Bankruptcy & Restructuring News Headlines for Wednesday Oct 11, 2023

Here's what we are reading this morning:

Chinese EV startup WM Motor files for bankruptcy: A court in Shanghai is handling the bankruptcy case, according to a filing dated Monday on the national enterprise bankruptcy information disclosure platform.

Country Garden, Chinese Real Estate Giant, to Miss Debt Payments - The New York Times: The property giant was unable to repay a loan and signaled it would default on its debt, becoming one of the biggest casualties of China’s deepening property crisis.

Country Garden says it may not be able to repay debt: Chinese property giant Country Garden has not been able to meet its debt obligations and warned of uncertainty around its liquidity position.

Mallinckrodt Bankruptcy Plan Gets Approval, Will Wipe Out $1 Billion in Opioid Payments - WSJ: Mallinckrodt, one of the largest manufacturers of prescription opioids in the U.S., received court approval for a plan that wipes out more than $1 billion of payments meant for addicts while handing control of the pharmaceutical company to its lenders.

Delaware ABCs (Assignments for the Benefit of Creditors): No Longer as Easy as 1-2-3 | Insights & Resources | Goodwin Procter: Recently, because of its “growing concern” regarding the “transparency and consistency” of ABC proceedings, the Delaware Court of Chancery has begun requiring robust public disclosures at the outset of an ABC proceeding regarding the company and the assignee, akin to disclosures that a company typically makes within the first few days of a federal bankruptcy case.

SBF had a tweet thread prepared for a possible Alameda shutdown in September 2022 | The Block: "We Came. We Saw. We Researched." That's how Sam Bankman-Fried planned to announce to the world the closure of Alameda Research, according to a draft Tweet thread he wrote in September 2022, revealed as part of evidence given at his ongoing fraud trial.

What We Know About the Effects of Remote Work - The New York Times: Three years into a mass workplace experiment, we are beginning to understand more about how work from home is reshaping workers’ lives and the economy.

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