 | | Featured Premium Content | | | | | Purdue Pharma: New Deal with the Sackler Family Raises Questions over Who Stands to Benefit This Time Around
A new analysis by Debtwire reviews what is known so far about the new deal that Purdue Pharma reached on January 23 with the Sackler family and various other parties in interest and highlights several questions about the benefits of the deal. 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 | | | | | Spirit Airlines Rejects Frontier's Bid, Aims to Exit Bankruptcy in First Quarter
Spirit Airlines said today that it has rejected a bid from rival Frontier Group as it was not favorable for the low-cost carrier and expects to exit bankruptcy in the first quarter, Reuters reported. Frontier offered Spirit shareholders $400 million in debt and a 19% stake in Frontier earlier this month, Spirit said in a regulatory filing. The proposal implied a total consideration of about $2.16 billion, Frontier said in a letter to Spirit that was made public along with the filing. READ MORE | | Northvolt Asks Shareholders for $1.3 Billion for Next Two Years
Northvolt asked more than 100 shareholders at a meeting this month to provide $1.29 billion over the next two years to help restore the bankrupt Swedish battery maker's business, two sources familiar with the matter told Reuters. The request for funding to last until 2027 comes as Northvolt intensifies a search for investment before its cash reserve runs out in February. READ MORE | | The Container Store Emerges from Chapter 11 Protection
Struggling home goods retailer The Container Store emerged from chapter 11 protection on Tuesday, Yahoo Finance reported. The company said in a release that it "achieved the objectives it set for this process" in late December. That includes refinancing its short-term debt, reducing "previous long-term debt obligations," gaining access to $40 million in new money financing, and "modifying its asset-backed lending facility to add $40 million in upsized capacity." READ MORE
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March 26-28 | Newport Beach, Calif. | | | | |  | | Daily Roundup | | | | | Bankruptcy Spat Risks Patient Care at Hospitals Sold by Steward
Steward Health Care System is overcharging investors for services at five Miami hospitals that the bankrupt company sold but agreed to temporarily help operate last year, the new owners of the facilities claimed in court papers, Bloomberg Law reported. Healthcare Systems of America and Steward are locked in a dispute over payments for staffing and information technology services that Steward has been providing. READ MORE | | 23andMe Exploring Strategic Alternatives, Looking to Raise Capital
Embattled genetic testing company 23andMe said yesterday that it has started exploring strategic alternatives for a second time, which could include a sale of the company or its assets, a restructuring or a business combination, CNBC.com reported. The stock, which lost 82% of its value last year, fell 10% in extended trading and was briefly halted. The announcement coincided with the release of 23andMe’s third-quarter results. Revenue in the company’s consumer services business dropped 8% to $39.6 million from $42.9 million in the same period last year. READ MORE | | Archegos Co-CEO Drops Bid for Hwang Money After U.S. Opposition
Archegos Capital Management’s former co-chief executive officer abandoned efforts to recoup losses from the firm’s collapse after prosecutors said he was a “knowing participant” in founder Bill Hwang’s fraud rather than a victim, Bloomberg News reported. Andy Mills was among at least 20 former employees who sought $32 million as victims of Hwang, who was convicted last year and sentenced to 18 years in prison. But the government opposed claims for deferred compensation from Mills and two others, trader Daiki Taniguchi and analyst David Park. None of the three was charged with a crime or sued by regulators over their work at Archegos. READ MORE | | CFPB Report Finds Continued Challenges for Households that Rent
The Consumer Financial Protection Bureau (CFPB) released two reports yesterday looking at national rental payment data from September 2021 to November 2024. The percentage of renters who paid late fees in the last year reached 23% in February 2023. While the rate declined to slightly less than 14% in November 2024, the CFPB’s analysis found that the median outstanding rental balance rose 60% between September 2021 and November 2024, suggesting increased financial distress among affected households. READ MORE | | U.S. Senate Approves Scott Bessent as New Treasury Secretary With Crypto Focus
The U.S. Senate has confirmed Scott Bessent as the new Treasury Secretary, succeeding Janet Yellen, CoinMarketCap.com reported. The confirmation came through a Senate vote on Monday, where Bessent received 68 votes in favor and 29 against. His nomination was put forth by President Donald Trump last November. READ MORE | | Law Firm Milbank Hires Restructuring Partner From Skadden
Milbank has hired a senior restructuring partner from Skadden, Arps, Slate, Meagher & Flom to help manage the continuing shift toward out-of-court deals and liability management, WSJ Pro Bankruptcy reported. Lisa Laukitis, who has represented companies including drugmaker Endo Pharmaceuticals and home improvement company LL Flooring at Skadden, where she served as a corporate restructuring partner since 2016, is joining Milbank’s financial restructuring group as a partner, the firm said. 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. | | | | |
