Bankruptcy & Restructuring News Headlines for Monday May 9, 2022

Here's what we are reading this morning:

U.S. added 428,000 jobs in April as the labor market remained vibrant - The New York Times: U.S. employers added 428,000 jobs, the department said, the same as the revised figure for March. The unemployment rate in April remained 3.6 percent.

The U.S. labor force contracted in April, a challenge for employers - The New York Times: The labor force shrank unexpectedly in April, reversing, at least temporarily, what had been one of the most encouraging trends in the recovery this year.

Alto Maipo’s Chapter 11 Plan Releases Should Be Rejected, US Trustee Says: Bankrupt Chilean hydroelectric power plant Alto Maipo SpA’s proposed Chapter 11 plan should be rejected for impermissibly granting third-party liability releases and acting as a settlement, the Justice Department’s bankruptcy watchdog said.

China’s Oceanwide Loses $410 Million Manhattan Site to Lenders: Lenders have seized control of the property where China Oceanwide Holdings Ltd. planned to develop one of lower Manhattan’s tallest towers after the company failed to make mortgage payments.

The DOJ Is Investigating Mental-Health Startup Cerebral: US prosecutors are demanding Cerebral turn over a slew of documents related to how it prescribes potentially addictive medicines.

Kalamazoo cannabis Ch. 11 filing tests federal bankruptcy process: Master Equity Group LLC on April 20 filed with the U.S. Bankruptcy Court in the Western District of Michigan under subchapter V of the federal bankruptcy code, a relatively new but frequently used measure designed to expedite the bankruptcy process for small to mid-sized companies. In court filings, Master Equity CEO Adam Tucker described Master Equity as a “holding and management company for several related-entity businesses operating in the cannabis industry.”

Older Post Newer Post