Bankruptcy & Restructuring News Headlines for Monday Jun 27, 2022

Here's what we are reading this morning:

Recall of Bankruptcy Judges Chapman and Drain | Southern District of New York | United States Bankruptcy Court: Bankruptcy Judges Shelley C. Chapman and Robert D. Drain are scheduled to retire on June 30, 2022. Pursuant to 28 U.S.C. § 155(b), the Judicial Council of the Second Circuit has approved the recall of Judges Chapman and Drain from July 1 through September 30, 2022.

Fear and Loathing Return to Tech Start-Ups - The New York Times: Workers are dumping their stock, companies are cutting costs, and layoffs abound as troubling economic forces hit tech start-ups.

Klarna’s Valuation Set to Slip, Bringing Fintech Star Down to Earth - WSJ: Some viewed Klarna as the next PayPal or Block Inc., companies that have grown by stealing business traditionally dominated by banks.

Celsius Network Taps More Advisers to Prepare for Potential Bankruptcy: The crypto lending platform has hired restructuring consultants from Alvarez & Marsal to advise on a possible bankruptcy filing as it contends with the recent collapse in digital currencies.

‘Coast to Coast’ Housing Correction Is Coming, Says Moody’s Chief Economist - Bloomberg: US home prices will likely fall in the most overvalued markets, projects Mark Zandi. But it will fall short of a crash.

Juul Asks Court to Block FDA Ban, Explores Possible Bankruptcy Filings - WSJ: Vaping company has consulted with restructuring lawyers on possible bankruptcy filing if it cannot get relief from FDA ban

Roe v. Wade ruling: Abortion clinics close in Texas, Arkansas: There are at least 13 states with "trigger laws" that will immediately outlaw abortion, which means more than a quarter of nearly 800 clinics will shut down, CBS News reports.

Rochester Diocese, Insurers Pitch $148 Million Abuse Victim Fund: The Catholic Diocese of Rochester in New York and a group of its insurers have reached a settlement to pay about $148 million to survivors of sexual abuse by clergy, raising from their previously court-rejected offer of $35 million.

Proskauer: ‘We’re going to see a big uptick in distressed opportunities’ | Proskauer Rose LLP: “I think probably in the next six to 12 months, we’re going to see a big uptick in distressed opportunities and situations that will continue to deteriorate,” Jeff Marwil, US co-head of the firm’s business solutions, governance, restructuring & bankruptcy group, said.

Bankrupt Ector Lands $144.8 Million Bid From Rockland Capital: Ector County Energy Center LLC, a bankrupt electricity producer, plans to sell nearly all assets to Rockland Capital for about $144.8 million.

Juul Gets Temporary Reprieve to Keep Selling Its E-Cigarettes - The New York Times: The company is appealing the F.D.A.’s decision to ban sales of its vaping products.

Corsicana Will Restructure Business Through Chapter 11 Process: Corsicana Mattress Company and certain of its affiliated entities filed for voluntary reorganization today under Chapter 11 of the U.S. Bankruptcy Code in the Northern District of Texas in Fort Worth. The filing indicated that Corsicana will be filing a proposed asset purchase agreement with an affiliate of Blue Torch Finance, LLC to acquire the Company's assets through a court-supervised auction and sale process under section 363 of the Bankruptcy Code.

Archbishop: Cathedral will be mortgaged to help pay abuse settlements: The Archdiocese of Santa Fe is asking parishes to help provide at least $12 million of $75 million needed to satisfy the terms of its Chapter 11 bankruptcy proceedings stemming from hundreds of clergy abuse lawsuits — and one method to help fund the debt will be to mortgage the Cathedral Basilica of St. Francis of Assisi.

Japanese auto supplier Marelli files for court-led rehabilitation | The Japan Times: Marelli had tried to turn itself around under an out-of-court settlement procedure called alternative dispute resolution, but the attempt ended in failure.

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