Bankruptcy & Restructuring News Headlines for Thursday Jun 2, 2022

Here's what we are reading this morning:

Russia’s Missed Bond Payment Triggers Default Insurance - WSJ: Russia failed to meet its obligations to creditors when it didn’t make a small interest payment in April, according to an industry body overseeing the derivatives market, a decision that triggers some $2.2 billion in credit-default swaps.

Job Openings Declined Slightly in April From a High Point - The New York Times: Employers had 11.4 million vacancies, nearly two for every worker seeking a job.

Inflation comes for big-box retailers' earnings: After witnessing high levels of growth during the pandemic, some of the biggest retailers saw their sales slow and their profits dipping this quarter.

Delta Says Ticket Sales Are Returning to 2019 Levels - The New York Times: The company is the latest of several airlines to say that its business is stronger than expected as travel demand increases.

Chancery Rules Tilton Grab Of Stila Styles Invalid - Law360: A Delaware judge ruled Tuesday that turnaround mogul Lynn Tilton's takeover of cosmetics company Stila Styles LLC in 2017 was invalid but stopped short of saying who the manager should be, leaving in limbo a Chapter 11 effort to appoint Kevin Carey, a retired bankruptcy judge, as manager of the cosmetics business.

Missed Payments, Rising Interest Rates Put ‘Buy Now, Pay Later’ to the Test - WSJ: Affirm, Afterpay and Klarna grew rapidly during the consumer-spending boom. Investors have concerns as outlook looks cloudier.

Dubai-Based Ride Sharing App Swvl to Cut Jobs by a Third - Bloomberg: Swvl Holdings Corp., a Dubai-based ride sharing firm, plans to reduce headcount by 32% as part of efforts to turn cash flow positive by next year.

Unprecedented water restrictions begin in Southern California as drought worsens: The new rules, which limit outdoor watering to once a week, impact more than 6 million residents in Southern California.

Former OpenSea employee charged in first-ever NFT insider trading case: The 31-year-old faces one count of wire fraud and one count of money laundering, in connection with a scheme to commit insider trading in non-fungible tokens, or NFTs, “using confidential information about what NFTs were going to be featured on OpenSea’s homepage for his personal financial gain.”

Mortgage rates rise sharply after three weeks of easing: The 30-year fixed hit 5.36% Monday and then moved higher again Tuesday to 5.47%, according to Mortgage News Daily.

Terra’s Luna 2.0 Saw Wild Swings Post Crypto Token Airdrop - Bloomberg: Terra’s new Luna token is taking holders on a wild ride just days after being distributed to investors who saw the value of their cryptocurrencies tied to the failed blockchain destroyed.

Latest COVID surge took a toll on hospital sector balance sheets | Bond Buyer: An April spike in COVID-19 hospitalizations and elevated expenses are hammering hospital and healthcare system balance sheets that no longer enjoy federal aid to help manage the fiscal pressure.

Notice of Vacancy, United States Bankruptcy Judge, Austin, Texas: The U.S. Court of Appeals for the Fifth Circuit seeks applications from all highly qualified candidates for a 14-year appointment as a United States Bankruptcy Judge for the Western District of Texas at Austin

Biden to Cancel All Student Debt From Defunct Corinthian Colleges - WSJ: Loan forgiveness involving for-profit education company amounts to $5.8 billion, the largest single student-debt cancellation ever by the U.S. government.

Panthers’ David Tepper puts real estate arm into bankruptcy over Rock Hill project - The Athletic: Carolina Panthers owner David Tepper, the wealthiest owner in the NFL, on Wednesday night put his real estate development company into bankruptcy following the scuttled team headquarters project in Rock Hill, S.C.

Older Post Newer Post