Property Crisis Means Chinese Cities Sell Land to Themselves - Bloomberg: Across China, local government financing vehicles have replaced cash-strapped property developers as the biggest buyers of land for real estate development, stoking fresh concerns over the ability of these off-balance sheet borrowers to repay a debt pile that tops $8.4 trillion by some estimates.
Reebok to lay off 150 employees as Authentic Brands takes over | Retail Dive: The layoffs, most of which are at the company's Boston headquarters, are in preparation for "a new operating model."
Supply chain snags could knock out $17B in apparel and footwear profit in 2022: report | Retail Dive: Backups and bottlenecks persist, putting pressure on profits. And only 12% of organizations in the sector are leading in resilience, according to Kearney.
J&J Baby Powder Bankruptcy Should Be Tossed, Law Professors Says: Johnson & Johnson’s baby powder bankruptcy should be dismissed, because the company is using the case to pay the minimum possible to people who claim talc gave them cancer, a group of law professors said in a court filing.
Spyware Firm NSO Discussing Sale to U.S. Fund Integrity: NSO Group, the Israeli developer of a phone-hacking tool that allegedly allowed governments to spy on political dissidents and journalists, is discussing a sale of its assets to the U.S. venture capital firm Integrity Partners, according to people with knowledge of the negotiations.
Azul Says Latam Didn’t Give Its $13 Billion Offer a Fair Shot: Latam Airlines Group SA “flatly rejected” Azul SA’s offer to buy the bankrupt carrier even though the sale would be a better deal for creditors, Azul contends in new court filings.
Two Recent Cases Show Us There May Be More (Yes, More!) To Learn When It Comes to Providing Notice of a Debtor’s Bar Date - Weil Restructuring: In two recent opinions, two separate courts considered whether a debtor’s bar date notice satisfied the requirements of due process and the Bankruptcy Rules.
Teneo appoints Jay Goffman as Client Chairman of the firm's Financial Advisory business: In this role, Jay will lead client development and execution for Teneo's North American Financial Advisory business as well as working across the broader business globally. Jay joins Teneo from Rothschild & Co where he was most recently Vice-Chairman Global Advisory. In that role, he advised clients across Rothschild's Restructuring, Debt Advisory and M&A practices.
Another Major COVID Testing Company — Which Got $186 Million From The Feds — Is Under Investigation As Complaints Pile Up: O’Hare Clinical Lab has been reimbursed more than $186 million from the federal government for testing and treatments since the start of the pandemic. The company is based in Chicago and its suburbs, and it has more than 100 locations across the United States.
Building a Bankruptcy Juggernaut with James (“Jamie”) H. M. Sprayregen | Sheppard Mullin's Restructure This!: In a frank interview, Jamie describes the vision he had three decades ago, the challenges he encountered along the way, and the banner chapter 11 cases—Zenith Electronics, United Airlines—that he believes helped to shape the then-emerging brand of this premier practice.
China Evergrande Promises to Play by the Book in Offshore Debt Restructuring - WSJ: The developer said that within six months, it aims to release a global restructuring plan that would respect offshore creditors’ rights, after a group of bondholders threatened to sue the company for failing to engage with them.
Puerto Rico’s Updated Fiscal Plan Pushes Out Deficits to 2048 - Bloomberg: Puerto Rico can avoid budget deficits for the next quarter century because federal funds will help boost economic growth on the island as it exits bankruptcy, the commonwealth’s congressionally appointed financial oversight board said.
Bankruptcy law professors join call to dismiss J&J talc Ch. 11 | Reuters: A group of bankruptcy law professors are looking to weigh in on Johnson & Johnson’s use of the bankruptcy system to settle lawsuits alleging that its talc products cause cancer