Bankruptcy & Restructuring News Headlines for Thursday Apr 28, 2022

Here's what we are reading this morning:

A Message from our CEO and Co-Founder Vlad Tenev — Robinhood : "Today we made the difficult announcement that we are letting go approximately 9% of our full-time employees."

Dunn Paper’s Second-Lien Lenders Tap Proskauer and Seek a Sale: Second-lien lenders to Dunn Paper are tapping restructuring experts as they urge the company pursue options including a sale, according to people with knowledge of the matter.

Mattel reportedly has talked with potential private equity buyers | Retail Dive: According to The Wall Street Journal, the toy giant has had early-stage discussions with Apollo Global Management and L Catterton.

Las Vegas turns on low-level Lake Mead pumps designed to avoid a ‘Day Zero’ – The Nevada Independent: As water levels at Lake Mead continue to drop, the Southern Nevada Water Authority has turned on its third pumping station, meant to protect Las Vegas from a worst-case scenario.

Apollo to Purchase $1.6 Billion of Carvana Bonds - WSJ: Transaction revises previous financing plan, shows cracks in car retailer’s ability to raise easy money

InfoWars Bankruptcy Should Be Tossed, Sandy Hook Families Say: Families of Sandy Hook victims asked a court to dismiss far-right website Infowars’ Chapter 11, arguing that its owner Alex Jones is abusing the bankruptcy system to avoid paying them.

Sandy Hook victims' families urge judge to toss InfoWars' bankruptcy | Reuters: Families of victims of the Sandy Hook Elementary School massacre have asked a judge to throw out InfoWars' bankruptcy, saying it was filed to avoid upcoming trials to determine damages in defamation cases the families have won against the right-wing website.

White Marsh Mall Gets Another Appraisal Haircut, to $113Mln – Commercial Real Estate Direct: White Marsh Mall in Baltimore has been re-appraised at a value of $113 million, less than half the $300 million appraised value pegged to it in 2013

Morgan Lewis bankruptcy leader to Glenn Agre Bergman & Fuentes | Reuters: Glenn Agre Bergman & Fuentes, a law firm created last year by former partners at New York firm Kasowitz Benson Torres, said Tuesday it has hired the head of Morgan, Lewis & Bockius' bankruptcy practice.

Am Law 100 Bankruptcy Practice Leader Kurt Mayr Joins Glenn Agre : “Kurt is a major figure in bankruptcy law whose presence should immediately elevate our stature in the field,” said Andrew Glenn, managing partner of Glenn Agre and head of the firm’s Bankruptcy, Restructuring & Distressed Debt practice.

Court strikes down teachers' challenge to Puerto Rico Plan of Adjustment | Bond Buyer: The U.S. Court of Appeals for the First Circuit struck down a challenge to the Puerto Rico Plan of Adjustment Tuesday in a win for the Oversight Board and various other stakeholders, though the court is still considering another challenge to the plan.

Company Phil Ivey is Suing Over Cannabis Investment Files Bankruptcy | PokerNews: Poker legend Ivey claims he's owed on a $1.9 million loan he gave a Las Vegas weed dispensary.

Pachulski Stang Ziehl & Jones LLP Formalizes Its Cannabis Restructuring Group, Led By Jason Rosell: "The goal of our Cannabis Restructuring Group is to continue to provide quality legal restructuring services to the cannabis industry. Although bankruptcy may not currently be an option for many companies, our law firm is able to facilitate negotiations among lenders and borrowers, which provides critical process stability in difficult times"

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