 | | Featured Premium Content | | | | | Debtwire Case Profile: Azul Files for Chapter 11, Armed with $1.6 Billion DIP and Exit Financing
Azul requested chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York yesterday following multiple rounds of out-of-court restructuring efforts, according to a Debtwire case profile. The Brazilian airline also announced it had agreements in place for $1.6 billion in DIP financing and up to $950 million in exit financing. 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 | | |  | | Editor's Picks | | | | | Implant Maker Exactech May Conclude Bankruptcy Without TPG Settlement
Attorneys for medical implant maker Exactech said at a Wednesday bankruptcy court hearing in Delaware that it is walking away from recent efforts to protect its owner TPG from lawsuits alleging that Exactech's knee implants were defective, Reuters reported. Exactech had planned to ask U.S. bankruptcy Judge Laurie Selber Silverstein in Wilmington to confirm a bankruptcy plan this week that would have stopped lawsuits against TPG in exchange for a contribution of about $10 million. READ MORE | | Major NYC Landlord Blames Bankruptcy On High Interest Rates
A portfolio of rent-stabilized New York City apartments owned by Joel Wiener was pushed into bankruptcy by “sky-rocketed” interest rates and changes to state housing law that restricted the property owners’ ability to increase rent on tenants, according to court papers, Bloomberg News reported. Dozens of properties managed by Wiener’s Pinnacle Group were put into chapter 11 last week, saddled with roughly $564 million in mortgage debt and facing foreclosure actions from its primary lender, Flagstar Bank. READ MORE | | Trump Administration Cancels Sunnova's $2.92 Billion Government Loan Guarantee
President Donald Trump's administration has canceled a partial loan guarantee of $2.92 billion that had been awarded to residential solar panel installer Sunnova Energy, the company said on Wednesday, Reuters reported. Sunnova, which is restructuring its debt and has warned that it may not be able to continue as a going concern, said in a regulatory filing in March that it did not intend to use the DOE facility, known as Project Hestia, for the foreseeable future. READ MORE
MORE NEWS BELOW | | |  | | Upcoming Events | | | | | ABI New York City Bankruptcy Conference New York Hilton Midtown
June 17 | New York, N.Y. | | ABI Southeast Bankruptcy WorkshopThe Ritz-Carlton, Amelia Island
July 24-27 | Amelia Island, Fla. | | | | |  | | Daily Roundup | | | | | Everstream Files for Bankruptcy, Queues Up Company Sale
Everstream has filed for chapter 11 protection in a move designed not only to reorganize the business but also potentially maximize the sale of its assets, Crain's Cleveland Business reported. According to management, a sale likely presents the best path forward for the company as it grapples with a pile of debt that helped fuel its growth and industry headwinds, competition and other challenges that have hampered revenue growth. (Subscription required.) READ MORE | | Sports Park Promoters Plead Guilty to $280 Million Bond Fraud
A father and son from Phoenix pleaded guilty to defrauding several of the nation’s biggest investment firms about the business prospects of a failed Arizona sports complex that wound up costing municipal bondholders more than $280 million, Bloomberg News reported. Randy Millerand his son Chad entered their pleas yesterday to securities fraud and aggravated identity theft in Manhattan federal court. Victims of the scheme included Vanguard Group Inc., AllianceBernstein Holding LP, Macquarie Group’s Delaware Funds and others firms that invested in bonds linked to their Legacy Park development in Mesa. READ MORE | | ChristianaCare Won Tuesday’s Bankruptcy Auction for Five Crozer Outpatient Locations
ChristianaCare’s winning bid on Tuesday for five of Crozer Health’s outpatient locations was $50 million, topping Main Line Health, the Philadelphia Inquirer reported. The purchase price includes some equipment and furnishings, but not the buildings, which are owned by unrelated real estate firms. In addition to physician offices, the locations offer outpatient surgery and imaging services. (Subscription required.) READ MORE | | Trump Order Against Law Firm WilmerHale Is Struck Down
A federal judge on Tuesday struck down President Trump’s executive order against the law firm WilmerHale, adding to a drumbeat of decisions that have rebuffed the White House campaign against the legal industry as unconstitutional, WSJ Pro Bankruptcy reported. In a 73-page opinion, Judge Richard Leon of the U.S. District Court in Washington. D.C., said the order unconstitutionally infringed on freedoms that preserve an “independent bar willing to tackle unpopular cases, however daunting.” READ MORE | | U.S. Court Blocks Most Trump Tariffs, Says President Exceeded His Authority
A U.S. trade court blocked most of President Donald Trump's tariffs in a sweeping ruling on Wednesday that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners, Reuters reported. The Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the U.S. economy. READ MORE | | | | |
