ABI Journal: Key Considerations for Attorneys Representing Landlords Dealing with a Commercial Tenant’s Bankruptcy
Commercial real estate landlords face various challenges when a tenant files for bankruptcy. A commercial landlord’s ability to recover unpaid rent and other lease obligations hinges on a thorough understanding of relevant Bankruptcy Code provisions and practical strategies for navigating the complexities of commercial lease issues in tenant bankruptcies. The following article provides a general overview of many of the issues facing commercial landlords when a tenant files for bankruptcy. |
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Massachusetts Enacts New Curbs on Private Equity in Health Care
Private equity investors in the health-care industry will face additional oversight in Massachusetts under a new law that Governor Maura Healey (D) plans to sign on Wednesday, Bloomberg News reported. The legislation will subject private equity investors, real estate investment trusts and management service organizations to financial reporting requirements under the state’s Center for Health Information and Analysis and increases the fines for non-compliance. It will also broaden the authority of the Massachusetts Health Policy Commission and allow the regulator to seek testimony from financial sponsors at its annual cost trends hearing. MORE NEWS BELOW |
| Syracuse Opera Files for Bankruptcy, Owes over $340K in Debts
The Syracuse Opera filed for chapter 7 bankruptcy in mid-December, cementing the end of its 50-year run as the city’s opera company, Syracuse.com reported. The filing wasn’t a surprise. Syracuse Opera had canceled the remainder of its 2023-24 season and furloughed staff in November 2023, citing waning audiences and financial uncertainty. |
| Bankrupt Northvolt Seeks Investors’ Nod to Keep Making Batteries
Northvolt AB is asking for shareholder approval to keep building battery cells while the bankrupt electric-vehicle supplier seeks the new funding needed to emerge from chapter 11 protection, Bloomberg News reported. The extraordinary general meeting scheduled for Wednesday at Northvolt’s Stockholm headquarters is billed as a “procedural step” by the company. |
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Cushman & Wakefield, Greystar Added to DOJ Rental Collusion Case
The Justice Department is thrusting the largest rental property managers into the spotlight as it expands a price-fixing lawsuit alleging widespread collusion in the housing rental market, Bloomberg News reported. In an amended lawsuit against RealPage Inc., a top software provider to the multifamily rental industry, the Justice Department on Tuesday accused seven major landlords including Cushman & Wakefield Plc and Greystar Real Estate Partners LLC, as well as a Blackstone Inc. portfolio company, of illegally colluding to drive up rent prices. In a separate filing, the Justice Department said it was settling with one of the landlords, Cortland Management LLC. |
| CFTC Chief Who Sought Lead Role for Bitcoin Regulation to Step Down Jan. 20
U.S. Commodity Futures Trading Commission Chairman Rostin Behnam plans to resign from the role on Jan. 20, Reuters reported. Behnam will leave the commission on Feb. 7, according to a statement Tuesday from the derivative-market regulator. |
| Report: U.S. Online Holiday Sales Rise Nearly 9% on Mobile Shopping Boom
U.S. online spending rose nearly 9% during the 2024 holiday season, with shoppers mainly using their smartphones to buy products ranging from TVs to LEGO sets, data from Adobe Analytics showed on Tuesday, Reuters reported. Holiday spending from Nov. 1 through Dec. 31 rose 8.7% to about $241.4 billion online, compared with Adobe's forecast of $240.8 billion in September. In 2023, online spending during the same period grew 4.9%. |
| More Than 4,500 Freight-Related Layoffs Slated for Firms Nationwide
Layoffs continue to surge across freight-related companies in the U.S., with 4,511 recently announced by companies in Alabama, California, Maryland, Michigan, New York, Ohio, Oklahoma and Pennsylvania, Freight Waves reported. Firms in the U.S. have announced supply chain-related layoffs totaling 9,746 workers over the last five months, according to companies filing Worker Adjustment and Retraining Notification (WARN) Act notices. |
| CFPB Sues Experian for Sham Investigations of Credit Report Errors
The Consumer Financial Protection Bureau (CFPB) sued Experian, the nationwide consumer reporting agency, for unlawfully failing to properly investigate consumer disputes, according to a CFPB press release. The CFPB alleges that Experian does not take sufficient steps to intake, process, investigate, and notify consumers about consumer disputes, resulting in the inclusion of incorrect information on credit reports. Inaccurate or false information on consumer reports can threaten consumers’ access to credit, employment, and housing. |
| American Canning Files for Chapter 7 Bankruptcy
Austin-based American Canning LLC, an aluminum can and beverage packing manufacturer, has filed for chapter 7 bankruptcy, the Austin Business Journal reported. The company filed for bankruptcy on Dec. 31 with the U.S. Bankruptcy Court for the Western District of Texas with total liabilities amounting to more than $63 million. American Canning has between 100 and 199 creditors, according to the filing, and its property, including cash, inventory and machinery, totaled about $690,000. (Subscription required.). |
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