Bankruptcy & Restructuring News Headlines for Wednesday Nov 10, 2021

Here's what we are reading this morning:

Global Brands to wind down | Retail Dive: The company, which owns brands and makes products for others, has been facing severe liquidity shortages and severe strains from the pandemic. 

Winding Up of the Company by The Court and Continued Suspension of Trading: Global Brands Group Holding Limited announces that upon the hearing of the petition filed with the Bermuda Court (the “Petition”) on Friday, 5 November 2021 (Atlantic Daylight Time), the Bermuda Court ordered that the Company be wound up under the Bermuda Companies Act 1981 and that the appointment of the PL, namely John C. McKenna of Finance & Risk Services Ltd. (address: Suite 502, 26 Bermudiana Road, Hamilton, Bermuda), be continued and his powers shall not be limited (the “Winding Up Order”).

National CineMedia Filing Includes Going-Concern Statement: The theater chain’s 10-Q filing cites concern about its ability to meet covenants

NCMI | National CineMedia Inc. Quarterly Report: "The Company does not expect to meet its financial covenants within one year following the date that these financial statements are issued. If these financial covenants are not met a majority of the lenders of the Senior Secured Credit Facility are permitted under the Credit Agreement to accelerate the debt which could also result in a cross-default under NCM LLC’s senior notes. Considering current liquidity sources, the Company would not be able to repay the Company’s total outstanding debt balance. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern."

Maryland Attorney General Frosh Co-Leads Coalition Supporting Bankruptcy Venue Reform Act: Maryland Attorney General Brian E. Frosh today co-led a letter to Congress, signed by 43 attorneys general, in support of the Bankruptcy Venue Reform Act of 2021. The bipartisan legislation would end “forum shopping” and prevent corporations from choosing to file for bankruptcy in whichever district is believed to be more favorable.

The Biggest Kink in America’s Supply Chain: Not Enough Truckers - The New York Times: Long hours and uncomfortable working conditions are leading to a shortage of truck drivers, which has compounded shipping delays in the United States.

Elizabeth Holmes Theranos Trial: Three Key Pieces of Evidence Presented | WSJ - YouTube: In the trial of Elizabeth Holmes, prosecutors have shown texts, emails and audio clips portraying her in her own words. WSJ’s Shelby Holliday asked Sara Randazzo about key pieces of evidence and what to expect.

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