Bankruptcy & Restructuring News Headlines for Thursday Sep 30, 2021

Here's what we are reading this morning:

Bankruptcy Judgeship Vacancy - Southern District of New York: The United States Court of Appeals for the Second Circuit invites applications from qualified candidates for a 14-year appointment as United States Bankruptcy Judge for the Southern District of New York

Evergrande sells a $1.5 billion stake in a bank to help settle debts. - The New York Times: A Chinese state-owned enterprise is buying the stake, worth around 20 percent in Shengjing Bank.

Retailers’ Latest Headache: Shutdowns at Their Vietnamese Suppliers - The New York Times: Factories in the country, a major apparel and footwear supplier to the U.S., have been forced by the pandemic to close or operate at reduced capacity, complicating the all-important holiday season.

Goldman Sachs, Ozy Media and a $40 Million Conference Call Gone Wrong - The New York Times: The digital media company has raised eyebrows for its claims about its audience size for years. Then came the strange voice on the phone.

Marathon Asset Is Buying Evergrande Debt, CEO Richards Says - Bloomberg: The distressed-debt specialist purchased Evergrande debt for the first time this week and will continue doing so at the current low prices, Richards said in a Bloomberg Television interview on Wednesday. Evergrande 10% bonds due in 2023 led declines in the U.S. high-yield market on Wednesday, dropping 2.375 cents to 23.875 cents on the dollar.

Religious Partners Fear Boy Scouts’ Bankruptcy Plan Leaves Them Unprotected: Amid the Boy Scouts of America’s complex bankruptcy case, there is worsening friction between the BSA and the major religious groups that help it run thousands of scout units. At issue: the churches’ fears that an eventual settlement — while protecting the BSA from future sex-abuse lawsuits — could leave many churches unprotected.

Bankruptcy Debtor Prevails Over SBA in District of Arizona PPP Loan Dispute | Snell & Wilmer: Because the PPP ended May 31, 2021, we may never have finality within the Ninth Circuit as to whether the SBA’s decision to bar debtors from obtaining PPP loans was arbitrary and capricious, or in contravention of the Bankruptcy Code. However, the only two Courts of Appeal that ruled on this issue (the Fifth Circuit and the Eleventh Circuit) upheld the bankruptcy restriction in favor of the SBA and found that the SBA did not exceed its authority when declining to grant PPP loans to debtors.

Ahern Pulls Junk Bond After Investors Demand 10.5% Yield - Bloomberg: Ahern Rentals Inc., a construction equipment rental company, has shelved its sale of $550 million of U.S. junk bonds after investors demanded more interest and protections than it was willing to offer, according to people with knowledge of the matter.

Claire's Has Filed an S-1: Claire's previously filed for and successfully emerged from bankruptcy in 2018.

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