 | | Featured Premium Content | | | | | [ABI Journal]: Paving the Way: Proposed Changes to Bring Certainty to UCC Article 9 Sales
Uniform Commercial Code (UCC) Article 9 foreclosures involving sales of membership interests in an entity holding title to real property are rising at a rate not historically seen before. Given this recent rise in UCC sales involving the membership interests of real property holding entities, and the fact that Article 9 does not directly allow foreclosures on real property, it might be a good time to consider legislative changes to Article 9. READ MORE | | |  | | Editor's Picks | | | | | Powell Warns of ‘Challenging Scenario’ for Fed as Trade War Rages
Federal Reserve Chair Jerome Powell warned that the central bank could have less flexibility to quickly cushion the economy from the fallout of President Trump’s trade war, sending stocks down on Wednesday, The Wall Street Journal reported. Powell said he saw a “strong likelihood” that consumers would face higher prices and that the economy would see higher unemployment as a result of tariffs in the short run. This would create a “challenging scenario” for the central bank, because anything it does with interest rates to address inflationary pressures could worsen unemployment, and vice versa, he said. READ MORE | | Bankruptcy Inquiries Hit Pandemic-Era Highs, Warning of Summer Surge
Bankruptcy inquiries surged in the first quarter to their highest level since early 2020, signaling a potential summer wave of filings, LegalShield reported, according to a Business Wire release. The legal service provider’s data, historically a leading indicator of bankruptcy and other consumer financial trends, suggests that record consumer debt and new tariffs could push financially strained households past their breaking point. READ MORE | | Big Lots Is Back with 9 Reopened Stores After Bankruptcy
Variety Wholesalers, new owner of the Big Lots store chain, has announced the first wave of openings for newly acquired locations, the Houston Chronicle reported. Last week, nine stores opened across six states, including Kentucky, Louisiana, Mississippi, North Carolina, Tennessee and Virginia. The remaining acquired locations will open in coming waves. READ MORE
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April 24-26 | Washington, D.C. | | ABI New York City Bankruptcy Conference New York Hilton Midtown
June 17 | New York, N.Y. | | | | |  | | Daily Roundup | | | | | Bankrupt Health Care Giant with 181 Hospitals and Clinics Begins Closure Process
A bankrupt health care giant is shifting services to other providers as it braces for a full shutdown, the Daily Mail reported. Prospect Medical Holdings — which filed for bankruptcy in January — has started moving key services from its two Pennsylvania hospitals, Crozer-Chester Medical Center and Taylor Hospital, to other providers in the state. The move comes as the health care company prepares for a full shutdown of its Pennsylvania facilities that it has been threatening for months, The Wall Street Journal reported. Prospect operates 16 hospitals and more than 165 clinics across California, Connecticut, Pennsylvania and Rhode Island. READ MORE
In related news, Crozer Health CEO Tony Esposito will step down on Friday, Healthcare Dive reported. His departure comes as the four-hospital health system faces an uncertain future, including possible closure. Crozer’s parent company, Prospect Medical Holdings, has unsuccessfully tried to sell the system for months. Prospect filed for bankruptcy in January and has said that it lacks the funds to keep Crozer facilities open. READ MORE | | Hearthside Becomes Maker's Pride Following Chapter 11 Bankruptcy
H-Food Holdings LLC, the parent company of contract manufacturer Hearthside Food Solutions, has completed its financial restructuring and emerged from chapter 11 as Maker’s Pride LLC, Supermarket Perimeter reported. H-Food filed for chapter 11 protection in November 2024 and less than a month ago had its reorganization plan approved. Maker’s Pride said it eliminated approximately $2 billion of funded debt, which substantially reduced interest expense and positioned the company for significant long-term growth. READ MORE | | Global Clean Energy Holdings and Certain Key Stakeholders Enter into RSA
Global Clean Energy Holdings, Inc., a vertically integrated renewable fuels company, announced yesterday it entered into a restructuring-support agreement with agreement and support from Vitol Americas Corp., as RCF lender, an ad hoc group of term loan lenders which holds approximately 96% of the term loans, and CTCI Americas, Inc., according to a Business Wire report. The company commenced chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. READ MORE | | Former Bruins Forward to Declare Bankruptcy
Former Boston Bruins forward Steve Begin announced through a Facebook post that he is declaring bankruptcy, Yahoo! Sports reported. According to Begin, "The civil engineering company in which I had been proposed to invest large sums of money since 2013 has gone bankrupt, which has had a negative impact on my financial situation and consequently also caused a bankruptcy…." Begin spent the 2009-10 season with the Bruins, posting five goals, 14 points, 53 penalty minutes and 182 hits in a bottom-six role. READ MORE | | | | |
