Stark Defaults on Debt, Shares Plunge 90% After Report Delay: Stark Corp. Pcl defaulted on its debt after it missed the deadline for publishing its financial statements and bondholders rejected its request for a waiver. Its shares tumbled as much as 90.3%.
Federal Reserve Orders Silvergate Bank to Act on Wind-Down Plan: The US Federal Reserve has ordered Silvergate Capital Corp. and its banking unit to act on a plan to wind down the lender’s operations, with a 10-day deadline to provide detailed information.
Instant Pot Maker in Private Talks With Creditors on Financing: Instant Brands Holdings, the housewares maker behind Instant Pot and Pyrex, has begun confidential talks with lenders over its financing needs, according to people familiar with the matter.
Buy Buy Baby draws sale interest amid Bed Bath & Beyond bankruptcy: An unknown bidder is interested in buying the baby gear retailer as a going concern and keeping about 75% of its stores open, according to correspondence obtained by CNBC. Babylist, a direct-to-consumer baby registry website, wants to buy its trademark and domain.
Carvana Cancels $1 Billion Debt Swap as Creditors Hold Out (CVNA) - Bloomberg: Carvana Co. canceled a $1 billion debt swap after a group of creditors refused to exchange their notes, posing a challenge as the used car retailer attempts to rein in its debt load.
US employers boost hiring in May, but labor market losing steam | Reuters: U.S. job growth accelerated in May, but a surge in the unemployment rate to a seven-month high of 3.7% suggested that labor market conditions were easing, which could give the Federal Reserve cover to skip an interest rate hike this month.
FTX Objects to Mediation Extension for Bankrupt Crypto Lender Genesis - Bloomberg: FTX Trading Ltd. and its affiliates joined a smattering of other creditors of bankrupt crypto lender Genesis Global Holdco in objecting to extending court-mediated settlement talks, according to a court filing.
Six Flags Has a New Summer Attraction. It’s Not a Roller Coaster. - WSJ: After a steep drop in attendance, the theme-park operator is trying to upgrade its brand; the wafting aroma of barbecue.
Mallinckrodt Explores Repeat Bankruptcy as $200 Million Opioid Payment Comes Due: The generic drugmaker is facing financial headwinds after emerging from chapter 11 last year with a settlement plan to pay opioid victims.
Hong Kong Real Estate: Why City's Office Towers Are So Empty - Bloomberg: Hong Kong’s office towers, among the most expensive commercial real estate in the world, have never been this empty.
Cyxtera Technologies - Cyxtera Takes Next Step to Implement Restructuring Support Agreement: Cyxtera has received a commitment for $200 million in debtor-in-possession financing from certain of the term lenders, which is convertible into an exit facility upon the Company's emergence from the court-supervised process. This new financing is expected to provide sufficient liquidity to support Cyxtera during this process and beyond. As Cyxtera moves through the court-supervised process, it is continuing to pursue a potential sale of the business or a significant investment from a new investor.
PGX Holdings (Progrexion) Files for Chapter 11 Bankruptcy in Delaware: PGX Holdings files for Chapter 11 bankruptcy protection in District of Delaware, according to a court filing.
