Bankruptcy & Restructuring News Headlines for Wednesday May 12, 2021

Here's what we are reading this morning:

Two Shadow Lenders, Two Accounting Bombshells, One Bond Collapse - Bloomberg: On the surface, the situations are shockingly similar. Two Mexican non-bank lenders, within days of each other, report inconsistencies in their loan books that required them to amend their financials. Yet the reaction of bond investors could hardly be more different.

Job openings leaped above 8 million in March, a new record high: The number of available jobs jumped to a new high in March, even as employers sought workers to fill those posts.

Barnes & Noble owner buys stationery retailer Paper Source out of bankruptcy: Elliott Investment Management, the owner of Barnes & Noble, said Tuesday it will acquire gift and stationery retailer Paper Source.

Colonial Pipeline Hack: Gas Stations Start to Run Dry, GasBuddy Says - Bloomberg: Motorists across a broad swath of the U.S. East Coast and South are struggling to find gasoline and diesel as filling stations run dry amid the unprecedented pipeline disruption caused by a criminal hack.

EXCLUSIVE Tesla puts brake on Shanghai land buy as U.S.-China tensions weigh - sources | Reuters: U.S. electric car maker Tesla Inc (TSLA.O) has halted plans to buy land to expand its Shanghai plant and make it a global export hub, people familiar with the matter said, due to uncertainty created by U.S.-China tensions.

Governor Northam (VA) Declares State of Emergency After Colonial Pipeline Ransomware Cyberattack: Governor Ralph Northam today signed Executive Order Seventy-Eight declaring a state of emergency in Virginia to address gasoline supply disruptions throughout the Commonwealth. On May 7, 2021, the Colonial Pipeline system, which is the primary fuel source for many Virginia retailers, reported a ransomware cyberattack that resulted in a temporary shutdown.

BREAKING: NRA Ch. 11 Case Thrown Out As Bad Faith Bankruptcy - Law360: A Texas bankruptcy judge granted an order seeking the dismissal of the Chapter 11 case of gun rights advocacy organization the National Rifle Associate Tuesday afternoon, agreeing with the Office of the New York Attorney General and others that the case filed in bad faith.

Breaking: Copy of Bankruptcy Court Order Dismissing Chapter 11 Bankruptcy Filing: The Court finds that the NRA did not file the bankruptcy petition in good faith because this filing was not for a purpose intended or sanctioned by the Bankruptcy Code.

Portage Point Continues Turnaround & Restructuring Expansion with Addition of Seasoned Advisor Adam Chonich: Mr. Chonich joins Portage Point after previously holding senior roles in EY's Restructuring & Turnaround group and BRG.

Bankruptcy Can Trigger CFIUS Review | Stroock & Stroock & Lavan LLP: Last year, the Department of the Treasury issued regulations making clear that any otherwise covered transaction “that arises pursuant to a bankruptcy proceeding or other form of default on debt is a covered transaction”

Press Release: NRA Moving Forward with Legal and Business Strategy in Response to Dismissal of Bankruptcy Filing: NRA’s Move to Texas Could Still Be Accomplished Outside Bankruptcy

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