Bankruptcy & Restructuring News Headlines for Thursday Jun 24, 2021

Here's what we are reading this morning:

Fitch downgrades Destiny USA bonds, says a default ‘probable’ - Ratings agency cites risk to bonds if mall's sales volume and appraised value do not increase significantly.

Boy Scouts May Drop $650 Million Insurance Deal Absent Victims’ Backing - WSJ: The Boy Scouts of America said it would explore backing out of a settlement with insurer Hartford Financial Services Group if it can’t break an impasse with sex-abuse victims opposed to the agreement.

Pacific Theatres Files For Chapter 7 Bankruptcy – Deadline: Pacific Theatres Exhibition Corporation, which includes Arclight Cinemas, is really not set to reopen anytime soon. The exhibition company released a statement that they’re filing Chapter 7 in order to liquidate their assets for creditors.

Transferring Personally Identifiable Information in Bankruptcy M&A – Part 3 - Weil Restructuring: Third part of a 3-part series: data privacy issues when considering bankruptcy - what do businesses need to know about handling personal information, such as customer records.

Shuttered U.S. Virgin Islands Oil Terminal Starts Lender Talks: Private-equity investor EIG Global Energy Partners controls the Limetree Bay refinery and storage hub, which previously went through bankruptcy in 2015 and emerged under private ownership.

BAPCPA Report - 2020 | United States Courts: Consumer debtors seeking bankruptcy protection under chapters 7, 11, or 13 during 2020 reported holding total assets of $47 billion and total liabilities of $148 billion. Total assets reported by consumer debtors dropped 44 percent from 2019. Total liabilities for the same set of debtors increased 31 percent from 2019.

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 23, 2021:

PAL operator says report on Chapter 11 filing 'mere conjecture' | ABS-CBN News: PAL Holdings said Wednesday 'it was not aware' of the company's reported plan to file Chapter 11 creditor protection on June 29 in New York, and that its board has yet to approve a 'definite option.'

Ohio transportation company, 3 trucking affiliates file for Chapter 11 bankruptcy - FreightWaves: An Ohio-based transportation company and three of its trucking company affiliates filed for Chapter 11 bankruptcy protection, despite receiving loans through the U.S. Small Business Administration’s Paycheck Protection Program (PPP) to stay afloat during the COVID-19 pandemic.

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