 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Sunnova Bankruptcy Loan and Sales Approved, Hurdles Remain
Solar energy installer and financier Sunnova Energy International has received approval for a loan and to use proceeds from asset sales to operate in bankruptcy, but some of its biggest challenges are still to come, WSJ Pro Bankruptcy reported. Bankruptcy Judge Alfredo Perez yesterday authorized Sunnova to sell select assets to Apollo Global Management affiliate Atlas and home builder Lennar in deals totaling $31 million. Sunnova also secured court approval for $15 million in interim debtor-in-possession financing from lenders including GoodFinch, an investment firm run by founders of its competitor, GoodLeap. READ MORE | | | | | SPONSORED CONTENTPredatory Uptiering: Three Steps to Protect Against Being Primed While uptiering disputes are not new, the loan market has seen an uptick in recent years. If not careful, lenders can lose their lien claim positions to a newer, senior lender. SRS Acquiom explains the primary mechanisms of predatory uptiering and identifies steps lenders can take to protect against it—all in one easy-to-reference page. Download the Guide | | |  | | Editor's Picks | | | | | Popular Eastern Fried Chicken Chain Fights Bankruptcy to Stay Open
Sticky’s, formerly known as Sticky’s Chicken Joint, is struggling to keep its doors open, MassLive.com reported. Operating 12 locations across New York and New Jersey, the restaurant chain filed for chapter 11 bankruptcy in April 2024 in a bid to cut its debts. As a potential resolution, Sticky’s received a $2 million cash offer from Harker Palmer Investors. The deal would involve the investors purchasing the chain, taking responsibility for some of its debts and preventing Sticky’s from converting its chapter 11 into a chapter 7 liquidation. However, the restaurant is still actively seeking approval for a new chapter 11 bankruptcy plan. READ MORE | | Alachua County Says Celebration Pointe in Default of Sports Center Contract
The apparent financial woes for the owners of Celebration Pointe — the upscale shopping and dining development west of Interstate 75 in Gainesville, Fla. — are starting to pile up, the Gainesville Sun reported. Alachua County on June 6 sent a notice of default to Svein Dyrkolbotn, principal owner of Viking Companies LLC, the owner of Celebration Pointe, notifying him of both monetary and non-monetary failures as it relates to the operation of the Alachua County Sports & Events Center. READ MORE | | Midwestern Bowling Outfit Pinstripes to File for Bankruptcy
Dining and entertainment company Pinstripes Inc. is considering filing for bankruptcy as soon as next week, Bloomberg News reported. The company, which operates dining, bowling and bocce ball venues, has been holding confidential talks with its lenders and is being advised by law firm Ropes & Gray. (Subscription required.) READ MORE
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June 18-20 | Chicago, Ill. | | ABI Southeast Bankruptcy WorkshopThe Ritz-Carlton, Amelia Island
July 24-27 | Amelia Island, Fla. | | | | | | |  | | Daily Roundup | | | | | Warner Bros. Bondholders to Face Limits on Cooperation Pacts in Company’s Split
Warner Bros. Discovery is expected to become one of the first corporate borrowers to restrict creditors from forming certain cooperation groups as the entertainment company completes a debt deal tied to its separation into two public businesses, WSJ Pro Bankruptcy reported. Warner’s planned corporate split would prohibit its bondholders from signing cooperation agreements, or co-ops, in which they pledge not to extend new financing unless the entire group agrees. Despite opposition from some bondholders, the blocking provision is expected to take effect following a Friday deadline for bondholder consent. READ MORE | | Hulk Hogan Makes Major Move For Hooters After Bankruptcy
American restaurant chain Hooters is going through some hard times, filing for bankruptcy earlier this year and abruptly closing several restaurants across the country earlier this month. But professional wrestling legend Hulk Hogan is making an effort to try to save the iconic chicken wings restaurant, Men's Journal reported. Hulk Hogan's beer brand, Real American Beer, is spearheading a bid for the entire Hooters of America business, including the chain's restaurants. READ MORE | | Trump Says He May Soon Hike Auto Tariffs to Get More U.S. Production
U.S. President Donald Trump on Thursday warned he may soon hike auto tariffs, arguing that could prod automakers to speed U.S. investments, Reuters reported. "I might go up with that tariff in the not too distant future," Trump said at a White House event. "The higher you go, the more likely it is they build a plant here." Automakers have been pressing the White House to reduce the 25% tariffs Trump imposed on autos. The Detroit Three automakers have criticized a deal that would cut tariffs on British car imports but not on Canada or Mexico production. READ MORE | | | | |
