Here's what we are reading this morning:
Evergrande Bondholders Mull Next Steps in Wake of Missed Payment - WSJ: Foreign investors in the Chinese property giant’s debt face the challenge of navigating an uncertain, complicated international restructuring.
Oil Prices Near a Three-Year High as an Energy Crunch Looms - The New York Times: Analysts say soaring natural gas prices are helping push oil futures higher, as Brent crude topped $80 a barrel.
Why Subway still faces challenges despite recent sales growth | Modern Retail: Analysts, however, are still skeptical: Subway’s growth actually underpaces the restaurant industry’s average, and its rebrand highlights the challenges the self-proclaimed, “world’s largest quick-service restaurant brand,” is facing.
COVID-19 surge, port delays threaten retailers' holiday plans | Retail Dive: As the pandemic continues, preparing for the upcoming season becomes more complex. Retailers are facing labor shortages and limited inventory capacity.
LeClairRyan founder blasts claims he helped tank law firm | Reuters: A founder of LeClairRyan is pushing back against allegations by the Chapter 7 trustee overseeing the law firm's dissolution that he enriched himself prior to its 2019 bankruptcy.
Judge Drain to Retire in 2022 | Southern District of New York | United States Bankruptcy Court: The United States Bankruptcy Court for the Southern District of New York announces that Judge Robert D. Drain has declared his intention to retire on June 30, 2022
Cryptocurrency Exchanges Curb Trading From China After Beijing’s Warning - WSJ: One of the world’s largest cryptocurrency exchanges said it would close all user accounts in mainland China by the end of the year, days after the country’s central bank declared all crypto-related transactions illegal.
Creditors Said to Claim Evergrande on Hook for Bond Due Sunday - Bloomberg: Some holders of a bond issued by a company called Jumbo Fortune Enterprises are forming a committee to press their claims in the event of a default because they maintain China Evergrande Group is a guarantor of the debt, according to people familiar with the plans. The $260 million note from Jumbo Fortune Enterprises matures Oct. 3, according to data compiled by Bloomberg.
Automakers' problems are much worse than we thought - CNN: Chips "are just one of a multitude of extraordinary disruptions the industry is facing — including everything from resin and steel shortages to labor shortages," said Mark Wakefield, global co-leader of the automotive and industrial practice at industry consultant AlixPartners. "There's no room for error for automakers and suppliers right now."
Oregon Mall Sees Appraised Value Slashed by 60 Percent – Commercial Real Estate Direct: Rogue Valley Mall in Medford, Ore., has been re-appraised at a value of only $32.4 million – more than one-third less than is owed against it.