Bankruptcy & Restructuring News Headlines for Tuesday Aug 8, 2023

Here's what we are reading this morning:

Western Global Airlines Files for Chapter 11 Bankruptcy Protection - Bloomberg: Company has deal for over $77 million of bankruptcy financing; restructuring plan will slash debt load by $450 million

Western Global Airlines Reaches Agreement on Consensual Reorganization with Key Financial Stakeholders: To implement the plan, WGA has filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

Altice USA Debt Issue Highlights Cable Industry Interest Rate Problems - Bloomberg: The industry’s story is one that’s becoming all too familiar among firms that had an unexpected surge in profits during the Covid-19 pandemic. Demand for fiber shot up during lockdowns, prompting companies to take on more debt to boost spending on increasing download speeds through the hugely expensive rollout of fiber.

Mercy-Iowa City files for bankruptcy with plans for U of I to take over the hospital - Iowa Capital Dispatch: Mercy Hospital of Iowa City filed for bankruptcy early Monday and announced plans for its acquisition by the University of Iowa.

New York Restructuring and Finance Team Led by Five Partners to Join Morgan Lewis – News: Morgan Lewis will bolster its finance team by bringing in five partners in New York—a transactional restructuring and bankruptcy litigation team led by Richard Stern and including Michael Luskin, Stephan Hornung, Matthew O’Donnell, and Alex Talesnick.

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