Bankruptcy & Restructuring News Headlines for Thursday Apr 21, 2022

Here's what we are reading this morning:

Insurance Company Sheds 100K of Space With Chicago Move: After setting a fresh record last quarter, Chicago’s office vacancy rate ticked up again as an insurance company shed 100,000 square feet from its Loop footprint.

Rising Rates Threaten Companies Acquired in LBO Boom - WSJ: Low-rated U.S. companies borrowed record amounts in the loan market last year, highlighting the surge in floating-rate debt as interest rates rise.

Coal-Plant Owner Lightstone Seeks $1.7 Billion Loan Extension, Sources Say - WSJ: A power company that operates one of the largest coal-fired electricity plants in the U.S., is preparing to ask lenders to let the company push off an upcoming debt repayment, people familiar with the matter say.

Life Insurance Bond Seller GWG Goes Bankrupt Amid SEC Probe: Life insurance bond seller GWG Holdings Inc. filed for bankruptcy after a regulatory probe prompted it to stop offering the securities, sapping the company of liquidity.

Russia Comes Closer to Default After Swaps Watchdog Rules Against Ruble Payments - WSJ: Russia is inching closer to a default on its sovereign debts after an industry body overseeing the credit-default swaps market ruled Wednesday that the Kremlin failed to meet its obligations to foreign creditors when it paid them with rubles earlier this month.

GWG Holdings, Inc. Undertakes Financial Restructuring, Obtains Debtor-In-Possession Financing to Facilitate Restructuring, and Expects Restructuring to Strengthen Financial Position and Enhance Value of its Assets: GWG Holdings, Inc. has taken an important step toward the financial restructuring of the Company. GWGH and several of its subsidiaries have filed voluntary Chapter 11 petitions in the Bankruptcy Court for the Southern District of Texas.

Gulf Coast Health Care’s Bankruptcy Exit Delayed Over Secret Report: A bankruptcy judge criticized Gulf Coast Health Care for keeping secret an internal report on potential legal claims against insiders and affiliates, derailing the nursing home company’s efforts to end its chapter 11 case this week.

OCR Company Bonefrog Challenge Announces Closing (At Least for Rest of 2022): Company says "just not sustainable for us to keep hosting events" after hosting two remaining events already scheduled in May and June

Older Post Newer Post