Bankruptcy & Restructuring News Headlines for Thursday Oct 14, 2021

Here's what we are reading this morning:

Entireworld to Shut Down | BoF: The direct-to-consumer basics brand founded by Scott Sternberg announced it would end operations after difficulties attracting financing and closing an acquisition deal.

Alitalia, Once a Carrier of the Jet Set, Nears Its Last Flight - WSJ: Italy’s national airline has long symbolized its postwar boom and la dolce vita, but Alitalia is slated to shut down after the pandemic dealt the company a final blow.

Bankruptcy Venue Reform Bill Needs Amending | Lowenstein Sandler LLP : The authors propose a compromise solution that seeks to balance the concerns of the proponents and opponents of the current bankruptcy venue law.

Bill introduced in Congress to end executive bonuses in bankruptcy | Reuters: A Democratic Congresswoman from Illinois has introduced a bill in the U.S. House of Representatives to end bonuses awarded both before and during bankruptcies for executives who make more than $250,000 per year.

Lordstown Motors Recruits Adam Kroll as Financial Chief - WSJ: Mr. Kroll from 2007 to 2015 worked as an executive director at JPMorgan Chase & Co. and advised companies in the automotive sector on capital markets and loan transactions as well as mergers and acquisitions.

Request to Certify Direct Appeal of Confirmation Order to Third Circuit Court of Appeals Denied: Judge Goldblatt (Bankr. D. Del.) denied a request to certify a confirmation order appeal for direct review by the United States Court of Appeals for the Third Circuit in the MTE Holdings, LLC bankruptcy

Limetree Bay Refinery’s Bankruptcy Lender Calls Default: Bankruptcy lender Arena Investors alleged the St. Croix-based oil refinery is behind on an interest payment.

Riverbed Announces Restructuring Support Agreement with Its Lenders and Equity Sponsors: To implement the Recapitalization, the Company is soliciting approval of the transactions contemplated by the RSA. In order to complete the process as expeditiously as possible, the Recapitalization will be implemented through either an exchange transaction, or if necessary, an accelerated prepackaged court-supervised process.

China Developers Account for About Half of World’s Troubled Debt - Bloomberg: Of the $139 billion of U.S. dollar-denominated bonds trading at distressed prices, 46% were issued by companies in China’s real estate sector, according to data compiled by Bloomberg on Oct. 12, which captured bonds trading at yield premiums of at least 10 percentage points above their benchmark rates.

Baoneng auto unit defaults on $434m trust loan - Nikkei Asia: Shenzhen-based Baoneng Investment Group missed repayments on yet another debt to finance its unrealized automaking dream, underscoring the deepening capital crunch of the once-highflying private conglomerate.

Purdue Pharma judge rejects call to halt opioid deal | Reuters: Purdue Pharma has defeated a request to pause the implementation of its reorganization plan that provides legal protections to the Sackler family members who owned it.

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