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WSJ Pro Bankruptcy: Tariffs Push Gift-Wrap Maker DGA to Bankruptcy
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Design Group Americas filed for bankruptcy following a decline in consumer spending, ongoing tariff uncertainty and the loss of a key customer that crippled its business, WSJ Pro Bankruptcy reported. Berwick, Pa.-based DGA, which specializes in gift packaging, party supplies, ribbons, crafts, stationery and seasonal decor, plans to sell assets, including wrapping paper and sewing-related businesses, as a going concern, while winding down its unit for ribbon manufacturing, the company said in filings made with the U.S. Bankruptcy Court in Houston on Sunday. In January, one of its largest customers, Joann, filed for its second bankruptcy in less than a year, shutting down stores. READ MORE
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 | | Editor's Picks |
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63 U.S. Corporate Bankruptcies in June Set Up 2025 for Highest Pace Since 2010
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The fast pace of monthly U.S. corporate bankruptcies extended into June and put 2025 on track to be one of the busiest years for filings in more than a decade, S&P Global reported. S&P Global Market Intelligence recorded 63 new bankruptcy filings from certain public and private companies in June, down from a revised count of 64 in May. The data includes companies with public debt and assets or liabilities of at least $2 million or private companies with assets or liabilities of at least $10 million at the time of filing. Still, 371 bankruptcy filings have been recorded throughout 2025, the highest total for the first half of the year since 2010. READ MORE
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Delistings Surge Nearly 50% as Sellers Who Can’t Get Their Price Quit the Market in Frustration
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After failing to find a buyer at the price they think they deserve, more home sellers are pulling their listings off the market altogether, Realtor.com reported. Delistings jumped 47% nationally in May from a year earlier, in a sign that sellers would increasingly rather wait than negotiate. Year to date, delistings are up 35% from the same period in 2024. The increase is partly due to the overall expansion in active inventory, which was up 28% in June from a year earlier. READ MORE
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Humana Agrees to Purchase Bankrupt Florida Provider The Villages Health for $50M
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TVH, a provider in Florida’s Sumter County that serves a large retirement community, discovered in the fall that it had been accidentally overbilling Medicare, Health Care Dive reported. It reported the problems to the government and has spent the past six months working with Medicare to correct them — work that continues and is separate from TVH’s potential sale to CenterWell. TVH owes the federal government $361 million, and Washington is just one of the provider’s more than 200 creditors: Overall, TVH has estimated liabilities of $100 million to $500 million against estimated assets of $50 million to $100 million, per the filings. READ MORE
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 | | Upcoming Events |
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2025 Northeast Bankruptcy Conference and Consumer Forum
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Mount Washington Resort & Spa
July 14-16 | Bretton Woods, N.H.
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2025 Southeast Bankruptcy Workshop
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The Ritz-Carlton, Amelia Island
July 24-27 | Amelia Island, Fla.
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 | | Daily Roundup |
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IRS Says Churches Can Endorse Political Candidates Without Losing Tax-Exempt Status
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The IRS said in a new federal court filing that churches can endorse political candidates to their congregations without risking the loss of their tax-exempt status, CNBC reported. The move upends a 70-year-old interpretation of the U.S. tax code, whose Johnson Amendment has barred certain nonprofit groups, including churches, from endorsing political candidates without putting their tax-exempt status in jeopardy. READ MORE
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Judge Briefly Pauses 23andMe Bankruptcy Sale Amid California's Appeal
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A U.S. district judge put on hold the bankruptcy sale of genetic testing company 23andMe, giving California three days to make its case that the sale should remain blocked during an appeal related to the state's genetic privacy law, Reuters reported. California failed to convince a bankruptcy judge to stop the sale, but U.S. District Judge Matthew Schelp ordered a brief pause following California's appeal of that ruling. He scheduled a Thursday court hearing to determine whether a longer pause is warranted in the case. READ MORE
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Bankruptcy Trustee Completes $1.6 Million Sale of Roglieri Mansion
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The trustee overseeing the federal bankruptcy case of jailed Albany loan broker Kris Roglieri has closed on the sale of Roglieri’s former 13-acre estate for $1.6 million, the Times Union reported. The Tudor-style home on 14 acres was originally listed for $2 million as the trustee sought to liquidate Roglieri’s assets to pay off his creditors. Roglieri, who has been held at the Rensselaer County jail since May of 2024, is scheduled to go on trial for wire fraud in January in federal court in Albany. The charges accuse the former CEO of Prime Capital Ventures of swindling clients in a multimillion-dollar scheme that funded Roglieri’s fleet of exotic cars, luxury watches and real estate. READ MORE
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Ripple Shareholder Linqto Files for Chapter 11 Bankruptcy
