Bankruptcy & Restructuring News Headlines for Tuesday May 2, 2023

Here's what we are reading this morning:

First Republic Bank Is Seized by Regulators and Sold to JPMorgan Chase - The New York Times: As part of its deal, 84 First Republic branches in eight states will reopen as JPMorgan branches on Monday.

Lordstown Motors (RIDE) Warns of Bankruptcy as Foxconn Deal Unravels - Bloomberg: Lordstown Motors Corp. may be forced to cease operations and file for bankruptcy after manufacturing giant Foxconn told the electric-vehicle company that it’s prepared to pull out of a production partnership.

Retail in the Aftermath of Bed Bath & Beyond Bankruptcy Filing: The news of Bed Bath & Beyond’s bankruptcy filing—a once beloved marketplace for home interior and college dorm room goods—came shortly after David’s Bridal’s bankruptcy filing, raising questions again about the overall health of the retail sector, especially big-box retail.

Brookfield’s Los Angeles Office Company Is Roiled by Defaults - WSJ: Brookfield DTLA is struggling to make mortgage payments as vacancies and rising interest rates disrupt the city’s commercial real-estate market.

Vice Is Said to Be Headed for Bankruptcy - The New York Times: The company, which was once valued at $5.7 billion, has been struggling to find a buyer this year.

Tuesday Morning going out of business, set to close all its stores including those in Illinois, Indiana | WGN-TV: Tuesday Morning joins a growing list of retailers closing their doors this year.

Slowing demand for fuel adds to fears of looming US recession | Financial Times: Demand for diesel, the lifeblood of the industrial economy, has fallen sharply in recent months as freight markets cool. And there are indications that petrol demand may be beginning to wane as motorists look to dial back spending.

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