 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Azul Gets First-Day U.S. Court Approvals in Chapter 11 Process
Azul said it received interim court approvals related to the company’s chapter 11 petitions filed in the U.S., WSJ Pro Bankruptcy reported. The court granted approval for the Brazilian airline operator to access $250 million of its $1.6 billion debtor-in-possession financing after a first-day hearing. The company said that financing, along with other court approvals and revenue from its current operations, would provide enough liquidity to support normal, uninterrupted operations as the airline financially restructures. READ MORE | | | | |  | | Editor's Picks | | | | | Archdiocese of New Orleans Bankruptcy Case Could Conclude by the End of the Year
After years of delays, emotional court hearings, and complex negotiations, the Archdiocese of New Orleans appears to be approaching a final resolution in its long-running bankruptcy case, WDSU.com reported. Bankruptcy Judge Meredith Grabill has now outlined a firm schedule that could see the case wrapped up by the end of 2025. READ MORE | | Steward Health Approved to Take On New Loan to Finance Clawback Litigation
A bankruptcy judge approved a settlement between Steward Health Care and its top-tier lenders Friday under which the company will take on an additional $127 million loan from the lenders to fund litigation against former insiders of the hospital chain, the Wall Street Journal reported. With the ruling, Judge Christopher Lopez of the U.S. Bankruptcy Court in Houston overruled objections that the new loan would award the bulk of the litigation recoveries to Steward’s top lenders, leaving less for other creditors, including those with essential bills for goods they supplied to Steward’s bankrupt hospitals. (Subscription required.) READ MORE | | Maine IT Firm Tilson Files for Chapter 11 Protection
Tilson, a Portland, Maine-based developer of fiber and wireless networks with a national footprint, has filed for chapter 11 protection after the company's largest client cancelled its contracts, Mainebiz reported. The client, Gigapower — a joint venture between telecommunications giant AT&T Inc. and New York-based investment company — contracted with Tilson to design and build fiber networks in Las Vegas and Gilbert, Ariz. READ MORE
MORE NEWS BELOW | | |  | | Upcoming Events | | | | | abiLiVE: Asset-Recovery Issues and Strategies: Latin America Live Webinar
June 11 | | ABI Rocky Mountain Bankruptcy Conference The Chateaux Deer Valley
June 11-13 | Park City, Utah | | | | | | |  | | Daily Roundup | | | | | Analysis: Climate Startups Are Pausing Operations, Cutting Staff and Entering Bankruptcy as Trump Policies Bite
Climate startups are feeling the impact of President Trump’s attacks on the energy-transition sector, as funding and job cuts, operational halts and bankruptcies rack up, the Wall Street Journal reported. From carbon capture to solar power, companies across the clean-tech spectrum are reeling from funding withdrawals, policy changes and import restrictions brought in by the Trump administration as it has set about dismantling the climate goals of its predecessor. On Friday, the Department of Energy announced $3.7 billion worth of funding cuts for clean-energy and climate projects, with a large portion of the cancelled grants focused on carbon capture and sequestration. Of 24 projects terminated in the move, 16 were signed between election day and Trump’s inauguration, the DoE said in a statement. (Subscription required. READ MORE | | U.S. Consumers Pulling Back Spending; Inflation Slowing for Now
U.S. consumer spending increased marginally in April, with households opting to boost savings amid mounting economic uncertainty because of a constantly changing tariff landscape, Reuters reported. The report from the Commerce Department on Friday suggested the economy struggled to rebound early in the second quarter after contracting in the January-March quarter for the first time in three years. Gross domestic product could, however, get a lift from a sharp contraction in the goods trade deficit last month as the front-running of imports to beat tariffs faded. READ MORE | | Retailers, Ducking Trade-War Curveballs, Stick to Their Plans
Retailers decided not to blink this time. After the head-snapping whiplash from this week’s court rulings on President Trump’s tariff policies, they aren’t changing their plans, the Wall Street Journal reported. For months, businesses across the U.S. that rely on imported goods have been trying to figure out how to navigate the on-again, off-again tariffs imposed by Trump. Companies have been raising prices, cutting back on spending and laying off workers, all in an effort to offset the fluctuating costs of tariffs. (Subscription required.) READ MORE | | Sanchez Lenders Regain Control of Driller Five Years After Bankruptcy
A federal appeals court on Friday restored ownership of a formerly bankrupt oil driller to its top lenders Apollo Global Management and Fidelity Investments while stripping control from a rival group of investors, WSJ Pro Bankruptcy reported. The U.S. Court of Appeals for the Fifth Circuit reversed a bankruptcy judge’s 2023 ruling limiting Apollo and Fidelity to a roughly 30% stake in oil driller Sanchez Energy and giving majority control to unsecured creditors. The bankruptcy court should have awarded Apollo and Fidelity 100% of the equity in Sanchez, according to Friday’s ruling. (Subscription required.) READ MORE | | | | |
