Bankruptcy & Restructuring News Headlines for Thursday Feb 15, 2024

Here's what we are reading this morning:

The Children’s Place scrambles to shore up liquidity, mulls ‘strategic alternatives’ | Retail Dive: The specialty retailer has retreated from the mall somewhat and boosted e-commerce, but its declines are poised to continue, analysts say.

The Children's Place Announces Preliminary Unaudited Results for the Fourth Quarter 2023 | The Children's Place: "The Company is working with its advisors (including Centerview Partners), lenders and potential lenders to obtain new financing necessary to support ongoing operations, and is considering strategic alternatives in the event that the Company is unable to consummate new financing."

Express Prepares for Debt Restructuring and Possible Bankruptcy Within Weeks - WSJ: The apparel retailer has hired M3 and Kirkland & Ellis to advise it on discussions with lenders

How an Unremarkable Deal Became a Big Threat to a Small Investment Bank - WSJ: B. Riley is under fire for funding a buyout linked to a firm that prosecutors call a fraud

Zulily’s inventory is up for sale as it winds down | Retail Dive: After ceasing operations in December, the e-tailer’s warehouse equipment and $85 million worth of remaining products are being liquidated.

Charter-School Stress Rise on End of Pandemic Aid, Rising Costs - Bloomberg: The number of distressed charter schools rose to a record in the beginning of 2024 as the sector struggles with the end of pandemic assistance and rising costs.

What Mortgage Bonds Say About the Office Meltdown - WSJ: Commercial mortgage-backed securities make a troubling proxy for the loans on banks’ balance sheets

Residential Solar Confronts a Critical Year - WSJ: High rates and less-generous subsidies have pushed some rooftop solar companies into bankruptcy

JOANN working with advisor to tackle real estate - ION Analytics: JOANN is working with Gordon Brothers to negotiate store leases as the specialty retailer looks to align costs with sales generated at the stores. The Leonard Green-backed fabrics retailer has seen its share price trade under USD 1 for months and its first lien loan quoted in the single digits on concerns about its leverage and financial performance.

US inflation slows but remains elevated in sign that price pressures are easing only gradually | AP News: Consumer inflation in the United States cooled last month yet remained elevated in the latest sign that the pandemic-fueled price surge is only gradually and fitfully coming under control.

Wood Pellet Maker Enviva Prepares to File for Bankruptcy - WSJ: The nation’s largest exporter of wood pellets is planning to file for chapter 11 after a failed gamble on future commodities prices

Etta In Bucktown, Aya Pastry File For Bankruptcy: Owner David Pisor announced the Chapter 11 bankruptcy protection filing Thursday, less than three weeks after the abrupt closure of Etta in River North.

The Body Shop enters administration in the UK, citing past ownership and tough retail environment | Retail Dive: The beauty retailer, which was just acquired by private equity firm Aurelius in November, will restructure under a process akin to Chapter 11 in the U.S.

Invitae - Invitae Files for Voluntary Chapter 11 Protection; Pursues Sale Process: Invitae files for chapter 11 with the support of its Senior Secured Noteholders as agreed to in a Transaction Support Agreement ("TSA") dated February 13, 2024. The TSA includes a commitment from the Senior Secured Noteholders to provide an affirmative vote in support of the Company's chapter 11 plan, support the Company's sale process, and agree to the consensual use of the Company's cash on hand during the cases.

Away lays off 25% of internal staff | Retail Dive: The DTC luggage brand is undergoing a reorganization that also includes "the elimination of a traditional executive team structure.”

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