Bankruptcy & Restructuring News Headlines for Thursday Jun 17, 2021

Here's what we are reading this morning:

The Collective Said to Explore Sale as Pandemic Curbs Co-Living - Bloomberg: The Collective, an operator of small apartments that promote hip community living for young renters, is considering putting its business up for sale, according to people familiar with the process.

Education Department Forgives $500 Million in Debt for Former ITT Tech Students - WSJ: The group whose loans were addressed Wednesday said the for-profit ITT Tech provided deceptive information about their employment prospects and whether credits earned there would transfer to other schools

The United States Trustee Program’s New Chapter 11 Periodic Reports (Effective June 21, 2021) | Fox Rothschild LLP - JDSupra: The Final Rule requires that the filing of pre-confirmation monthly operating reports (MORs) and quarterly post-confirmation reports (PCRs) be done by using “streamlined, data-embedded, uniform forms in every case in every judicial district where the USTP operates.”

Luckin Coffee Completes Financing Milestone Under Restructuring Support Agreement: The RSA requires the Company to obtain reasonable assurance of funding outside of the People’s Republic of China in an amount sufficient to satisfy the cash consideration to be distributed to the holders of the Notes under the RSA by June 14, 2021

Covid-19 Rent Breaks for Retailers Are Becoming the New Norm - WSJ: Leases that tie rent to a portion of sales look poised to outlast the pandemic.

Fed sees faster time frame for rate hikes as inflation rises: The Federal Reserve signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation.

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 Jun 16, 2021:

Thread about a quirky new bankruptcy filing by U-Haul Co. of West Virginia: U-Haul of WV is a wholly-owned sub of U-Haul Int'l. It lists approx. $1M of both assets and liabilities, excluding intercompany obligations. But, that's a big caveat. Because it also lists a disputed obligation to U-Haul Int'l of over $118 million.

Purdue Pharma bankruptcy judge OKs examiner but condemns Sackler-related attacks | Reuters: The judge overseeing Purdue Pharma LP's bankruptcy said he will appoint an examiner to probe the independence of a special committee that negotiated a deal with the Sackler family members that own the OxyContin maker, but only after railing against what he says were misleading accusations of impropriety surrounding the agreement.

Purdue Pharma Bankruptcy Probe Will Examine Board Committee’s Independence: A New York bankruptcy judge has authorized the appointment of an examiner to review the independence of a Purdue Pharma LP board committee from the Sackler family members who own the OxyContin maker.

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