Bankruptcy & Restructuring News Headlines for Tuesday Oct 19, 2021

Here's what we are reading this morning:

Coal-fired power is on the rise in America for the first time since 2014 - CNN: In a blow to the climate movement, US power companies are ramping up their coal consumption due to surging natural gas prices. US coal-fired generation is expected to surge by 22% in 2021, the US Energy Information Administration said Monday.

Saks E-Commerce Unit Begins IPO Preparations - WSJ: Saks is interviewing potential underwriters this week for an initial public offering that could take place in the first half of 2022 and targets a valuation of around $6 billion.

Hedge fund reaps big gains with bet on retailer Claire’s | Financial Times: The company recently filed a preliminary prospectus to go public amid an initial public offering boom. Should the listing get done, a juicy windfall awaits Elliott Management and Monarch Alternative Capital, the ace hedge funds that are Claire’s largest shareholders today.

Lehman Looks to Cash In on Subprime Bonds : Derivatives Lehman Brothers purchased to guard against defaults on the subprime-mortgage bonds that fueled the 2008 crisis could deliver a big pay-out more than 10 years after the bank’s collapse.

Hopes Dim for Reopening of Bankrupt Limetree Bay Refinery: Prospective buyers of the St. Croix, Virgin Islands, refinery have emerged, but regulatory risk may push away buyers looking to restart the facility

S.E.C. Describes the GameStop Frenzy, but Not What to Do About It - The New York Times: A long-anticipated report did not suggest any policy changes in response to the meme stock frenzy that caused some little-regarded shares to soar.

Distressed Fund Plans to Raise $1.3 Billion to Buy Brazil Assets - Bloomberg: Jive Investments, Brazil’s largest distressed-asset manager, plans to raise as much as 7 billion reais ($1.3 billion) next year, looking to capitalize on opportunities created by the coming presidential election.

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