Bankruptcy & Restructuring News Headlines for Thursday Jul 13, 2023

Here's what we are reading this morning:

Anchor Brewing, the OG of craft beer, is shutting down after years of losses | Morningstar: Anchor, with beer brands including Anchor Steam, Old Foghorn and West Coast IPA, has decided to begin the assignment for the benefit of creditors (ABC) process, which is a form of bankruptcy. Sapporo Holdings Ltd. , which bought San Francisco-based Anchor in 2017, said Wednesday that it had approved the ABC.

Back-to-school spending to tumble 10%: Deloitte | Retail Dive: Families with students in kindergarten through 12th grade will spend 10% less on back-to-school items, for an average of $597 per child, according to a Deloitte survey of 1,212 parents with at least one child in school this fall.

Monster Wins Approval on $362 Million Acquisition of Bang Energy - Bloomberg: Judge Peter Russin said Wednesday he’d approve the settlement and sale — averting the shutdown of Bang Energy, which has faced an uncertain future after its board fired founder and former Chief Executive Officer Jack Owoc earlier this year.

BlockFi Settles With Management Over Crypto Lender’s Collapse - Bloomberg: BlockFi Inc.’s past business with FTX appeared legitimate and gave management no reason to worry about lending to Sam Bankman-Fried’s crypto platform before it melted down amid allegations of fraud last year, according to a probe by independent BlockFi directors and its lawyers.

Red River Biorefinery Engages FTI for Facility Sale, Misses June 15 Debt Service Payment: FTI Consulting has been engaged by Red River Biorefinery to market and sell its idled ethanol production facility in autumn 2023

Milwaukee clears 2-cent sales tax hike in bid to avoid bankruptcy | Fox News: Milwaukee's Common Council voted Tuesday in favor of a two-cent sales tax increase, part of a bipartisan effort to spare the city from potential bankruptcy.

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