Bankruptcy & Restructuring News Headlines for Monday May 17, 2021

Here's what we are reading this morning:

Judge Schmetterer announces his retirement | United States Bankruptcy Court for the Northern District of Illinois: Judge Jack B. Schmetterer has served as a U.S. Bankruptcy Judge for 36 years, making him the longest-serving judge in the court’s history

Bankrupt Long Island Diocese to Appoint Former Adviser as Mediator: A bankruptcy judge cleared the Diocese of Rockville Centre, N.Y., to hire Arthur J. Gonzalez as a special mediator to help resolve claims by sex-abuse victims over real estate and other assets that have been sold or transferred to other parts of the institution.

America's mask makers face post-pandemic meltdown | Reuters: The small U.S. manufacturers that rushed to produce face masks over the past year are now stuck with hundreds of millions of unsold face coverings because China is flooding the market with below-cost masks, and most may not survive the end of the pandemic.

Retail Sales Were Flat in April - The New York Times: Retail sales held steady in April after rising 10.7 percent the previous month, as Americans continued to spend government stimulus payments.

San Francisco tech companies sitting on record amounts of empty space: Dropbox, Airbnb and Salesforce have taken some of the biggest real estate impairments in the tech industry because of vacated office space in San Francisco.

MGM Resorts to no longer require fully vaccinated guests to wear masks at Las Vegas properties | Coronavirus | MGM Resorts International announced on Friday that it will no longer require fully vaccinated guests to wear masks at any of its Las Vegas properties, effective at noon on Friday, May 14.

Shoppers and diners: Don't expect masking rules to change overnight: Retailers and restaurants will take time to unwind Covid pandemic precautions, as they navigate different state and local rules and try to keep workers safe.

Wynn says vaccinated people can ditch masks in Nevada casinos: The change was made possible because the Nevada Gaming Control Board, which sets the rules for casinos, reacted quickly to update its rules.

Dewey & LeBoeuf bankruptcy vet tapped for Kossoff case | Reuters: A prominent boutique bankruptcy lawyer and veteran of winding down failed law firms has a new assignment: overseeing the dissolution of a New York real estate law firm whose founder vanished last month amid a string of client lawsuits.

Pandemic Drove Majority of U.S. Gaming, Leisure, Lodging and Restaurant Bankruptcies: Business disruptions arising from the coronavirus pandemic and the government-imposed lockdown were a material driver behind many of the 2020 U.S. gaming, leisure, lodging and restaurant (GLLR) bankruptcy filers, according to a new Fitch Ratings report.

Taking Stock of Chapter 11 by David A. Skeel :: SSRN: One question raised by the dramatic shift in bankruptcy practice is whether the leading normative theory of bankruptcy, the Creditors’ Bargain Theory, is now obsolete, as some scholars have suggested. The Creditors’ Bargain Theory explains bankruptcy as a solution to coordination problems that might lead to the dismemberment of an otherwise viable firm if creditors were simply left to their own devices.

Breathing easy: Some Las Vegas tourists eagerly shed masks as vaccinated return to normal life - Las Vegas Sun Newspaper: The Plexiglas partitions once common at table games were all but gone and, as the day went on, more seats filled with players sitting shoulder to shoulder. Poker rooms especially had few open chairs. Slots that had previously been dormant every other machine glowed and chimed in uninterrupted rows.

Cathie Wood’s ARK Wasn’t Built for a Flood - WSJ: ARK Invest hasn’t done as well for investors as charts suggest, and it has done so through some concentrated bets.

Revlon Expands Restructuring Program, Focus on Revlon, Elizabeth Arden – WWD: The new program focuses on the Revlon and Elizabeth Arden brands.

Elon Musk Implies Tesla May Sell or Has Sold Bitcoin Holdings - Bloomberg: Elon Musk continued to whipsaw the price of Bitcoin, briefly sending it to the lowest since February after implying in a Twitter exchange Sunday that Tesla Inc. may sell or has sold its cryptocurrency holdings.

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 May 16, 2021:

Easterdays sued for defaulting on loans on Tri-Cities plants | Tri-City Herald: The properties are large onion and potato packing and storage facilities in Pasco and Basin City.

Philippine Airlines Seeks To Cut Boeing 777 And Airbus A350 Fleet - Simple Flying: Philippine Airlines (PAL) is considering cutting its widebody fleet as the pandemic continues to impact business.

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