Bankruptcy & Restructuring News Headlines for Thursday Jul 8, 2021

Here's what we are reading this morning:

Live Well Financial bankruptcy trustee targets the Hilds in $110M lawsuit - Richmond BizSense: Michael Hild founded Live Well in 2005, growing it to hundreds of employees at its peak. It was forced into bankruptcy in July 2019 by its three largest creditors, who were left holding the bag on more than $100 million. Hild was arrested and charged for leading a scheme to defraud the company’s lenders by falsely inflating the value of a portfolio of reverse mortgage bonds, in order to induce the lenders into loaning more money to Live Well than they otherwise would have.

Clergy Sex-Abuse Victims Want Long Island Diocese to Divulge Parish Assets: The Diocese of Rockville Centre’s parishes say they shouldn’t be forced to turn over sensitive information about their finances to sex-abuse victims.

Bankruptcy Topics In Distressed Real Estate | Dorsey & Whitney LLP : This Paper was originally presented at the 14th Annual Advanced Real Estate Strategies Course, hosted by the State Bar of Texas on December 10-11, 2020. The Article includes real estate topics on Bad-Faith Filings, Turnover, Mortgagee’s Use of Cash Collateral, Single-Asset Real Estate, Automatic Stay and Chapter 11 Plans.

NY, Chicago Hotels Enter Depression Despite Travel Increase: Even as leisure travel picks up, New York City’s hotel market has entered an economic depression, the American Hotel & Lodging Association reports.

Buenos Aires renews creditor talks in 'last round' push for $7 billion debt deal By Reuters: Argentina's Buenos Aires province has extended the deadline for a $7 billion debt restructuring deal and agreed to renew a "last round" of talks with creditors after more than a year of fraught negotiations

Owner of Forever 21, JCPenney Files to Go Public - WSJ: Authentic Brands Group, which holds the license to more than 30 brands, scooped up battered retail brands before and during pandemic.

MatlinPatterson Puts Two Funds in Bankruptcy to Fend Off Foreign Litigation - WSJ: Distressed-investment manager MatlinPatterson Global Advisers placed two of its funds in bankruptcy in an effort to shield their assets from foreign litigation while it liquidates them and returns the proceeds to investors.

Federal Reserve Officials Divided Over Inflation Risks at June Meeting - The New York Times: The Federal Reserve’s policymakers debated the risks of overheating and the path ahead for policy at the central bank’s last meeting.

Michigan Democrat Seeks Labor Law Inspired by Art Van Demise - Bloomberg: The collapse of a local furniture chain helped prompt an effort by a lawmaker to make Michigan only the second state to guarantee severance to workers who lose their jobs when their employer scales down or closes its doors altogether.

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 7, 2021:

North Carolina Tobacco Farmers’ Cooperative Files for Bankruptcy: U.S. Tobacco Cooperative listed assets and liabilities each of between $100 million and $500 million on its chapter 11 petition.

Griddy's Ch. 11 Customer Release Plan Approved In Texas - Law360: The Chapter 11 plan of electricity provider Griddy Energy LLC received bankruptcy court approval in Texas on Wednesday, allowing the company to release its customers from having to pay exorbitant power bills incurred during the February winter storm that wreaked havoc across the state.

Older Post Newer Post