Bankruptcy & Restructuring News Headlines for Tuesday Oct 24, 2023

Here's what we are reading this morning:

Hello Bello Makes Strategic Move to Position the Company for Long-term Success: To facilitate the acquisition, Hello Bello and its affiliates have filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware. The Company is seeking approval of the proposed transaction pursuant to section 363 of the United States Bankruptcy Code, which will subject the proposed transaction to higher or otherwise better offers. 

Hello Bello Files for Bankruptcy, will be Acquired by Private Equity Firm - Retail TouchPoints: Despite the hype surrounding the brand and the star power of its Founder, actress Kristen Bell, the brand has struggled to stand out in an increasingly competitive category that is now brimming with direct-to-consumer and challenger brands.  

Bankrupt Rite Aid cleared to pay $138M it owes suppliers | Supply Chain Dive: The drug store retailer is trying to keep its relationships with suppliers intact, including with drugmaker McKesson, which had threatened to stop shipping products.

High Car Loan Interest Rate Payments: Americans Struggle With Bills - Bloomberg: The risk of vehicle repossession is rising for many Americans facing a budget crunch

'The markets crushed us': In tearful farewell to employees, Convoy execs reflect on shutdown – GeekWire: Convoy exhausted every possible strategic option to survive over the past four months, but it wasn’t enough to save the trucking marketplace company from a sudden and surprising collapse. That was the message to employees from Lewis and Okerstrom on a company-wide video conference call Thursday.

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