Bankruptcy & Restructuring News Headlines for Wednesday Jul 28, 2021

Here's what we are reading this morning:

OxyContin maker Purdue's creditors vote in favor of bankruptcy plan | Reuters: OxyContin maker Purdue Pharma LP said on Tuesday that creditors voted in favor of its reorganization plan that would provide billions of dollars to the governments that sued the company for its role in the U.S. opioid crisis.

Structured Bankruptcy Dismissals are Alive and Well Even After Jevic | Dorsey & Whitney LLP: In KG Winddown, Judge Glenn found that the Supreme Court’s Jevic opinion “declined to express a ‘view about the legality of structured dismissals in general.'”

Illinois Bankruptcy Court Examines Statutory Authority for Enforcing Foreign Bankruptcy Court Orders in Chapter 15 Cases | Jones Day: The court ruled that, if requested relief is not specifically authorized under chapter 15, a U.S. bankruptcy court still has the discretion to grant such relief provided it would have been authorized in a cross-border "ancillary" bankruptcy proceeding under section 304.

Stores may soon use one-third of their space for e-commerce fulfillment: report | Retail Dive: Online and offline may be blurred, but the importance of physical stores to both is clear, according to research from Edge by Ascential.

Endo’s Opioid Tab Could Hit $3 Billion Based on Tennessee Deal - Bloomberg: The agreement in principle announced Thursday -- one day after the mammoth deal that Johnson & Johnson and three drug distributors struck with U.S. state and local governments -- requires more than two dozen local governments to sign off.

How SoftBank’s dalliance with Greensill ended in disaster | Financial Times: After coming unstuck on WeWork, the Japanese group pulled out all the stops to save its next investment

Washington Prime Investors Seek to Slow Mall-Owner’s Bankruptcy - Bloomberg: A government-appointed group of Washington Prime stockholders has asked Judge Marvin Isgur to extend key deadlines in the insolvency proceedings by more than a month, arguing in court papers that the group’s advisers don’t have enough time to evaluate the real estate investment trust’s Chapter 11 exit plan. Washington Prime may be worth more than the plan implies, but more time is needed to figure that out, the group says.

Remington Offers To Pay $33M To Sandy Hook Victims' Families - Law360: One day after a Connecticut judge cleared the way for families of nine victims killed in the Sandy Hook massacre to pursue claims against gunmaker Remington at trial, the bankrupt company agreed Tuesday to pay the families more than $3.6 million each in a settlement worth about $33 million.

Virgin Active, Hurricane Energy and the future of the cross-class cramdown - Allen & Overy: A comparison of the Virgin Active and Hurricane Energy restructuring plans and of the cross-class cramdown. An analysis of the terms, relevant alternative and what to expect for the future.

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