 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Chip Supplier Wolfspeed Agrees to Cut $4.6 Billion Debt in Bankruptcy
U.S. semiconductor supplier Wolfspeed signed a restructuring deal with top creditors to cut roughly $4.6 billion in debt from its balance sheet through a bankruptcy filing, WSJ Pro Bankruptcy reported. Wolfspeed, which makes its silicon carbide wafers and semiconductor components primarily in the U.S., said it signed restructuring agreements with supermajorities of its senior and convertible noteholders and would solicit approval of the terms from all its 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@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. | | |  | | Editor's Picks | | | | | CareerBuilder + Monster Initiates Chapter 11, Is Selling Core Businesses
CareerBuilder + Monster, once the dominant players in the online recruitment industry, announced today that it has initiated a court-supervised sale process under chapter 11 bankruptcy protection, ERE.net reported. The move comes as the company, owned by Apollo Global Management and Randstad NV, finalizes agreements to sell off its core business units in a bid to maximize what value remains in the pieces of the company. READ MORE | | Claire’s Explores a Sale as Cost Pressures Mount
The accessories and piercings company Claire’s is exploring the possibility of a sale as it battles rising costs and competition, CityAM reported. Claire’s, which is owned by US investors JP Morgan, Elliott Management and Monarch Alternative Capital, operates 2,750 shops worldwide and 281 shops on UK high streets and retail parks. READ MORE | | Nearly Two Million Student-Loan Borrowers Are at Risk of Docked Pay This Summer
Nearly two million student loan borrowers are at risk of having their wages garnished this summer, the Wall Street Journal reported. Roughly six million federal student-loan borrowers are 90 days or more past due after a pandemic-era reprieve ended, according to TransUnion. The credit-reporting company estimates that about a third of them, or nearly two million borrowers, could move into default in July and start having their pay docked by the government. That’s up from the 1.2 million that TransUnion had estimated in early May. (Subscription required.) READ MORE
MORE NEWS BELOW | | | | |  | | Upcoming Events | | | | | ABI Midwest Regional Bankruptcy Seminar The Westin Cincinnati
August 12 | Cincinnati, Ohio | | ABI Mid-Atlantic Bankruptcy Workshop Hershey Lodge
August 18-20 | Hershey, Pa. | | | | | | |  | | Daily Roundup | | | | | New FICO Credit Scores Incorporate Buy Now, Pay Later Transactions
FICO is factoring buy now, pay later activity into its credit scores, Investopedia.com reported. Fair Isaac Corp. (FICO), an analytics company known for its credit score tools, on Monday said it would roll out two new credit products that incorporate BNPL data. The move comes after FICO spent a year working with Affirm (AFRM), a BNPL provider, to study the impact these short-term, interest-free loans may have on consumers’ credit scores. READ MORE | | Seven-Building, 210-Unit Apartment Complex in Connecticut Headed for Bankruptcy Sale
A seven-building, 210-unit apartment complex in Newtown, Conn., is on its way to bankruptcy sale, pending court approval, according to a broker for the seller, the Hartford Business Journal reported. Keen-Summit Partners LLC, the broker, announced on Monday the pending sale of the Covered Bridge multifamily apartment complex, at 9 Covered Bridge Road. READ MORE | | U.S. Existing Home Sales Rise in May; Mortgage Rates Still a Constraint
U.S. existing home sales unexpectedly increased in May, but the trend remained weak amid high mortgage rates, Reuters reported. Home sales climbed 0.8% last month to a seasonally adjusted annual rate of 4.03 million units, the National Association of Realtors said yesterday. READ MORE | | Florida Condo Owners Will Get Financial Relief Under a New Law
Florida condominium residents grappling with the steep cost of building improvements will get some financial relief under a new bill signed into law yesterday by Gov. Ron DeSantis (R), the Associated Press reported. The new measure gives condo homeowner associations more flexibility in how to build up their reserve funds and eases some requirements for safety assessments. READ MORE | | Trump's CFPB Rollback Has Cost Americans $18 Billion, Consumer Groups Say
President Donald Trump's rapid pullback of the U.S. Consumer Financial Protection Bureau has cost Americans at least $18 billion in higher fees and lost compensation for consumers allegedly cheated by major companies, according to an analysis released Tuesday by two organizations, Reuters reported. The increased consumer costs from the CFPB's rollback of regulations on bank fees, wholesale dismissal of cases against banks and other lenders and the apparent failure to disburse funds intended for harmed borrowers run counter to Trump's campaign pledges to ease the cost of living, according to the Student Borrower Protection Center and the Consumer Federation of America. READ MORE | | PCAOB Elimination Plan Hits Roadblock in Senate
Republican lawmakers’ proposal to fold the U.S. audit watchdog into the Securities and Exchange Commission hit a roadblock when the Senate parliamentarian determined that including the provision in a broader tax bill violates rules around budget reconciliation, the Wall Street Journal reported. The Senate parliamentarian late Thursday ruled out the Public Company Accounting Oversight Board plan and several other provisions in Senate Banking Chair Tim Scott’s proposed addition to Republicans’ so-called big, beautiful bill, according to Senate Budget Committee ranking member Jeff Merkley’s office. Proposals to place a funding cap on the Consumer Financial Protection Bureau, reduce the pay of Federal Reserve staff and lower funding for the Office of Financial Research are also ineligible to be part of the proposed legislation. (Subscription required.) READ MORE | | | | |
