike an agreement with their landlord to restructure their lease “which was necessary to reflect the realities of operating a restaurant in an office building post-pandemic.”

Christian Health Nonprofit Sharity Seeks Bankruptcy After State Probes: Sharity Ministries has filed for bankruptcy, saying its reputation, finances and membership levels have suffered after New York and other states cracked down on its business model.

Volkswagen Sees Global Chip Shortage Worsening in Second Half - WSJ: The German auto maker and others in the industry are giving up hope that the chip shortage that has crimped production might ease this year.

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 Jul 11, 2021:

Pace of California Wildfires Well Ahead of Disastrous 2020 | KQED: The entire state is in the grip of drought, much of it classified as extreme or exceptional. After a dry winter and early heat waves, the landscape is covered in extremely dry vegetation.

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