Bankruptcy & Restructuring News Headlines for Tuesday Aug 6, 2024

Here's what we are reading this morning:

Silicon Valley Bank's former owner gains approval to end bankruptcy | Reuters: Its bankruptcy restructuring has made provision for the creation of a trust to pursue litigation against the U.S. Federal Deposit Insurance Corporation which seized $1.9 billion from SVB Financial's bank accounts during Silicon Valley Bank's 2023 collapse - one of the largest in U.S. banking history.

Big Lots may close up to 315 stores | Retail Dive: Big Lots may now close up to 315 stores under amended credit and loan terms, according to an 8-K filed Friday with the U.S. Securities and Exchange Commission. Previous terms with lenders allowed it to close up to 150 under performing stores. 

World of Beer declares bankruptcy: Once one of the country’s fastest-growing chains, the craft beer-focused casual-dining chain cited inflation, litigation and weak traffic

X Corp. reportedly plans San Francisco headquarters closure, move employees to San Jose and Palo Alto - San Francisco Business Times: The company formerly known as Twitter plans to shutter its San Francisco headquarters "over the next few weeks," according to an internal email obtained by the New York Times. Here's what we know.

A Michigan company wanted to buy all Steward's Mass. hospitals. Steward said no | WBUR News: A Michigan-based health care company that specializes in distressed hospitals made a bid to buy all of Steward’s Massachusetts hospitals out of bankruptcy, but the bid was rejected as not viable, WBUR has learned

Ohio Bankruptcy Court Offers Guidance on (the Amended) Ordinary Course Payment Preference Defense | Jones Day: The U.S. Bankruptcy Court for the Southern District of Ohio addressed a preference defendant's burden of proof under amended section 547(c)(2) in In re ASPC Corp., 658 B.R. 455 (Bankr. S.D. Ohio 2024)

Bank of Montreal (BMO) Said to Sell Thames Water Debt at 30% Discount - Bloomberg: Bank of Montreal has sold about £300 million ($383 million) of Thames Water’s senior debt at an almost 30% discount, according to people familiar with the transaction





Older Post Newer Post