Bankruptcy & Restructuring News Headlines for Tuesday May 24, 2022

Here's what we are reading this morning:

Unibail-Rodamco-Westfield's Pull-Out from the U.S. Will Cost CMBS Investors: Unibail-Rodamco-Westfield's plan to radically reduce its exposure to the United States by the end of next year could end up costing CMBS investors.

Amazon Plans to Sublet Warehouse Space to Reduce Excess Capacity - WSJ: The company has acknowledged it overbuilt as it sought to meet pandemic demand for online shopping, which appears to be easing.

Klarna to lay off 10% of its workforce in buy now, pay later doldrums: The Swedish buy now, pay later firm is reportedly looking to raise fresh funding in a round that will reduce its valuation by a third.

Court of Chancery Points Dissolution Petitioners to First Day Affidavits of Bankruptcy Petitioners | Fox Rothschild LLP: When preparing a dissolution petition, counsel should consider “what information they would like to know before providing advice to an entity about its prospects for seeking relief under Section 280” or “what type of information they would share with a colleague if they were asking for input or advice.”

GameStop Launches Digital Wallet for Crypto, NFTs - WSJ: The move by the company at the center of last year’s meme-stock craze comes as it looks to turn around its core videogame business.

Stores Have Too Much of the Wrong Stuff - WSJ: Walmart, Kohl’s, Target and other retailers have seen a surge of inventory as they find themselves carrying too much stuff that consumers no longer want so much of.

Luckin Coffee plots improbable redemption after delisting, bankruptcy | Fortune: Kicked off the Nasdaq in 2020, Luckin is trying to pull off one of the most audacious turnarounds in corporate history.

Rochester Diocese Loses Bid to Shield Parishes From Abuse Suits: The Diocese of Rochester can no longer use its bankruptcy proceedings to shield hundreds of parishes and other related entities from sexual abuse lawsuits, a New York bankruptcy judge ruled, as the diocese eyes a nonconsensual Chapter 11 settlement.

Christian Care Communities & Services Identifies Operator to Continue Serving Residents: Sale of three North Texas communities will proceed through Chapter 11 bankruptcy filing, protecting residents and resolving pandemic-fueled uncertainty

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