Bankruptcy & Restructuring News Headlines for Thursday Apr 14, 2022

Here's what we are reading this morning:

Talen Energy Seeking $1 Billion or More to Fund Bankruptcy: Power producer Talen Energy Corp. is seeking $1 billion or more in bankruptcy financing as some of its secured debt holders are preparing to sign confidentiality agreements this week to advance restructuring talks, according to people with knowledge of the situation.

Big cuts coming for CNN+ after slow start: Investment and projections for CNN+ are expected to be cut dramatically in response to a low adoption rate, two sources tell Axios. The news giant was initially planning to invest around $1 billion over 4 years.

CMBS Loan on Syracuse Mall Destiny USA in Special Servicing: A portion of the debt on Pyramid Management Group’s Syracuse mega-mall Destiny USA has been transferred to special servicing due to imminent payment default ahead of its June maturity, according to loan documents.

UBS: 50,000 retail store closures in U.S. by 2026 after pandemic pause: While analysts at UBS see more pain ahead, it's not as many closures as the investment bank had initially projected about a year ago.

Supplier Prices Rose Sharply in March, Keeping Upward Pressure on U.S. Inflation - WSJ: The Labor Department said the producer-price index, which generally reflects supply conditions in the economy, increased a seasonally adjusted 1.4% from the prior month.

Derivatives Panel Nixes Auction to Settle Russian Railways CDS: The Credit Derivatives Determinations Committee voted Wednesday against holding an auction to settle credit default swaps tied to the debt of Russian Railways JSC, after earlier determining the state-owned company defaulted on its debt.

Invenergy-backed Power Plant Challenged on Chapter 11 Strategy: An NRG Energy unit is challenging a Texas power plant’s efforts to sell itself out of bankruptcy to pay down its owner’s debt, saying the chapter 11 case has “no obvious reorganizational purpose.”

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