Bankruptcy & Restructuring News Headlines for Monday May 24, 2021

Here's what we are reading this morning:

Pandemic Helping Risky Real Estate Bridge Loans Make a Comeback - Bloomberg: Real estate investment firm Harbor Group International, an owner and investor in apartment complexes for more than 35 years, recently sold its first bond backed by riskier construction projects and properties in development scooped up in pandemic dislocations.

Drought Imperils Economy in California’s Farm Country - WSJ: California is gripped by severe drought just four years after emerging from the last one, forcing farmers to pay four times the normal prices for water and let almond trees die as the federal government cuts water allocations.

Sinclair’s Sports Networks Start Formal Creditor Debt Talks - Bloomberg: Creditors to Sinclair Broadcast Group Inc.’s troubled sports networks are signing non-disclosure agreements to prepare for negotiations on easing the unit’s $8 billion debt load, according to people with knowledge of the matter.

Foot Locker to convert, wind down most Footaction stores | Retail Dive: A third of the stores will be converted to other company banners, while "the majority" of the remaining fleet will be shut down as leases expire.

Talen Energy Plans Push into Crypto, And Creditors Frown - Bloomberg: The Woodlands, Texas-based company pitched prospective investors Wednesday on the strategy, which would require it to raise as much as $800 million in new equity to fund the construction of two new data centers, including one to mine cryptocurrency, according analysts and investors who watched the presentation.

CNA Financial Paid Hackers $40 Million in Ransom After March Cyberattack - Bloomberg: The Chicago-based company paid the hackers about two weeks after a trove of company data was stolen, and CNA officials were locked out of their network, according to two people familiar with the attack who asked not to be named because they weren’t authorized to discuss the matter publicly.

Big Hospital Chains Get Covid Aid, and Buy Up Competitors - The New York Times: The pandemic barely dented the financial outlook for some major networks, which continued to acquire weaker hospitals and ailing doctors’ practices. Critics worry consolidation leads to higher prices for medical care.

Voyager Aviation Holdings Completes Out-Of-Court Exchange, Announces New Ownership, Board, and Rebrand | Business Wire: VAH was advised in this process by Milbank LLP, A&L Goodbody, Moelis & Company LLC and FTI Consulting. Consenting noteholders under the previously announced restructuring support agreement, dated March 30, 2021, who beneficially owned approximately 60% of the existing unsecured notes as of such date, were advised by Clifford Chance US LLP, and additional consenting noteholders under the Restructuring Support Agreement, who beneficially owned approximately 25% of the existing unsecured notes as of such date, were advised by Skadden, Arps, Slate, Meagher & Flom (UK) LLP.

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 23, 2021:

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