 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Ukraine Defaults on Sovereign Debt Payment
Ukraine has incurred a sovereign credit default after electing not to make payments owed Monday to holders of $2.6 billion of its debt securities, WSJ Pro Bankruptcy reported. Ukraine’s Finance Ministry said last week the planned nonpayment was part of the nation’s broader strategy as it aims to complete a comprehensive restructuring of its sovereign obligations that will “ensure long-term debt sustainability without threatening Ukraine’s recovery and reconstruction.” READ MORE | | |  | | Editor's Picks | | | | | U.S. Job Openings Rebound in April; Layoffs Pick Up
U.S. job openings increased in April, but layoffs picked up in a move consistent with a slowing labor market amid a dimming economic outlook because of tariffs, Reuters reported. Job openings, a measure of labor demand, rose 191,000 to 7.391 million by the last day of April, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. Data for March was revised higher to 7.200 million open positions instead of the previously reported 7.192 million. READ MORE | | Phoenix Bakery Noble Bread Files for Chapter 11 Protection
Phoenix-based bakery Noble Bread and its associated restaurant, Noble Eatery, have filed for chapter 11 protection, KTAR.com reported. The owner of the companies directed the blame for the financial missteps toward its former bookkeeper. READ MORE | | Trump Signs Order Hiking Steel, Aluminum Tariffs to 50%
President Donald Trump signed a directive on Tuesday formally raising steel and aluminum tariffs to 50% from 25%, White House Press Secretary Karoline Leavitt announced, Bloomberg News reported. Trump said last Friday the higher charge takes effect today, but Leavitt did not elaborate on the timing. READ MORE
MORE NEWS BELOW | | |  | | Upcoming Events | | | | | abiLiVE: Asset-Recovery Issues and Strategies: Latin America Live Webinar
June 11 | | ABI Northeast Bankruptcy Conference & Consumer ForumOmni Mt. Washington Resort
July 14-16 | Bretton Woods, NH.. | | | | | | |  | | Daily Roundup | | | | | Tucson Fast-Food Eegee's Has New Owner After Emerging from Bankruptcy
Six months after filing bankruptcy, Tucson’s iconic fast-food chain Eegee’s has a new owner, Tuscon.com reported. Eegee Acquisition Corp., a subsidiary of McLean, Va.-based Gladstone Capital, acquired the Tucson-born chain of 25 restaurants — 20 in Tucson, one in Casa Grande and four in the Phoenix area — in late April after the company emerged from chapter 11 bankruptcy. READ MORE | | They Bet Their Future on Barbecue Dreams. Many Lost Everything
Many current and former franchisees of Dickey’s Barbecue Pit, the world’s largest barbecue chain, told the New York Times that they were enticed to purchase franchises based on misleading financial information provided by the company, often putting them in financial distress before their restaurants even opened. Their stories mirror similar accounts from people alleging misrepresentations and deception going back more than a decade, surfaced in complaints and comments filed with the Federal Trade Commission, in lawsuits and in news articles. READ MORE | | U.S. to Have Slower Growth, Higher Inflation Due to Tariffs, OECD Says
President Trump’s tariff regime threatens to significantly crimp U.S. economic growth this year while boosting inflation, the Organization for Economic Cooperation and Development said in a new forecast that sharply cut its outlook, the Wall Street Journal reported. The Paris-based research group said Tuesday it expects U.S. gross domestic product to decelerate sharply to 1.6% in 2025 from 2.8% in 2024. The OECD previously expected U.S. GDP to grow by 2.2% this year, but cut its forecasts due to the effects of Trump’s tariffs, retaliation from other countries, uncertainty around economic policy and slower immigration. (Subscription required.) READ MORE | | Fed Removes Shackle Imposed on Wells Fargo After Series of Scandals
In early 2018, the Federal Reserve hit Wells Fargo with an unprecedented penalty for a yearslong record of misconduct: an asset cap that prevented the bank from growing, the New York Times reported. On Tuesday, the Fed lifted that restriction. Wells Fargo has improved its internal governance and risk management enough to be released from its fetters, the regulator said. READ MORE | | | | |
