 | | Featured Premium Content | | | | | BankruptcyData: TreeSap Farms, Scanrock Oil & Gas, Nikola, Yellow Corp. Among Recent Case Developments in Latest Report
BankruptcyData provides a snapshot of developments in cases including TreeSap Farms, Scanrock Oil & Gas, Nikola, Danimer Scientific, Akoustis Technologies, Yellow Corporation and more! Read the full report. (Free registration required.) READ MORE | | | | | SPONSORED CONTENTPredatory Uptiering: Three Steps to Protect Against Being Primed While uptiering disputes are not new, the loan market has seen an uptick in recent years. If not careful, lenders can lose their lien claim positions to a newer, senior lender. SRS Acquiom explains the primary mechanisms of predatory uptiering and identifies steps lenders can take to protect against it—all in one easy-to-reference page. Download the Guide | | |  | | Editor's Picks | | | | | Rite Aid Files Repeat Chapter 11, Its Second in Two Years
Rite Aid filed for bankruptcy on Monday, its second chapter 11 filing within two years, to look for buyers for its assets, WSJ Pro Bankruptcy reported. The Philadelphia-based chain shut down hundreds of stores in its last bankruptcy, resolved government and private lawsuits over its opioid prescriptions, and handed control of the business to bondholders. Rite Aid emerged from chapter 11 last August with $2.5 billion in bank loans on its books that have lost value in recent months as the company missed its postbankruptcy projections. READ MORE | | Millions of Student Loan Borrowers Head to Collections as Delinquency Rates Soar over 20%
Yesterday marked the end of a five-year reprieve for federal student loan borrowers, as the Trump administration begins to put millions of defaulted borrowers into collections, Fortune reported. The Department of Education has not collected on defaulted loans since March 2020, when a host of changes were made to loan collection and billing to help borrowers during the COVID-19 pandemic. According to a new report from credit bureau TransUnion, more than one in five borrowers are at risk of defaulting on their loans, a higher share than pre-pandemic. READ MORE | | Discount Retail Chain Gabe’s in Talks to Hand Control to Lenders
Gabe’s, a private-equity-owned chain of discount department stores, is in discussions to hand control to a group of lenders as it faces a potential pullback in consumer spending, WSJ Pro Bankruptcy reported. The Morgantown, W.Va.-based company, which has been owned by Warburg Pincus since 2016, operates more than 160 stores in the Mid-Atlantic and Southeast regions under the names Gabe’s and Old Time Pottery, selling apparel and home goods, according to its website. READ MORE
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June 17 | New York, N.Y. | | | | | | |  | | Daily Roundup | | | | | Chamber of Commerce Asks for Tariff Exemptions for Small Businesses
As Small Business Month kicks off, the Chamber of Commerce is speaking out against the Trump administration's trade policy, saying recently imposed tariffs could do serious damage to America's Main Street, CBSNews.com reported. In a letter sent to the Treasury Secretary Scott Bessent on Wednesday, Suzanne Clark, president and CEO of the Chamber of Commerce, asks for an "automatic exclusion" from new tariffs for U.S. small businesses that import goods from abroad. Small businesses do not have the margin or capital reserves to survive an increase in tariffs, Clark wrote in the letter. READ MORE | | Credit Suisse to Pay $511 Million as Part of Agreement with DOJ in Tax Case
UBS said on Monday Credit Suisse Services will pay $511 million as part of an agreement with the U.S. Department of Justice for implementation of its 2014 plea around helping ultra-wealthy Americans evade taxes, Reuters reported. The settlement comes after a U.S. Senate Finance Committee in 2023 had found Credit Suisse violated its 2014 deal made with U.S. authorities by continuing to help with the tax evasion and concealing more than $700 million from the government. READ MORE | | M&A Deal Signing Hits 20 Year-Low After Trump's 'Liberation Day'
Bankers and CEOs hit the brakes on mergers and acquisitions after U.S. President Donald Trump launched a global trade war on April 2, with fewer deals getting signed than during the bleakest days of the COVID-19 pandemic and the 2008 global financial crisis, Reuters reported. The number of M&A contracts signed across the world — an indicator of global economic health — fell in April to the lowest level in 20 years — or since February 2005 — according to data compiled by Dealogic. READ MORE | | Trump Crypto Deals Provoke Senate Backlash and Calls for Investigation
Senate Democrats are demanding changes to cryptocurrency legislation pending in Congress, responding partly to growing evidence that the Trump family is using its connections and President Trump’s power to profit from crypto trading, the New York Times reported. The pushback intensified late last week after a closed-door meeting among Senate Democrats in which Senator Chuck Schumer, the Democratic leader, told colleagues they should not commit to voting for the so-called GENIUS Act, a bill backed by the crypto industry. READ MORE | | | | |
