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Tomorrow: House Judiciary Subcommittee Hearing to Examine Key Bankruptcy Issues
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The House Judiciary Subcommittee on the Administrative State, Regulatory Reform, and Antitrust will hold a hearing tomorrow at 10 a.m. ET titled "Bankruptcy Law: Overview and Legislative Reforms." The hearing will examine whether bankruptcy law is continuing to strike the correct balance between the rights of creditors and debtors or whether narrowly tailored updates are necessary to maintain the viability of the bankruptcy system for small businesses, consumers, and creditors. Witnesses include Bankruptcy Judges Michelle Harner (D.Md.) and Paul Black (W.D.Va.), Megan Murray of Underwood Murray (Tampa) and Profs. Melissa Jacoby of University of North Carolina at Chapel Hill, Douglas Baird of the University of Chicago and Edith Hotchkiss of Boston College. READ MORE
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SPONSORED CONTENT
Predatory Uptiering: Three Steps to Protect Against Being Primed
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 | | Editor's Picks |
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Judge OKs $30M Emergency Loan for Bankrupt Owner of Three CT Hospitals, as Payroll Crisis Looms
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With $18 million in payroll due next week, bankrupt hospital operator Prospect Medical Holdings asked a judge on Wednesday to approve $30 million in emergency debt financing as it faces a cash crunch, CTPost.com reported. Prospect, which owns Waterbury, Manchester Memorial and Rockville General hospitals, said that it needed the cash infusion to avoid layoffs and service cuts at its hospitals in California and Connecticut. READ MORE
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Omega Healthcare Tenant Genesis Files for Chapter 11 Bankruptcy Protection
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Omega Healthcare Investors' tenant, Genesis Healthcare, has filed for chapter 11 bankruptcy protection, the REIT that owns skilled nursing and assisted living facilities said on Thursday, SeekingAlpha.com reported. Omega said in a business update that it has decided to commit $8M to fund 26.7% of the expected debtor-in-possession financing, in order to support sufficient liquidity to effectively operate the facilities during bankruptcy. READ MORE
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The Federal Government Is Retreating From Student Lending
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The federal government is retreating from its central role in financing higher education, the Wall Street Journal reported. President Trump’s big tax-and-spending law includes new restrictions on how much students can borrow and how they repay. The provisions begin to reverse the government’s near takeover of the $1.7 trillion student lending market over the past six decades. (Subscription required.) 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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Genesis Looks to Scale Back Leases, Keep Staff on Board as Bankruptcy Gets Under Way
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Genesis HealthCare has asked a federal judge to help it quickly shed costly leases and abandoned facilities but retain employees who might be worried about the company’s future now that it is in bankruptcy, McKnights Long-Term Care News reported. During a five-hour hearing Friday, the company asked Judge Stacey G Jernigan of the U.S. Bankruptcy Court for Northern Texas for relief in 16 separate subject areas as it begins a restructuring and sale process that it announced via a late-night court filing on Wednesday. READ MORE
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Gardener’s Supply Co. Bankruptcy Is Set to Hit Western Massachusetts Farms Hard
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The west-facing slopes of Bare Roots Farm in West Chesterfield are a long way from U.S. Bankruptcy Court in Delaware. That distance doesn’t blunt the effect of Gardener’s Supply LLC’s filing for chapter 11 bankruptcy in Delaware last month, leaving the little farm’s owners with a budget-busting hole in their finances, MassLive.com reported. READ MORE
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U.S. Online Spending Surges $24.1 Billion as Steep Discounts Boost Sales, Adobe Analytics Says
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Online spending soared $24.1 billion across U.S. retailers during the stretch from July 8 to 11 — dubbed “Black Friday in Summer,” outpacing Adobe Analytics’ prior forecast, as eager shoppers rushed to snap up deep discounts on back-to-school essentials, CNBC.com reported. Retailers recorded online sales growth of 30.3% during events that included Amazon Prime Day, Adobe said on Saturday, compared with its projections of 28.4%. Online retail sales in the U.S. rose 11% to $14.2 billion a year ago. READ MORE
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U.S. Bank M&A Hopes Revive under Trump Regulators
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Takeover speculation in Northern Trust, opens new tab has revived industry hopes of deals among large U.S. and regional banks, propelling exploratory conversations that could lead to consolidation, according to financial executives and analysts, Reuters reported. Talk of potential mergers and acquisitions among Wall Street banks and large regional lenders has increased in recent weeks in a major shift under the Trump administration after regulators under the Biden administration opposed or blocked big deals, according to three senior financial executives who declined to name specific talks or be identified, citing confidential discussions. READ MORE
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