Bankruptcy & Restructuring News Headlines for Wednesday Sep 22, 2021

Here's what we are reading this morning:

Honeywell at Odds With Asbestos Trust Over Bankruptcy Deal: Honeywell International is locked in a standoff over asbestos payments with a bankruptcy trust that has accused the industrial conglomerate of “bullying and extortionate tactics” to settle injury liabilities for less than full value.

Structured Dismissal of Chapter 11 Cases Did Not Violate Jevic | Jones Day : The U.S. Bankruptcy Court for the Southern District of New York recently examined this issue in In re KG Winddown, LLC, 628 B.R. 739 (Bankr. S.D.N.Y. 2021). According to the court, "[Jevic] left the door open where such dismissals do not violate the absolute priority rule and otherwise comply with the applicable provisions of the Bankruptcy Code…. [and] [h]ere, the Debtors' request for structured dismissals fits neatly through that open door."

Secured Lender's Credit Bid Right in Bankruptcy Sale Denied | Jones Day: A ruling recently issued by the U.S. Bankruptcy Court for the Central District of California reaffirms the principle that the right to credit bid a claim is not absolute and may be limited or denied altogether "for cause." In re Figueroa Mountain Brewing, LLC, 2021 WL 2787880 (Bankr. C.D. Cal. July 2, 2021)

Employers Are Baffled as U.S. Benefits End and Jobs Go Begging - Bloomberg: Emergency unemployment benefits in the U.S. expired two weeks ago, but employers who expected an increase in job applications are still largely waiting for them to roll in.

Evergrande debt crisis: interest payments on bonds,impact on investors: Investors will be watching to see if the embattled Chinese property developer is able to pay out interest payments on a bond, or default on it.

Evergrande Misses Loan Payments to Banks as Bond Deadlines Loom: China Evergrande Group missed interest payments due Monday to at least two of its largest bank creditors, taking the cash-strapped developer a step closer to one of the nation’s biggest debt restructurings.

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