Bankrupt Construction Startup Katerra Approved to Tap SoftBank Loan: At a virtual hearing late Monday, lawyers for Katerra and SoftBank reached a compromise with lawyers for unsecured creditors who had been urging the company to seek alternative sources of financing.
Is the U.S. Economy Too Hot or Too Cold? Yes. - The New York Times: The economy is a riddle, but clearly it’s having a harder time rebooting itself than had seemed possible in the spring.
Hedge Fund Born in Pandemic Reaps 23% Gain From AMC, Hertz - Bloomberg: Hedge fund manager Dan Gropper was short AMC Entertainment Holdings Inc. when the Redditors began their moon launch of the movie theater chain. Just six months into running a new fund, he decided he wouldn’t be going down like that.
Reddit Traders Are Upending the World of Credit Investing, Too - Bloomberg: It was the type of master stroke that could make a Wall Street career. Jason Mudrick’s financing of AMC Entertainment Holdings Inc. at the height of the pandemic netted his hedge fund hundreds of millions of dollars in just a few months. Then, in the blink of an eye, it was gone. Options contracts meant to hedge the bullish wager went haywire as retail traders flocked to AMC’s stock, pushing shares to once unimaginable heights and costing Mudrick Capital Management all of its gains -- and more.
Entity Behind Brooklyn’s Nassau Brewery Redevelopment Files for Bankruptcy – Commercial Observer: An entity tied to the Brooklyn redevelopment accused the project’s former manager of misappropriating funds, leaving the project unfinished.
Restaurants sign most new retail leases as Manhattan store rents plummet: Food and beverage tenants were the most active in signing retail leases across Manhattan during the second quarter, according to a CBRE study.
New Court Ruling on Whether Avoidance Powers Require Benefit to Creditors | Patterson Belknap Webb & Tyler LLP: Is there a general requirement that these avoidance powers only be used when doing so would benefit creditors? In a recent decision, the United States Bankruptcy Court for the District of New Mexico addressed this question, concluding, in the face of a split of authority, that there was such a requirement. In re U.S. Glove, Inc., No. 21-10172-T11, 2021 WL 2405399 (Bankr. D.N.M. June 11, 2021)
PG&E plans a 10-year effort to put power lines underground to reduce fire risk. - The New York Times: The California utility said the work would involve about 10,000 miles of its network, a project potentially costing tens of billions of dollars.
House Committee to Weigh Corporate Bankruptcy ‘Abuses’: The House Judiciary Committee said Wednesday it will hold hearings beginning next week to address what it described as “abuses” of the corporate bankruptcy system, including a legal strategy the owners of OxyContin maker Purdue Pharma LP are pursuing to shield themselves from opioid litigation.
Current Reports (Form 8-K) Filed With the Securities & Exchange Commission (SEC) Regarding Triggering Events That Accelerate or Increase a Direct Financial Obligation (Item 2.04) for the Week Ended Wednesday Jul 21, 2021:
