Bankruptcy & Restructuring News Headlines for Wednesday May 26, 2021

Here's what we are reading this morning:

U.S. Supreme Court Won’t Hear Case About Coal Pensions: The high court declined to take up a case that would have challenged financially troubled coal companies’ use of bankruptcy law to end federally mandated payments to the industry’s multiemployer pension plan.

Bankrupt Eagle Hospitality Says Two Part Owners Wrongly Took Covid-19 Aid: Bankrupt hotel chain Eagle Hospitality Real Estate Investment Trust alleged in a court filing that two of its big investors received $2.4 million in federal coronavirus relief aid on behalf of its Queen Mary operations, but used the money for their own benefit.

GTT Bankruptcy Talks Envision Wiping Out Bonds, Equity - Bloomberg: GTT Communications Inc.’s shareholders and unsecured bondholders would get nothing under the bankruptcy plan being discussed by the telecommunications company and its lenders, according to people with knowledge of the matter. The shares fell more than 11%.

Texas plans billions in financing to pay for winter storm costs | The Texas Tribune: Several billions of dollars in state-approved financing will be necessary to stabilize the state’s distressed energy market after the winter storm. Texas approves more in finance bailouts for its utilities than any other state.

Summer travel plans survey | Deloitte Insights: Our survey data reveals that four in 10 Americans intend to take at least one trip with flight and/or a stay in paid lodging between Memorial Day and the end of September.

Distressed Commercial Real Estate Is Still Sitting in Purgatory - Bloomberg: Building owners and their lenders will somehow need to share the losses from Covid-19.

Amazon hit with antitrust suit by DC attorney general: Washington, D.C. Attorney General Karl Racine filed an antitrust lawsuit against Amazon (AMZN) on Tuesday accusing the e-commerce giant of illegally abusing its monopoly power and violating the District of Columbia Antitrust Act by forbidding third-party sellers from offering cheaper rates for their products on competing websites.

Fashion-Brands Owner Collected Group Gets Approval for Chapter 11 Plan: Fashion-brands owner the Collected Group won court approval for a bankruptcy exit plan that will keep its largest shareholder KKR in charge, after a deal with unsecured creditors.

Many Sacklers, Many Trusts: Why Purdue Pharma Wants a Settlement - Bloomberg: The bankrupt OxyContin maker -- as well as creditors seeking to hold Purdue and its owners accountable for the opioid crisis -- could use wide-ranging legal theories to try to extract billions of dollars from members of the Sackler family. But the endeavor would be convoluted, expensive, and could fail entirely, Purdue’s lawyers argue in new bankruptcy court papers.

Nordstrom (JWN) reports Q1 2021 earnings miss: Nordstrom said its first-quarter net sales were down 13% relative to the same period in fiscal 2019.

Forever 21 Owner Authentic Brands Is Said to Plan 2021 IPO - Bloomberg: Authentic Brands Group LLC, the owner of brands such as Brooks Brothers, Juicy Couture and Forever 21, is exploring going public as soon as this year, according to people with knowledge of the matter.

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