Bankruptcy & Restructuring News Headlines for Wednesday May 22, 2024

Here's what we are reading this morning:

A glimpse into a future Macy’s | Retail Dive: The department store has provided financial metrics for the fleet of stores that will survive a massive downsizing over the next three years.

Assume and Wait – Delaware Bankruptcy Court Approves Debtors’ Novel Lease Assumption Strategy | Squire Patton Boggs (US) LLP : When a liquidating debtor seeks to assume a lease, one of the lessor’s immediate questions is who will be the assignee. But what happens when a liquidating debtor seeks to assume a lease and waits up to two years thereafter to determine who the assignee will be?

NY Mega Mall Destiny USA’s Muni Bonds Stave Off Default for Now, Fitch Says - Bloomberg: Municipal bonds tied to Destiny USA, the biggest shopping mall in New York state, will probably default, just not imminently, according to Fitch Ratings.

Firm building QatarEnergy-Exxon LNG plant in Texas files for bankruptcy: Zachry Holdings, which held the lion's share of the $10 billion construction project called Golden Pass LNG, said it was pursuing a "structured exit." Exxon said it would review construction timing and provide an update in the future.

Former FTX Executive Ryan Salame Deserves 5 to 7 Years in Prison, US Says - Bloomberg: Former FTX executive Ryan Salame should serve five to seven years in prison, prosecutors say, for criminal charges stemming from the multibillion-dollar collapse of the cryptocurrency empire.

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