Bankruptcy & Restructuring News Headlines for Monday Jun 14, 2021

Here's what we are reading this morning:

Authentic Bets It Can Turn Around Brooks Brothers, Forever 21, and Malls - Bloomberg: Jamie Salter, the CEO of Authentic Brands, has partnered with Simon Properties to purchase struggling brands such as Brooks Brothers and Forever 21. He’s betting he can turn them around—and IPO.

Judge dismisses Montana involuntary bankruptcy petition against Yellowstone Club founder | Regional News | A U.S. bankruptcy judge has upheld court decisions that the state of Montana lacked legal standing to file an involuntary bankruptcy petition nearly a decade ago against Yellowstone Club co-founder Tim Blixseth.

No Time Runs against the King (IRS): The Golden Creditor Rule and its Discontents - Weil Restructuring: A bankruptcy court in North Carolina recently joined a growing number of courts allowing debtors and trustees to avoid prepetition transactions using the IRS’s lookback period of ten years, rather than the applicable state statute of limitations period.

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 Jun 13, 2021:

Mall Owner Washington Prime Files For Chapter 11 Bankruptcy - Bloomberg: The Chapter 11 filing in Houston will allow Washington Prime to continue operating while it seeks to implement a restructuring agreement that it reached with certain creditors, according to a board resolution filed with the bankruptcy petition. The company, which estimated its assets at about $4 billion and debt of almost $3.5 billion, secured an up to $100 million debtor-in-possession loan that would help fund operations during court proceedings.

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