Bankruptcy & Restructuring News Headlines for Thursday Dec 2, 2021

Here's what we are reading this morning:

Death of Judge Jack B. Schmetterer | Northern District of Illinois | United States Bankruptcy Court: We regret to report that U. S. Bankruptcy Judge Jack B. Schmetterer, who retired from the court at the end of September, has died.

What’s in a Name? Court Holds That Despite Its Title, a Security Agreement Also Subordinated Junior Creditor’s Rights to Payment | Cadwalader, Wickersham & Taft LLP: The Court’s opinion provides guidance on several important issues regarding subordination agreements, including the distinction between payment and lien subordination, the importance of including certain provisions in drafting such agreements, and the operation of a tiered subordination structure.

Kaisa Abandons Hong Kong Developments in Race to Avoid Default - Bloomberg: In less than two years, Chinese property developer Kaisa Group Holdings Ltd. has gone from being an up-and-coming player in Hong Kong’s property market to a desperate seller.

WeWork will restate earnings of SPAC sponsor BowX: WeWork said in a regulatory filing that it will restate its SPAC sponsor's financials for 2020 and 2021 after finding that it used the wrong public share count. WeWork also said management concluded that “there was a material weakness in internal control over financial reporting.”

GBG Sean John Files for Chapter 11 in Southern New York Court: GBG Sean John filed for Chapter 11 bankruptcy in Southern District of New York court, according to a filing.

Arent Fox and Schiff Hardin Announce Combination : Arent Fox LLP and Schiff Hardin LLP today announced a formal agreement to merge, effective March 1, 2022. Operating under the name ArentFox Schiff, the new firm will be home to more than 600 lawyers and policy professionals.

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