 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Steward Health Plans Litigation to Unwind Transfers to Cerberus, Other Insiders
An internal investigation by bankrupt Steward Health Care System found that its former owner, Cerberus Capital Management, and its former chief executive, Ralph de la Torre, improperly extracted over a $1 billion in payouts from the hospital chain over the past decade when the company was insolvent, WSJ Pro Bankruptcy reported. In court papers filed on Friday, independent manager Alan Carr outlined legal claims the hospital chain’s bankrupt shell company plans to pursue as a way to claw back funds for the company’s top-ranking lenders and other creditors. READ MORE | | | | | SPONSORED CONTENTDefault Rate May Not Tell the Whole StoryThe expected increase in loan defaults in 2024 never materialized. But while corporate credit health appears strong on the surface, there are signs of potential weakness underneath. This article examines current trends to help you stay informed about silent loan defaults, private credit default trends, impacts on maturities, and more. DOWNLOAD THE ARTICLE | | ABI Website Revamp Taking Place July 3-7; Member Action Required
ABI is unveiling a completely redesigned website after the July 4th holiday. Please note that ABI’s website will be unavailable from Thursday, July 3, at 5:00 p.m. EDT until Monday, July 7, at 9:00 a.m. EDT. Our revamped website — combined with a simultaneous conversion to a new customer relationship management platform — will require all ABI members to create a new password to access the member portion of the website, including their member profile. Members will receive an email on July 7 with a link and instructions about how to change their password. Members can use their email and that new password to log into the new website. Click here for more information. | | |  | | Editor's Picks | | | | | Wolfspeed Files for Bankruptcy Protection to Cut Worsening Debt, Shares Jump
Wolfspeed said yesterday that it had filed for chapter 11 protection, as the chipmaker grapples with huge debt amid slowing demand from electric vehicle and industrial markets, Reuters reported. Shares of the company — which makes chips using silicon carbide, a more energy-efficient material than traditional silicon — rose 64.5% in extended trading. Wolfspeed raised going-concern doubts in May, as deepening economic uncertainty stemming from changing U.S. trade policies, combined with weakening demand, triggered a series of financial challenges. READ MORE | | Massachusetts Girls Prep School Closes Less Than a Decade After Opening, Files for Bankruptcy
A Wenham, Mass., girls prep school closed abruptly at the end of this school year after filing for bankruptcy earlier this month, MassLive.com reported. The Academy at Penguin Hall welcomed in its first class in September 2016, but a notice on its website — which is largely now defunct — announces its “immediate closing.” The academy did not respond to a request for comment Monday afternoon. READ MORE | | June Ends with Third Illinois Trucking Firm Filing for Bankruptcy
A third Illinois trucking company has filed for bankruptcy in June, Freight Waves reported. Elk Grove Village, Ill.-based freight hauler Elma Transport Inc. filed for chapter 11 bankruptcy on Friday in the U.S. Bankruptcy Court for the Northern District of Illinois. The company is the third in a series of Illinois trucking businesses that have submitted bankruptcy filings to the northern district court this month. On June 9, Franklin Park-based Nortia Logistics filed for bankruptcy, followed by Dolche Truckload Corp in Palatine a week later. READ MORE
MORE NEWS BELOW | | | | |  | | Upcoming Events | | | | | ABI Southeast Bankruptcy WorkshopThe Ritz-Carlton, Amelia Island
July 24-27 | Amelia Island, Fla. | | ABI Endowment Tequila Mixology ClassThe Ritz-Carlton, Amelia Island & Spa
July 26 | Amelia Island, Fla. | | | | ABI@NCBJ
ABI is honored to be hosting a reception at 4:30 p.m. on Thursday, Sept. 18, 2025, at NCBJ in Chicago, as well as educational sessions on Friday, Sept. 19. To register for the conference, please click here. At NCBJ, ABI also will be handing out the 2025 Judge William L. Norton Jr. Judicial Excellence Award. Nominations for that award will be accepted until July 15, 2025, and can be submitted at arin.berkson@thomsonreuters.com. | | | | |  | | Daily Roundup | | | | | Popular Home and Garden Chain Store Files for Bankruptcy
Gardener's Supply Company, a Vermont-based gardening retailer, has filed for chapter 11 bankruptcy, citing financial difficulties stemming from a combination of pandemic-related sales surges and costly business missteps, iHeartRadio reported. The company, which saw significant growth during the COVID-19 pandemic, experienced a decline in revenue from $110.3 million in 2021 to $71.5 million in 2024. READ MORE | | Argentina Ordered to Surrender YPF Stake to Satisfy Court Judgment
A U.S. judge ordered Argentina to give up its 51% stake in oil and gas company YPF to partially satisfy a $16.1 billion court judgment against the country, Investing.com reported. U.S. District Judge Loretta Preska in Manhattan ruled yesterday that Argentina must transfer its YPF shares within 14 days to a BNY Mellon custody account. The country must also instruct the bank to transfer the shares within one business day to the plaintiffs. READ MORE | | Treasury's Bessent Warns Countries Face Higher Tariff Rates After July 9 Deadline
U.S. Treasury Secretary Scott Bessent said warned on Monday that countries could still face sharply higher tariffs on July 9 even if they are negotiating in good faith, adding that any potential extensions will be up to President Donald Trump, Reuters reported. Bessent, who earlier floated the idea of negotiating extensions, told Bloomberg Television that he expects there to be "a flurry" of trade deals leading up to the July 9 deadline, after which 10% U.S. tariff rates on goods from many countries are set to snap back to Trump's April 2 announced rates of 11% to 50%. READ MORE | | Supreme Court Seeks Government’s View on Roundup Verdict
The US Supreme Court signaled interest in Bayer AG’s bid to stop thousands of lawsuits blaming its top-selling Roundup weedkiller for causing cancer, seeking the Trump administration’s view on whether to hear the company’s appeal of a $1.25 million verdict, Bloomberg News reported. Bayer contends a 2023 Missouri state-court jury that sided with a man who blamed Roundup for his cancer shouldn’t have weighed a claim that the company failed to properly warn consumers about the product’s health risks. Bayer says that such claims are preempted by federal law. READ MORE | | DOGE Now Targeting SEC Policy, Eyes SPAC Rules
President Donald Trump's Department of Government Efficiency initiative has pushed the U.S. markets watchdog to loosen Wall Street rules around blank-check companies and confidential reporting by private investment funds, Reuters reported. DOGE officials at the SEC, who have so far focused on cutting costs, have in recent weeks sought meetings with staff to explore relaxing what some companies have described as burdensome and unnecessary regulations, including reworking Biden-era rules adopted last year on so-called Special Purpose Acquisition Companies, or SPACs, and requirements that private investment advisers confidentially disclose more data so regulators can better spot systemic risk. READ MORE | | | | |
