Bankruptcy & Restructuring News Headlines for Wednesday May 4, 2022

Here's what we are reading this morning:

A third of small retailers can't pay rent as financial struggles spike again | Retail Dive: Businesses surveyed by Alignable cited inflation pressures and supply chain disruption as pandemic-era challenges grind on.

A day of reckoning arrives for ultrafast delivery services | Retail Dive: The industry has failed to sustain the momentum it appeared to have on its side just a few months prior, writes Bob Hoyler, senior consultant at Euromonitor International.

Distressed Debt Jumps to One-Year High: The pile of troubled debt outstanding in the Americas jumped last week to the highest level in more than a year amid a broader pickup in large bankruptcies and monthlong U.S. stock selloff.

Hundreds of local news job cuts expected at Lee Enterprises: Lee is one of the last remaining independent local newspaper companies.

Leap's Store Network Expanding into Five Additional Domestic Markets: Leap operates 55 retail stores for dozens of brands, including Goodlife, Mack Weldon, Naadam, Something Navy, and ThirdLove, with new stores launching for Frankies Bikinis, Globe-Trotter, and more in the coming weeks.

Prominent Texas Bankruptcy Judge to Leave Complex Case Panel: U.S. Bankruptcy Judge Marvin Isgur will step down from the Southern District of Texas’ two-judge panel that has drawn some of the largest Chapter 11 cases in the country.

Judge Urges Expansion of Mass-Tort Bankruptcy Tools: A Texas bankruptcy judge said Congress ought to expand bankruptcy laws aimed at resolving asbestos liabilities to include mechanisms to address other types of mass personal injury claims.

NFT Sales Are Flatlining - WSJ: The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.

Airbnb beats estimates with 70% revenue growth as travel rebounds: Airbnb said it's seen substantial growth in bookings despite pandemic concerns, "macroeconomic headwinds" and the war in Ukraine.

Job openings and the number of people quitting hit record highs: Turnover remains historically high as 4.5 million people quit their jobs in March, up from 4.35 million people, according to the Bureau of Labor Statistics.

Puerto Rico HTA Plan of Adjustment hearings set for September | Bond Buyer: Holders of $4.3 billion of HTA bonds will receive $1.2 billion of new bonds with 5% coupons and $389 million of cash.

BlackRock (BLK) Seeks Up to $4 Billion for New Private Credit Fund - Bloomberg: The world’s largest asset manager is looking to raise about $4 billion for the latest vintage of its Global Credit Opportunities fund, as the market for private credit instruments swells to more than $1 trillion.

Lyft shares plunge on light guidance, continued driver incentives: Shares of Lyft lost more than a quarter of their value in after-hours trading Tuesday after the company provided light second-quarter guidance and warned investors it will have to keep spending on driver incentives.

Older Post Newer Post