Bankruptcy & Restructuring News Headlines for Thursday Sep 23, 2021

Here's what we are reading this morning:

Natural-Gas Prices Surge, and Winter Is Still Months Away - WSJ: The jump in prices is prompting worries about winter shortages and forecasts for the most expensive fuel since frackers flooded the market.

J&J Overcomes Another Bid to Block Possible Talc Bankruptcy: A New Jersey judge refused to prevent Johnson & Johnson from separating injury liabilities linked to its talcum-based baby powder from the rest of its business, the second time ovarian cancer claimants have failed to stop J&J from potentially placing thousands of talc-related claims in chapter 11 bankruptcy.

Evergrande Filing on Yuan Bond Interest Leaves Analysts Guessing - Bloomberg: Evergrande’s onshore property unit said in an exchange filing that an interest payment due Sept. 23 on one of its yuan-denominated bonds “has been resolved via negotiations off the clearing house.” While the comment helped trigger knee-jerk gains in some risky assets, Evergrande didn’t specify how much interest would be paid or when.

Washington Prime Formally Gives Up on New Jersey Mall – Commercial Real Estate Direct: Washington Prime Group, which earlier this year added seven malls to its list of non-core properties, has formally told the servicer of the $67.6 securitized million mortgage against the Brunswick Square Mall in East Brunswick, N.J., that it would consent to a foreclosure sale. It also has formally given up on its Dayton Mall and Cottonwood Mall.

California is running out of water | CalMatters: The dismaying California drought numbers increase pressure on Gov. Newsom to issue mandatory statewide water use restrictions.

Jerome Powell talks about the Fed’s plan to slow its economic stimulus. - The New York Times: The Federal Reserve officials also predicted that they might start to raise interest rates next year.

Beyond Evergrande’s Troubles, a Slowing Chinese Economy - The New York Times: Investors are watching whether the property developer defaults. But in the background, the world’s No. 2 economy is flashing numerous warning signs.

Mintz hires two veteran bankruptcy and restructuring lawyers | Bond Buyer: Nathan Coco and Megan Preusker joined the firm this month, deepening the expertise offered by the firm's bankruptcy and restructuring practice.

As Evergrande totters, cracks in stressed Chinese developers widen as rating outlook dims and borrowing costs jump | South China Morning Post: Borrowing costs for junk-rated Chinese firms have risen to more than 15 per cent this quarter as nervous investors price in more distress in the property sector. Guangzhou R&F and Fantasia are fending off such concerns.

Hong Kong, US hedge funds root for Luckin Coffee to overcome accounting scandal with debt restructuring pact: Not many would have given Luckin Coffee a chance to survive its accounting fraud. Yet, since falling into provisional liquidation in July 2020, the firm has opened more stores, is getting a capital injection to repay creditors and looking to exit bankruptcy protection. On Tuesday, the Chinese Starbucks wannabe set another milestone by inking restructuring terms that could make bondholders almost whole and settle US class-action lawsuits.

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 Sep 22, 2021:

NEPA Driller Rockdale Marcellus Files for Chapter 11 Bankruptcy | Marcellus Drilling News: Yesterday northeast Pennsylvania driller Rockdale Marcellus filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Western District of Pennsylvania. The company, which owns and operates 66 producing wells on 42,897 net acres in three northeast PA counties (regional headquarters in Pittsburgh) plans to auction off all of its assets according to paperwork filed with the court.

AeroCentury Corp. Announces Details Regarding Special Dividend in Connection with Chapter 11 Exit: The record date for the Dividend will be September 30, 2021, which is the anticipated effective date of the Plan. The dividend rate will be $0.6468 per share. The payment date will be October 13, 2021. The Dividend payment is conditioned upon the closing of the Common Stock investment of the Plan Sponsor and the Plan being declared effective by the Company.

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