Maryland Gov. Larry Hogan (R) slammed Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday for suggesting that states could declare bankruptcy amid the coronavirus pandemic as governments governors are pushing for federal funding from state and local governments. “Mitch McConnell probably regrets saying that,” Hogan said Thursday in an interviewRead More →

Various reports last month indicated that the major music retailer guitar center was preparing for a possible filing for bankruptcy due to massive revenue losses and declining consumer spending habits due to the COVID-19 pandemic. According to sources familiar with the matter, Guitar Center has reached out to its creditorsRead More →

By Matthieu Lavietes, Thomson Reuters Foundation (Clarifies details of State Department’s argument in 12th paragraph) NEW YORK, Oct. 28 (Thomson Reuters Foundation) – The US State Department this week dropped legal battles over the citizenship of children of same-sex couples born to overseas surrogate mothers. The government withdrew its appealsRead More →

OpinionAlternative loans Without checking affordability, we risk turning lenders into bad guys (again). Image source: Rishi Sunak/The Treasury. Originally published in AltFi’s weekly newsletter, for more like this, sign up now. As we approach the first month of the government’s Bounce Back Loan Scheme (BBLS), it’s fair to say thatRead More →

CROYDON COMMENT: Dangerously potholed roads, understaffed adult services, poorly maintained pavements… Many of the borough’s services were already badly run down before the council’s financial collapse. TERRY McCARTHY says there is a real risk that City Hall will face massive compensation claims for its failure to provide many basic servicesRead More →

Cash-strapped and debt-ridden South Boulder’s Flatirons Running is shutting down for a good Sunday, leaving the town — a running mecca — without a locally-owned, stand-alone running store. Flatirons was formed in 2014 when In-Step Insoles owners Tricia Vieth and RL Smith joined forces with industry veteran Henry Guzman. TheRead More →

SACRAMENTO, Calif., Dec. 17 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Today, BrewBilt Manufacturing Inc. (the “Company”) (OTCPINK: BBRW), announces a year-end statement from CEO and President Jef Lewis. Chairman Lewis said, “BrewBilt Manufacturing has made historic strides as it turns the corner on leadership and success in the craftRead More →

TULSA, Okla.–(BUSINESS WIRE)–Unit Corporation (Company) today announced that it has emerged from Chapter 11 bankruptcy protection. This marks the successful completion of the company’s financial restructuring process as well as the implementation of the plan of Corporate Reorganization (Plan), which was affirmed in the U.S. Bankruptcy Court for the SouthernRead More →

The Ninth Circuit, in Blixseth vs. Credit Suisse961 F.3d 1074, 1078 (9th Cir. 2020), made a landmark decision on whether non-consensual third-party disclosures are ever permitted in Chapter 11 plans. Distinguishing its prior decisions on the subject, the Ninth Circuit authorized a non-consensual third-party release that was limited to exoneratingRead More →

Jump Securities with automatic redemption functionality due March 10, 2025 All securities payouts based on worst performing Russell 2000® Index and S&P 500® Index Fully and unconditionally guaranteed by Morgan Stanley Securities at risk The Securities are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”), fully and unconditionally guaranteed byRead More →

JJava Designs / Shutterstock.com The coronavirus pandemic has devastated the restaurant industry. As of mid-April 2020, about 30,000 U.S. restaurants had closed permanently, and more than 110,000 are expected to close by the end of October, according to National Restaurant Association estimates. And Chain restaurants are not immune to theseRead More →

Nordstrom shares (NYSE: JWN), the high-end specialty retailer offering apparel, footwear, cosmetics and accessories for women, men and children, has become vulnerable due to its assortment of non-essential products during the pandemic. As a result, the company’s stock has lost 24% of its value so far this year and currentlyRead More →

As the COVID-19 pandemic progresses, more homeowners than ever are asking their lenders for help. The American Institute of Bankruptcy reported on April 24, 2020, over 3.4 million homeowners entered into COVID-19 related mortgage forbearance plans. This is a significant increase since April 3, 2020, when just over one millionRead More →

After months filled with lost revenue and tenants closing their doors permanently, the company that owns both Westmoreland and Monroeville shopping centers has filed a claim bankruptcy protection. CBL Properties, based in Chattanooga, Tennessee, made the announcement on Monday, months after the company announced a restructuring plan to help alleviateRead More →

SYDNEY—Australia’s second largest airline, Virgin Australia Holdings Ltd., has encouraged investors from the Middle East to China to grow rapidly and protect it from the turmoil of the global aviation industry. This strategy could not prevent the carrier from becoming one of the first victims of the coronavirus pandemic. VirginRead More →

Cathay Pacific and Singapore Airlines are also under pressure. Six global carriers have already ceased or suspended operations. Air travel will not return to pre-pandemic levels until 2023. Bangkok (AsiaNews/Agencies) – Thai Airways International’s bankruptcy petition has been accepted. Bangkok’s central bankruptcy court has ruled in the affirmative for theRead More →

Ghislaine Maxwell been stopped on July 2 on sex trafficking charges related to Jeffrey Epstein’s sex trafficking ring. The British socialite is the daughter of the late media mogul Robert Maxwell. Ghislaine is well connected with elite business people: Business Insider previously reported that she posed for a photo withRead More →

It was a sad day in May when Interview magazine – the fashion, arts and pop culture magazine founded by Andy Warhol in 1969 – has announced that it is cease its activities after years of financial difficulties. Now, however, the magazine’s longtime owner, art collector Peter Brant, is reportedlyRead More →

An excerpt from The Restructuring Review, 13th Edition Overview of Restructuring and Insolvency Activity i Liquidity and state of financial markets Following the introduction of foreign currency (FX) lending restrictions in May 2018, which aim to limit foreign currency indebtedness of Turkish companies without foreign currency earnings, the foreign currencyRead More →

The Supreme Court on Thursday heard arguments from Senior Attorney Harish Salve on behalf of the head of Reliance Communications, Anil Ambani, in a plea challenging the central government’s notification extending the provisions of the insolvency law to personal guarantors. “You can’t specify the purpose in terms of when theRead More →

This article was originally published on the Maurice Wutscher Blog and is republished here with permission. The U.S. District Court for the Intermediate District of Florida, Division of Orlando, recently ruled that the Debtors’ FCCPA and TCPA claims did not arise out of or relate to their mortgage to fallRead More →

Apple Inc. sold $14 billion in bonds to take advantage of cheap borrowing costs, tapping the market for the third time since May as it seeks to return more cash to shareholders. The company issued a six-part debt. The longest part of the offer, a 40-year security, will yield 95Read More →

Bankruptcy cases differ from typical lawsuits in various ways, including the parties involved. While standard lawsuits generally involve a plaintiff and a defendant, bankruptcy cases have a different distribution of “players”, including debtor or debtor in possession, creditors, trustee in bankruptcy (i.e. i.e. Chapter 7 Trustee, Chapter 13 Trustee, etc.),Read More →