Bankruptcy & Restructuring News Headlines for Thursday Apr 4, 2024

Here's what we are reading this morning:

Private payrolls increased by 184,000 in March, better than expected, ADP says: Private sector job growth expanded in March at its fastest pace since July 2023, ADP reported Wednesday.

Fisker Appoints John Dubel to its Board: "The Company continues to evaluate strategic alternatives. Such alternatives may include in or out of court restructurings, capital markets transactions (subject to market conditions), repurchases, redemptions, exchanges or other refinancings of the Company’s existing debt, the potential issuance of equity securities, the potential sale of assets and businesses and/or other strategic transactions and/or other measures."

Fisker withdraws financial guidance as talks to save itself continue - MarketWatch: Fisker Inc. said late Wednesday it was withdrawing its financial guidance for 2024 as the embattled EV maker continues to seek alternatives to keep itself afloat.

Country Garden shares suspended from Hong Kong stock exchange - MarketWatch: China’s largest property developer, Country Garden, on Tuesday said it had opted to suspend trading of its shares on the Hong Kong stock exchange after delaying publication of its 2023 results as it continues to grapple with the slump in the Chinese real estate market

Mercy Hospital unsecured creditors and bondholder Preston Hollow settle | Bond Buyer: The bankruptcy of Iowa City's Mercy Hospital is closer to an end with the resolution last week of a dispute between the committee of unsecured creditors, which had filed a complaint on March 25, and trustee Computershare Trust and bondholder representative Preston Hollow Community Capital. 

Chubb Holds Out on Paying New York Archdiocese in Abuse Suits: Chubb Ltd. is refusing to cover liabilities incurred by the Archdiocese of New York in thousands of sex abuse lawsuits until the organization proves it didn’t know about the abuse

Communications Technology Business Casa Systems Files for Chapter 11 Bankruptcy - WSJ: Massachusetts-based company has a pair of potential deals in place to sell assets in a liquidation plan

OpenAI-backed Ghost Autonomy shuts down | TechCrunch: The startup, which had raised nearly $220 million, posted a note on its website that it ended worldwide operations and wound down the company as of Wednesday

Faraday Future avoids eviction at its LA headquarters — for now | TechCrunch: The company reported having just $8.5 million in cash as of September 2023. That’s the most recent figure available because the company is late in submitting its annual financial report for 2023 in part because it has put off payments to third-party audit consultants, according to an April 2 regulatory filing.

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