Bankruptcy & Restructuring News Headlines for Wednesday May 18, 2022

Here's what we are reading this morning:

U.S. Retail Sales Grew 0.9% in April - WSJ: U.S. shoppers increased retail spending in April for the fourth straight month as inflation held close to its highest level in four decades.

O-I Glass Unit Approved for $610 Million Asbestos Bankruptcy Plan: A bankruptcy judge approved a $610 million asbestos-injury compensation plan covering O-I Glass, freeing it from legacy asbestos liabilities that it isolated from its glassmaking business and pushed into chapter 11.

Exclusive: Cerebral Will Stop Prescribing Most Controlled Substances: Facing backlash and federal investigations, the mental-health startup Cerebral plans to stop prescribing most controlled substances.

Home builder sentiment falls to 2-year low on declining demand, rising costs: "Housing leads the business cycle, and housing is slowing," said NAHB Chairman Jerry Konter, a builder and developer.

Pro Take: Carvana’s Financing Woes Point to End of Debt Nirvana: Borrowers that until recently were able to raise capital easily are having trouble persuading investors to lend them money.

KKR’s Envision in Talks for More Lenders to Join Restructuring Push: The physician-staffing business is discussing a new debt exchange with lenders that were left out of a disputed financing deal last month, people familiar with the matter say.

Mallinckrodt Loan for Bankruptcy Exit Stumbles Amid Market Rout: Mallinckrodt Plc’s funding plan to exit bankruptcy has hit a snag as a drop in leveraged loan prices makes it harder for companies to sell risky debt.

What Higher Interest Rates Could Mean for Jobs - The New York Times: Layoffs are up only minimally, and employers may be averse to shedding workers after experiencing the challenges of rehiring.

Peloton launches $750M 1st-lien leveraged loan for GCP; commitments due | S&P Global Market Intelligence: At talk, yield to maturity is approximately 9.05%-9.33%

Alston & Bird Enhances and Expands Restructuring Group by Adding Partners J. Eric Wise and Matthew K. Kelsey: Resident in New York, Wise and Kelsey will continue their practice of advising clients on complex Chapter 11 cases, out-of-court restructurings, foreclosures and enforcements, related special situations financing, and other corporate transactions.

US Set to Block Russian Debt Payments, Raising Odds of Default - Bloomberg: The Biden administration is poised to fully block Russia’s ability to pay US bondholders after a deadline expires next week, a move that could bring Moscow closer to the brink of default.

Higher fuel costs mean bigger losses for PREPA | Bond Buyer: The authority currently projects $169 million in losses over three months, though FAFAA says it won't be that bad.

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