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ABI Journal: SCOTUS’s Latest Proclamation on the Limits of Sovereign Immunity

The U.S. Supreme Court on March 26 8-1 decided in United States v. Miller to resolve a split in the circuits that have considered the issue of the scope and extent of the Bankruptcy Code’s “abrogation” of sovereign immunity found in § 106(a)(1) as it applies to the Internal Revenue Service (IRS) in a fraudulent-transfer action brought under § 544(b) of the Bankruptcy Code. The focus of this ABI Journal article is on the glaring philosophical disconnect between the broad pronouncements on this issue in a prior Court decision (also authored by Justice Jackson) on the scope and meaning of § 106(a), and the Miller decision.  READ MORE
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Default Rate May Not Tell the Whole Story

The 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. READ MORE
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Bankruptcy Judge Defeats Ethics Complaint Over Knowledge of Colleague's Relationship

A federal bankruptcy judge in Houston has been cleared of wrongdoing over allegations that he failed to report that another judge in his court had been in an undisclosed romantic relationship with an attorney at the law firm Jackson Walker, Reuters reported. U.S. Circuit Judge Edith Jones dismissed a judicial misconduct complaint filed with the 5th Circuit Judicial Council against a jurist matching the description of U.S. Bankruptcy Judge Marvin Isgur citing a lack of evidence that he had "reliable" information about his colleague, former U.S. Bankruptcy Judge David Jones' relationship before it became public. READ MORE
Brazil's Gol Airlines Secures New Financing to Support Chapter 11 Exit

Brazilian airline Gol on Thursday announced that it has struck a new deal with key creditors, paving the way for the company to emerge from chapter 11 bankruptcy protection likely by the end of June, Reuters reported. The agreement, which involves investors holding a portion of the airline's senior secured notes due in 2026, will provide $125 million in financing, according to a regulatory filing. READ MORE
Texas Trucking Company, Brokerage File for Chapter 11 Bankruptcy

Balkan Express and its affiliate, Balkan Logistics, have filed for chapter 11 bankruptcy protection, citing debts of more than $25 million, Freight Waves reported. The companies, which seek to reorganize, filed for chapter 11 protection on Wednesday in the U.S. Bankruptcy Court for the Northern District of Texas. READ MORE

 
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  Daily Roundup
 
Li-Cycle Is for Sale, Bankruptcy May Be Next, Company Warns

The end may very well be near for Li-Cycle Holdings Corp. and its stalled Rochester Hub, the Rochester Business Journal reported. The Toronto-based lithium-ion battery resource recovery firm announced this morning that the business and all assets are for sale, as a whole or any part, and bankruptcy may be necessary if a buyer isn’t found. Li-Cycle has been unable to raise the required capital to pay off mounting debts, a requisite before the company can begin drawing from a $475 million loan through the Department of Energy Loan Program Office for completion of the Rochester facility. READ MORE
Planet Hollywood Operator Files for Bankruptcy

The operator of two shuttered Planet Hollywood restaurants filed for bankruptcy earlier this month amid heavy debt and claims from a former lender, RestaurantBusinessOnline.com reported. Orlando-based PB Restaurants, along with affiliates Planet Express and Times Square Buffet, filed for chapter 11 in Florida bankruptcy court on April 4. READ MORE
U.S. Manufacturing Sectors Slump Deepens in April

U.S. manufacturing contracted further in April while tariffs on imported goods were straining supply chains, keeping prices paid for inputs elevated, Reuters reported. The Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI dropped to a five-month low of 48.7 last month from 49.0 in March. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.2% of the economy. READ MORE
U.S. Delays Hospital Payments as Medicaid Scrutiny Intensifies

Unexpected delays in billions of dollars of supplemental Medicaid payments have forced some hospitals across the country to cut costs including laying off staff and pausing payments to medical suppliers, the Wall Street Journal reported. Hospital associations in at least 10 states said the Centers for Medicare and Medicaid Services, the federal agency responsible for approving funds known as state-directed payments, has been unusually slow at processing applications for them. Some of the delays date to the fall of 2024. (Subscription required.) READ MORE
 
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