Bankruptcy & Restructuring News Headlines for Wednesday Aug 25, 2021

Here's what we are reading this morning:

Disney closing all Chicago area standalone stores, including Michigan Avenue location | WGN-TV: CHICAGO — Disney will close its Chicago-area standalone stores by mid-September. The Michigan Avenue Disney Store is expected to close by Sept. 1.

Riverstone-Backed Talen Energy Taps Advisors Ahead of Debt Talks: Talen Energy Corp. is working with investment bank Evercore Inc. and legal counsel Weil, Gotshal & Manges as it prepares for negotiations with its creditors over how to tackle its debt load, according to people with knowledge of the matter.

Diners are bailing on Bay Area restaurant reservations amid delta variant concerns: Bay Area restaurants are reporting a rise in last-minute cancellations — in some cases,...

J&J Injury Claimants Struggle Against Possible Talc Bankruptcy: People alleging Johnson & Johnson’s talc-based baby powder causes cancer asked a Missouri court to block the company from taking steps to place its talc liabilities into bankruptcy as it faces scrutiny on several fronts of how it could address thousands of tort claims.

Alabama not taking part in $26 billion settlement over opioid cases - Alabama is not taking part in a $26 billion settlement to resolve lawsuits against drug companies over harm caused by addiction to opioids and will pursue its own case, Attorney General Steve Marshall’s office said today.

L'Occitane, Inc. Completes U.S. Lease Portfolio Restructuring: The Company today received approval of its Plan of Reorganization from the United States Bankruptcy Court for the District of New Jersey, positioning L'Occitane to emerge at month's end from the Chapter 11 process commenced in January to implement the store footprint optimization.

Intelsat Achieves Support of Nearly 75% of Funded Debt on Comprehensive Financial Restructuring: Intelsat has achieved the support of key creditor groups across the capital structure on the terms of a comprehensive financial restructuring.

Chapter 11 bankruptcy filing today by a company specializing in selling "discount Las Vegas show tickets.": 2019: $12.7 million revenue, $3 million net loss; 2020: $1.9 million revenue, $4.7 million net loss; Largest unsecured claim appears to be $980k PPP loan

The DIP lender to bankrupt Fresh Acquisitions filed a notice tonight alleging that the debtor will default on its DIP loan Wednesday: The alleged default results from the bankruptcy court's refusal to approve a sale of substantially all the debtors' assets. Prior to the pandemic, the debtors operated buffet restaurants in 27 states under the brands Furr’s Fresh Buffet, Old Country Buffet, Country Buffet, HomeTown Buffet, Ryan’s, and Fire Mountain. They also operate the full service, casual dining chain Tahoe Joe’s Famous Steakhouse.

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