Frontier Communications Returns to Junk Market After Bankruptcy - Bloomberg: Frontier Communications Holdings LLC is tapping the junk bond market for the first time since emerging from bankruptcy earlier this year, marking a turnaround as the company seeks to fund an ambitious overhaul of its telephone and internet network.
China Evergrande's Shares Are Halted as Doubts Swirl - The New York Times: The property giant, which cited a pending “major transaction,” owes billions. Investors worry that a collapse could hit broader markets.
Share Trading Suspended as Debt Test Looms: Evergrande Update - Bloomberg: Shares in China Evergrande Group and its property management unit were suspended from trading Monday, as a fresh debt test loomed for the developer underscoring broader risks that have left credit markets on edge. Hopson Development Holdings Ltd., whose shares were also suspended, plans to acquire a 51% stake in Evergrande Property Services Group Ltd. according to Chinese financial news platform Cailian, citing unidentified people. Cailian amended an earlier report to say the deal would give the unit a valuation of more than HK$40 billion ($5.1 billion).
USPS Begins Postal Banking Pilot Program - The American Prospect: The United States Postal Service (USPS) has taken the most dramatic step in a half-century to re-establish a postal banking system in America. In four pilot cities, customers can now cash payroll or business checks of up to $500 at post office locations, and have the money put onto a single-use gift card.
Loan on Land Under Troubled Times Square Hotel Pitched for Sale - Bloomberg: A $150 million loan is up for sale on the land beneath the beleaguered Times Square Edition, a luxury hotel and retail property once valued at more than $2 billion that faces foreclosure.
Retail's pandemic bankruptcy bloodbath is over. But these 20 companies are still at risk. | Retail Dive: No one knows if or how long the lull in bankruptcies will last. Retail is not without its struggles right now. Logjams all along the supply chain are causing costs to skyrocket and inventory to fall. The industry is still competitive and as fast-changing as it ever was.
CourtSpeak Now Available in All 3 Divisions | Northern District of New York | United States Bankruptcy Court: Digital Audio files of court hearings and trials in all three divisions of the United States Bankruptcy Court for the Northern District of New York* are available to the public over the Internet using the Public Access to Court Electronic Records (PACER) system. Audio files of all court proceedings, unless otherwise specified by the presiding Judge, will be uploaded to the Case Management/Electronic Case Files (CM/ECF) system. The digital audio recording will appear on the docket as a PDF document with an MP3 file. This file will generally be available within 24-48 hours after the conclusion of a hearing or trial.
Ample Hills Creamery Founders on Making a Comeback After Bankruptcy - Bloomberg: Smith and Cuscuna had little business or technical expertise to guide them and no sense of how much money they were spending — until it was about to run out. Ample Hills filed for bankruptcy in March 2020, the day before Covid-19 shut New York City down. Eventually, the company sold for just $1 million to a West Coast precision machinery manufacturer.
Chinese developer Fantasia misses repayment deadline | Reuters: Chinese property developer Fantasia Holdings Group Co Ltd missed a debt payment deadline on Monday in the latest sign that distress is spreading from embattled China Evergrande and through the real estate sector.
Pharmacy chains failed to prevent opioid misuse, U.S. jury hears | Reuters: Pharmacy operators including CVS Health Corp and Walmart Inc fueled the U.S. opioid epidemic by failing to stop massive quantities of addictive painkillers from reaching the black market, a lawyer for two Ohio counties said at the start of a trial on Monday.
Chinese property developers' ability to repay debt hits decade low | Reuters: Even before China Evergrande Group's debt crisis sent the country's property sector into a tailspin, Chinese property firms were struggling to earn enough to make interest payments on their debt, data showed.
Manhattan office towers fall again in value, showing how far NYC's recovery has to go | Crain's New York Business: Only 28% of New York office workers had come back as of Sept. 22, according to data from building-security firm Kastle Systems.
Verona International Holdings, Inc. Named Winning Bidder in WorldVentures' Chapter 11 Plan of Reorganization: WorldVentures is the leading direct seller of global travel and leisure club memberships, providing travel-related products and experiences – branded as DreamTrips – through independent representatives and members based throughout the United States, Canada, Europe and Asia.