Bankruptcy & Restructuring News Headlines for Wednesday Jun 5, 2024

Here's what we are reading this morning:

Opinion | How the Supreme Court Case on Purdue Pharma and the Sackler Family Could Change Bankruptcy Law - The New York Times: Melissa B. Jacoby is the author of the forthcoming book “Unjust Debts: How Our Bankruptcy System Makes America More Unequal.”

Fisker Inc.: Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement: On May 29, 2024, the Noteholder notified the Company that it is exercising its rights pursuant to Sections 4(b) of the 2024 Note to accelerate the 2024 Note by requiring the Company to immediately redeem 100% of the outstanding 2024 Note at the Event of Default Redemption Price, including any applicable Interest, Late Charges, Redemption Premium, and other amounts due under the 2024 Note.

EV maker Fisker defaults on $3.5 million short-term loan - MarketWatch: The expiration of the company’s forbearance agreement with lenders and failure to make payments due under the short-term deal and previous debt agreements were listed among the reasons for default.

Madison Avenue’s ‘Le Penthouse’ Owner Files for Bankruptcy: The owner of what was once “Le Penthouse,” the luxury Madison Avenue condominium that listed in 2019 for $98 million, filed for bankruptcy on Tuesday to halt a foreclosure sale

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