 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Altice France Cedes Stake to Lenders in $25 Billion Debt Deal
Altice France, the European telecom giant led by billionaire Patrick Drahi, has struck a global debt deal with investors holding more than $25 billion in bonds and loans, one of the largest of a new breed of restructuring transactions, WSJ Pro Bankruptcy reported. The deal, which includes most of Altice’s creditors, could be the largest liability-management exercise for a European business to date. Altice is among the first major borrowers in Europe to enter into such a transaction, in which companies negotiate directly for complex out-of-court debt-swapping arrangements to reduce leverage and push out maturities. READ MORE | | | | | SPONSORED CONTENTThe Pervasive Repricing Wave of 2024 Will Likely Continue Into 2025What role will investors play? What is the impact on lenders? Will declining interest rates end the trend? SRS Acquiom explores the dynamics driving the wave of repricings and equips you with the insights you need to determine whether a repricing strategy is right for your loan. DOWNLOAD THE INSIGHTS | | |  | | Editor's Picks | | | | | SBA Silence Delays Small Business Bankruptcies, Raises Costs
Small business owners are experiencing delays in their bankruptcy proceedings and rising costs when government creditors fail to vote on their restructuring plans, Bloomberg Law reported. Government entities, like the Small Business Administration, that hold debt against a company often abstain from voting on those businesses’ restructuring plans under a section of bankruptcy law called Subchapter V—even if they don’t oppose the proposal. The practice can leave plans without necessary creditor support. Companies are then frequently unable to access the immediate debt discharge they would otherwise secure in bankruptcy, lawyers say. Instead, they must accept the discharge “as soon as practicable” after completing plan payments. READ MORE | | Hooters Bankruptcy Threat Imperils Even Securitized Bondholders
Holders of asset-backed bonds issued by a Hooters of America unit are seeking advice on their rights and options as the casual-dining franchise prepares a potential bankruptcy filing in the coming months, Bloomberg News reported. Investors in those bonds have expressed concern a bankruptcy may affect or impair their holdings, which could lose value or face restructuring as part of a larger plan to address Hooters’ liabilities. READ MORE | | Trump Administration Lawyers Deny Plans to Dismantle CFPB
The Trump administration denied allegations on Monday that it aims to dismantle the Consumer Financial Protection Bureau (CFPB), The Hill reported. Government lawyers said in a new court filing that the consumer watchdog will continue to exist, as an employee union and other groups seek to halt what they have described as the “wholesale dismantling” of the agency. READ MORE
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April 24-26 | Washington, D.C. | | | | |  | | Daily Roundup | | | | | CFTC Offers New Incentives for Companies to Report Their Own Wrongdoing
The Commodity Futures Trading Commission said it would give companies that voluntarily report potential misconduct more lenient penalties under a new enforcement advisory, the Wall Street Journal reported. In a memo published on Tuesday, the derivatives market regulator issued new guidelines clarifying how it would give credit to a company that reports its own potential misconduct, cooperates with an agency investigation and addresses a reported issue. (Subscription required.) READ MORE | | House Hearing Examines Shortage of Judges in U.S. Federal Courts
The House Judiciary Subcommittee on Courts, Intellectual Property, and the Internet held a hearing yesterday titled "Justice Delayed: The Crisis of Undermanned Federal Courts." Judge Tim Tymkovich of the U.S. Court of Appeals for the Tenth Circuit testified before the committee to discuss the growing shortage of Article III judgeships and its harmful effect on the American public. Click here to access a replay of the hearing and Judge Tymkovich's written testimony. | | Head of Fed-Watchdog Task Force in Congress Plans Broad U.S. Central Bank Review
The head of a new congressional panel gearing up to strengthen Capitol Hill's oversight of the Federal Reserve plans a broad review of how the U.S. central bank makes its interest rate decisions, including whether controlling inflation should be prioritized over safeguarding employment, Reuters reported. "A substantial number of my Financial Services Committee colleagues and the chairman want to discuss that issue," Rep. Frank Lucas (R-Okla.) said on Monday ahead of next week's first hearing of the Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force. "Is there really a dual mandate? And how does that affect the primary mandate of price stability?" The Fed's dual mandate — to foster price stability and maximum employment — was imposed by Congress in 1978, and right now it is close to both goals: The unemployment rate is 4% and inflation has eased to 2.6% relative to a 2% target, a far better outcome than many feared. READ MORE | | NFIB Survey: Small Business Owners Feel More Uncertain About the Future
Small business owners felt more uncertain about the future in January, as they continue to deal with labor challenges and lingering inflation, the Associated Press reported. According to a monthly poll of small business owners from the National Federation of Independent Business, the uncertainty index in January rose 14 points to 100 — the third highest recorded reading, after two months of decline. The NFIB said small business owners are feeling less confident about investing in their business due to uncertain business conditions in the coming months. READ MORE | | USAID Contractors Warn of Shutdowns, Lawsuits With Millions Owed
Contractors owed tens of millions of dollars by USAID are warning they may have to shut down and risk lawsuits across the developing world, with one large firm even saying U.S. banks won’t lend it more money over concerns the U.S. government won’t honor its funding commitments, Bloomberg News reported. The allegations, which include threats of physical harm to overseas employees over unpaid debts, were made in new court filings on Monday regarding one of several cases intended to undo the Trump administration’s 90-day freeze on foreign aid funding and work. READ MORE | | | | |
