Bankruptcy & Restructuring News Headlines for Thursday May 20, 2021

Here's what we are reading this morning:

NYC’s Boutique Gyms Face Operational Crunch in Reopening Studios - Bloomberg: New York is loosening some Covid-19 restrictions this week, signaling a step toward normalcy for a wide range of businesses. But for fitness studios such as Y7 Studio, Barry’s Bootcamp and Mile High Run Club that managed to endure a year of devastated sales, the fight for survival is hardly over.

Chip Crisis in ‘Danger Zone’ as Wait Times Reach New Record - Bloomberg: Shortages in the semiconductor industry, which have already slammed automakers and consumer electronics companies, are getting even worse, complicating the global economy’s recovery from the coronavirus pandemic.

America’s Restaurant Apocalypse Has Been Greatly Exaggerated - Bloomberg: New data from the National Restaurant Association, a Washington-based industry group, found that 90,000 restaurants across the U.S. have closed permanently or long-term. That’s less than 14% of the country’s restaurants.

Target's profit surges as Americans cast restrictions aside: NEW YORK (AP) — Target's sales and profits surged in the first quarter as its customers, emerging from the pandemic, returned in big numbers for dresses, cosmetics and luggage. Sales at stores opened at least a year jumped 18% in the three-month period that ended May 1.

Covid travel: Southwest says leisure airfares near pre-pandemic levels but jet fuel prices rise: Southwest says bookings are improving, helping drive fares back to near 2019 levels.

Lumber futures fall for an eighth-straight day, as speculation that took prices to a record unwinds: Lumber sank again on Wednesday and threatened to derail a monthslong frenzy that pushed the price of wood to record levels.

Colonial Pipeline CEO Tells Why He Paid Hackers a $4.4 Million Ransom - WSJ: Joseph Blount told the Journal that he authorized the payment because executives were unsure how badly the cyberattack had breached its systems or how long it would take to bring the pipeline back.

LeClairRyan bankruptcy trustee looks to sell off law firm’s accounts receivable - Richmond BizSense: Lynn Tavenner, who’s handling the law firm’s Chapter 7 case, has struck a pending deal to sell the firm’s book of accounts receivable to collections firm Atwell, Curtis & Brooks.

Inflation Is Spiking, But You Only Reopen the Economy Once | Guggenheim Investments: The market seems to think this may be the start of an enduring trend of higher inflation, given record fiscal stimulus, ultra-easy Federal Reserve (Fed) accommodation, and ongoing supply bottlenecks. But a closer look at the data suggests that this spike in prices is a one-time adjustment as the economy reopens.

Equinox says CDC's new mask guidance sparked surge in member sign-ups: In New York City alone, Equinox has seen a 55% increase in new membership sales from a week ago.

Ford to halt production of F-150, Bronco Sport due to chip shortage: Ford will halt production at eight North American plants for varying periods of time through early July due to an ongoing shortage of semiconductor chips.

Judge frets over 'potential to end' Boy Scouts amid chaotic bankruptcy | Reuters: The judge overseeing the Boy Scouts of America’s bankruptcy on Wednesday offered her grim view of the status of the youth organization’s reorganization efforts, which have yet to lead to any support from former scouts who say they were sexually abused by Scouting leaders.

Hotel REIT Files Chapter 11 Plan to Hand Itself Over to Brookfield: Hospitality Investors Trust filed a prepackaged agreement that, if approved, would transfer 100% of its equity to preferred shareholder Brookfield Asset Management.

Boy Scouts Joust With Abuse Victims Over Right to Control Path Out of Bankruptcy: The judge presiding over the Boy Scouts’ bankruptcy urged continued talks aimed at reaching a deal with victims of sexual abuse who have spurned a settlement offer, warning the youth group can only stay in chapter 11 so long without imperiling its survival.

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 May 19, 2021:

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