Bankruptcy & Restructuring News Headlines for Wednesday Jun 16, 2021

Here's what we are reading this morning:

May retail sales fell 1.3% as Americans spend less on goods: NEW YORK (AP) — Retail sales fell in May, dragged down by a decline in auto sales and a shift by Americans to spend more on vacations and other services instead of goods. Total sales dropped a seasonally adjusted 1.3% in May from the month before, the U.S.

Homebuilder sentiment drops to 10-month low as building costs boost prices: Builder sentiment rose in the West but fell in all other regions, most sharply in the Northeast, but overall sentiment remains high in historical terms.

Retail sales producer price index May 2021 jumps 6.6% from May 2020: Month over month, the producer price index increased 0.8%, faster than the 0.5% estimated in a Dow Jones survey.

Neiman Marcus to spend $500M on new investments amid rebound: NEW YORK (AP) — Neiman Marcus is hoping to capitalize on rebounding luxury sales by investing more than $500 million over the next three years in refreshing stores, speeding up deliveries and acquiring new technology.

The Rise of Bankruptcy Directors by Jared A. Ellias, Ehud Kamar, Kobi Kastiel: Jared A. Ellias (UC Hastings Law); Ehud Kamar (Tel Aviv University - Buchmann Faculty of Law; European Corporate Governance Institute (ECGI)); Kobi Kastiel (Tel Aviv University - Buchmann Faculty of Law; Harvard Law School, Program on Corporate Governance)

Bankrupt Retirement Community to Restructure $200 Million in Debt: Facing a cash crunch after failing to attract as many residents as it had budgeted for, the Amsterdam at Harborside retirement community on Long Island has filed for bankruptcy protection for a second time.

Consumers are back to spending more at restaurants than at grocers: The industry made a complete recovery from the pandemic, according to the latest retail sales data, but some of it is coming from price

Lordstown Motors new management says it may seek money from GM: Lordstown Motors' new leaders outline a plan that gets the company going, but it'll need more cash and leaders are not above asking GM for it.

Puerto Rico Governor Pedro Pierluisi to File Objection to Debt Plan - Bloomberg: A plan to restructure $22 billion of Puerto Rico debt and fix the bankrupt island’s unfunded pension system won’t have the support of Governor Pedro Pierluisi. The governor’s administration Tuesday filed a limited objection regarding the restructuring plan to the court overseeing Puerto Rico’s record bankruptcy, according to a court filing.

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