 | | Featured Premium Content | | | | | Debtwire: City Brewing Lenders Aiming to Take Control Out of Court
Lenders to City Brewing are in discussions with the company to take the keys of the business from existing sponsors Charlesbank Capital Partners and Oaktree Capital Management, according to a Debtwire report. The lenders are eying an out of court process for a change of control after injecting bridge capital in a transaction that closed at the beginning of January, said two of the sources. It remains possible the deal will have to be executed in court. A group of lenders recently provided the company with a one-year $35 million super-senior priority term loan, according to S&P Global Ratings, which said that non-backstopping lenders can join on a pro rata basis by a 14 January deadline. The funding carries the requirement that the company form a subcommittee of its board to propose a restructuring by 4 February, S&P said. READ MORE | | | | | SPONSORED CONTENTPrivate Credit and BSL: Peaceful CoexistenceAs private credit continues to expand, it maintains a relatively peaceful coexistence with broadly syndicated loans. SRS Acquiom offers insights into the current state of the lending landscape, as anchored by two viable sources of financing. GET THE INSIGHTS | | |  | | Editor's Picks | | | | | Alex Jones Fights Sandy Hook Families' Bankruptcy Settlement
Right-wing conspiracy theorist Alex Jones called a proposed settlement between families of Sandy Hook Elementary School shooting victims and his bankruptcy trustee “pure codswallop,” saying the agreement is a guise to dismiss his challenge of the families’ hefty court judgment, Bloomberg Law reported. The trustee overseeing Jones’ bankruptcy, Chris Murray, proposed a deal to determine how the families would divvy up proceeds of a liquidation of Jones’ assets. But the settlement aims to effectively end his appeal of an underlying Connecticut state court judgment of around $1 billion, meaning the ruling “will never be tested,” Jones’ said in a Tuesday filing. READ MORE | | Report: Long-Term Care Continues to Lead in Health Care Bankruptcies
Healthcare bankruptcies reached their second-highest levels in six years in 2024, with senior living and care accounting for almost a fourth of those filings, according to a report published Thursday by healthcare restructuring advisory firm Gibbins Advisors, McKnights Senior Living reported. The report looked at skilled nursing facilities, assisted living communities, independent living communities and continuing care retirement / life plan communities, among other types of healthcare-related entities. Of the 57 filings in 2024, 11 were in long-term care, or 23.1%, compared with 15 in 2023, 12 in 2022 and 13 in 2021, according to the report. READ MORE | | Bankruptcy by Armory Developer in St. Louis Reveals over $400 Million of Debt
A bankruptcy filing from a leader of Green Street Real Estate Ventures reveals the tangled financial problems of the prominent development company and offers a glimpse into its stunning fall, with more than $400 million of debt, the St. Louis Post-Dispatch reported. The filing by Green Street Principal Kevin Morrell details the depths of the company's issues, which have led to stalled projects, dozens of lawsuits and the closure of the Armory entertainment venue in St. Louis' Midtown neighborhood. Morrell filed for chapter 7 bankruptcy in the Eastern District Court of Missouri for his business debts; a trustee will liquidate Morrell’s shares of various Green Street entities to pay creditors. READ MORE
MORE NEWS BELOW | | |  | | Upcoming Events | | | | | ABI Alexander L. Paskay Memorial Bankruptcy Seminar Tampa Marriott Water Street
February 27-28 | Tampa, Fla. | | 33rd Annual Duberstein Bankruptcy Moot Court Gala Awards New York Marriott Downtown
March 3 | New York, N.Y. | | | | |  | | Daily Roundup | | | | | California Trucking Company, Affiliate File for Chapter 11 Bankruptcy
A family-owned California trucking company, which provided earthwork, excavation and demolition services, along with its affiliated company, recently filed for chapter 11 protection, citing cashflow issues after defaulting on its factoring agreement, Freight Waves reported. Miranda Logistics Enterprise Inc. of Los Angeles, and sister company, Grit & Gravel Inc., recently filed for bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California. READ MORE | | Archdiocese of New Orleans Bankruptcy Has Two Mediators Working on a Settlement. A Third Is Likely.
The federal judge overseeing the Archdiocese of New Orleans bankruptcy is weighing whether to appoint a third mediator to try and forge a settlement between the local church and roughly 550 survivors of clergy sexual abuse who have made claims against it, NOLA.com reported. At a conference with attorneys in early January, U.S. Bankruptcy Judge Meredith Grabill said that the Hon. Christopher Sontchi, a retired bankruptcy judge in Delaware and international arbitrator, could serve as another potential mediator in the long-running case, and parties in the case have said they are on board with the idea. READ MORE | | Banks Eye Crypto Payment Opportunities Under Trump, BofA CEO Says
Banks will look to get in on the business of cryptocurrency transactions if digital currencies are legitimized as a form of payment by the Trump administration, Bank of America boss Brian Moynihan says, the Wall Street Journal reported. “If rules come in that make it possible, the banking sector will come in hard on the transaction side of it,” Moynihan said. The investment side of crypto remains a separate question, however, according to Moynihan. READ MORE | | Trump Signs Executive Order Establishing Crypto Working Group
President Trump signed an executive order yesterday establishing a working group on digital assets led by David Sacks, the White House czar for artificial intelligence (AI) and cryptocurrency, The Hill reported. The working group is tasked with proposing a federal regulatory framework for digital assets, as well as considering whether to create a national digital asset stockpile. READ MORE | | CFPB Finds More Vehicles Eligible for Repossession Than Pre-Pandemic
The Consumer Financial Protection Bureau (CFPB) published a report showing that the rate of auto repossessions at the end of 2022 surpassed pre-pandemic levels, according to a CFPB press release. Additionally, lenders were increasingly more likely to use third parties, called forwarders, to manage the repossession process. The use of a third party generally increases consumer costs. The CFPB analyzed data from nine major auto lenders covering accounts with activity between 2018 and 2022. This data show increasing consumer risk in the $1.64 trillion auto loan market. READ MORE | | Preliminary-Round Judges Needed for the Duberstein National Bankruptcy Moot Court Competition!
The Duberstein National Bankruptcy Moot Court Competition, now in its 33rd year and widely recognized as one of the nation’s preeminent moot court competitions, will be held in New York March 1-3, 2025. Fifty-three teams from law schools across the country will compete through written briefings and oral argument. Please find the fact pattern by clicking here. Volunteers are needed to judge the preliminary rounds (sign up here) of the competition. Click here for more information and to volunteer. | | | | |