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Linqto, a private investment platform that allows investors to buy shares in pre-initial public offering companies, has filed for chapter 11, Coin Telegraph reported. The company holds 4.7 million Ripple shares bought on the private market. The filing came soon after Ripple CEO Brad Garlinghouse clarified that Linqto owns 4.7 million secondary Ripple shares but has no business relationship with the company. Based on data from the private market platform Forge, Linqto’s Ripple share holdings may be worth around $450 million at the secondary market share price of $95.5. READ MORE
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Ripple Testifies Before Senate While Investor Declares Bankruptcy
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Ripple is facing scrutiny on two fronts as CEO Brad Garlinghouse testified before the Senate Banking Committee in support of clearer crypto regulation, while investment platform Linqto, which holds 4.7 million Ripple shares, filed for chapter 11, Crypto Rank reported. The simultaneous developments show both Ripple’s growing presence in Washington policy circles and the risks emerging in the opaque world of secondary crypto markets. Linqto’s bankruptcy filing comes amid SEC investigations, internal allegations of investor misrepresentation, and broader questions about market structure — raising the stakes in an already critical moment for U.S. crypto regulation. READ MORE
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Supreme Court Clears the Way for Trump’s Plans to Downsize the Federal Workforce
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The Supreme Court cleared the way for President Donald Trump’s plans to downsize the federal workforce despite warnings that critical government services will be lost and hundreds of thousands of federal employees will be out of their jobs, the Associated Press reported. The Justices overrode lower court orders that temporarily froze the cuts, which have been led by the Department of Government Efficiency. The court said in an unsigned order that no specific cuts were in front of the justices, only an executive order issued by Trump and an administration directive for agencies to undertake job reductions. Justice Ketanji Brown Jackson was the only dissenting vote. READ MORE
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American Mattress, Based in Chicago Suburbs, Files for Chapter 11 Bankruptcy
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American Mattress, a well-known furniture chain based in suburban Chicago with nearly 100 stores, has filed for chapter 11, NBC Chicago reported. The mattress store filed for chapter 11 protection in U.S. Bankruptcy Court for the District of Delaware. The filing, which lists both assets and liabilities between $1 million and $10 million, is under American Mattress's corporate name, AFM Mattress Company LLC. American Mattress was founded in 1988 in the Chicago area and remains family owned and operated. READ MORE
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Mercy Iowa City Asks Judge to Require MercyOne to Accept $31k Payment in Bankruptcy Trial
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Mercy Iowa City’s trust is asking a federal bankruptcy judge to compel MercyOne to accept a $31,000 payment to resolve a longstanding legal dispute, the Iowa City Press-Citizen reported. It's the latest twist in a lengthy and complicated saga that began when Mercy Hospital filed for bankruptcy in August 2023. The University of Iowa (UI) acquired control of Mercy Hospital and its adjacent Iowa City clinics. The UI later renamed the downtown Iowa City campus to the UI Health Care Medical Center Downtown in January 2024. READ MORE
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Yellow Corp. Selling Four Terminals for $4M
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Various real estate investors have entered into agreements to acquire four terminals valued at $3.95 million from Yellow Corp.’s estate, Freight Waves reported. The defunct less-than-truckload carrier has liquidated more than 200 terminals fetching roughly $2.4 billion since filing for bankruptcy in 2023. The owned properties include a 50-door terminal in Birmingham, Ala., valued at $1.55 million; a 30-door terminal near Pittsburgh ($1.53 million); a 29-door facility in Columbia, S.C. ($650,000); and a 12-door terminal in Fairfield, Maine ($225,000). It appears that no LTL carrier is involved in the latest asset sales. READ MORE
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WeightWatchers Claws Its Way Back After Major Bankruptcy Threatened to Shut Down Entire Business
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WeightWatchers has clawed its way back following a bankruptcy that threatened to scupper the entire business, The Sun reported. The company has announced the "successful completion" of a major reorganization process. It comes after WeightWatchers filed for bankruptcy in the U.S. in May to remove $1.15 billion worth of debt from its balance sheet, which many media reports linked to the soaring popularity of weight loss injections. The company plans to expand its weight health model to support women through perimenopause, menopause and postmenopause. READ MORE
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New Player Enters Miami Seaquarium Bankruptcy Case
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The Miami-Dade commissioner whose district includes the Miami Seaquarium has been delegated to negotiate with those now controlling the county-owned site on the bidding, auction and bankruptcy procedures for disposing of the attraction, Miami Today reported. The motion wasn’t on the agenda, and commissioners had no documents or written motion before they voted to have Raquel Regalado protect county interests as the attraction works its way through bankruptcy court. The Seaquarium’s principal draw, killer whale Lolita, died two years ago, and its quality of care of sea life has long been in question. READ MORE
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Gardener’s Supply Company Files for Chapter 11 Bankruptcy
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Gardener’s Supply Company has filed for chapter 11, Garden Center reported. Founded in 1983, Gardener’s Supply Company is a 100% employee-owned company headquartered in Burlington, Vt. The business sells environmentally friendly gardening supplies, live plants, trees, shrubs and related products at its retail facilities. The business is not closing, but an asset-purchase agreement for $9 million with Gardens Alive Inc. was made as of June 20. READ MORE
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