Bankruptcy & Restructuring News Headlines for Thursday May 27, 2021

Here's what we are reading this morning:

A 120% Loss on Vegas Mall Triggers Payday for Icahn’s Big Short - Bloomberg: The loan, which had a current balance of $62.2 million, was completely written down after the Prizm Outlets were liquidated for just over $400,000, according to Bank of America Corp. When accounting for $11.5 million in fees and reimbursements owed to the master servicer for advances made, the total realized loss came out to $74 million.

State orders water restrictions for towns, vineyards along Russian River: Several communities and hundreds of vineyards in California’s Wine Country are being cut off from their water supply because there’s not enough water to go around.

PG&E to pay $43.4M in 3 counties burned by utility's equipment in Kincade, Zogg fires: Pacific Gas & Electric will pay $43.4 million to government agencies in three Northern California counties to cover bills left behind from wildfires ignited during the past two years by the beleaguered utility's long-neglected power grid.

Kennedy Lewis Sues Town Sports Lenders Over Bankruptcy Sale: Kennedy Lewis Investment Management LLC is suing the lenders that took control of the New York Sports Clubs and Lucille Roberts gym chains out of bankruptcy, saying the chapter 11 sale they orchestrated left the company in a precarious state.

Norwegian Air Shuttle Completes Restructuring: Norwegian Air Shuttle said it has completed its restructuring after a monthslong process that had seen the airline file for protection from creditors in Ireland.

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 26, 2021:

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