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WSJ Pro Bankruptcy: Platinum Equity’s LifeScan Files for Bankruptcy to Cut Debt, Cede Control to Lenders
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Glucose-monitor maker LifeScan filed for bankruptcy in Houston with an agreement to reduce most of its $1.7 billion in debt while handing control to its lenders, WSJ Pro Bankruptcy reported. The Malvern, Pa.-based health technology company said the restructuring plan would cut more than 75%, or roughly $1.3 billion, of its debt. READ MORE
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 | | Editor's Picks |
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House Judiciary Subcommittee Hearing Examined Debt Limits for Subchapter V and Chapter 13, Student Loan Dischargeability, Chapter 7 Trustee Compensation and More
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The House Judiciary Subcommittee on the Administrative State, Regulatory Reform, and Antitrust held a hearing yesterday titled "Bankruptcy Law: Overview and Legislative Reforms." Among the topics addressed were subchapter V and chapter 13 debt eligibility limits, chapter 7 trustee fees/compensation, bankruptcy judgeships, data privacy in bankruptcy proceedings and more. Witnesses included Bankruptcy Judges Michelle Harner (D. Md.) and Paul Black (W.D. Va.), and Profs. Melissa Jacoby of the University of North Carolina at Chapel Hill, Douglas Baird of the University of Chicago and Edith Hotchkiss of Boston College, and Megan Murray of Underwood Murray. To read the prepared witness testimony and access a replay of the hearing, please click here.
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U.S. Inflation Accelerated in June as Trump’s Tariffs Pushed Up Prices
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Inflation accelerated in June as President Trump’s tariffs started to leave a bigger imprint on the economy, keeping the Federal Reserve on track to hold interest rates steady when policymakers next meet this month, the New York Times reported. The Consumer Price Index rose 2.7 percent from a year earlier, the swiftest pace since February, data released by the Bureau of Labor Statistics showed on Tuesday. That is slightly higher than expected and up from an annual pace of 2.4 percent in May. READ MORE
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Debtors Who Failed to Disclose Foreign Assets Lose Bankruptcy Discharge After U.S. Trustee Program Investigation
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A Texas couple who failed to disclose assets in Dubai and Pakistan waived their bankruptcy discharge of more than $14.6 million in unsecured debt after an investigation by the Department of Justice’s U.S. Trustee Program (USTP), according to a DOJ press release. On May 30, the Bankruptcy Court for the Northern District of Texas approved a waiver of discharge by chapter 7 debtors Hasan Farid Hashmi and Umme Salma Hashmi. As a result, the Hashmis remain personally liable for their debts, and creditors are free to pursue payment from them after the case is closed. 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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Chuck E. Cheese Owner Talks Equity Deal After Failed Junk Bond
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Chuck E. Cheese owner CEC Entertainment is in talks with its equity investors for some $600 million to cover upcoming debt payments, after the company failed to raise cash in the junk-bond market, Bloomberg News reported. CEC investors, including Monarch Alternative Capital, are expected to provide the backstop to address a bond that comes due in May. The company, which operates more than 570 restaurants globally, has also held discussions with private lenders over refinancing its debt. (Subscription required.) READ MORE
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149 Nevadans Losing Jobs as Major Bus Company Plans to Shut Down Facility
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A company that runs commuter and charter bus services, including Megabus, is laying off more than 100 workers in Nevada as it plans to close a facility, the Reno Gazette Journal reported. Elko Bus Lines filed a WARN notice — used to inform states and employees about mass layoffs — over the closure of Coach USA at 4105 West Idaho Street in Elko. The layoffs of 149 employees — 94 of them drivers — are permanent, according to the notice. Other staff members include mechanics and managers. READ MORE
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Trump Moves to End Crypto Week Legislation Snag
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U.S. President Donald Trump on Tuesday stepped in to broker an agreement among Republican lawmakers after a snag cast doubt on the fate of long-awaited cryptocurrency legislation that would mark a major victory for the digital assets sector, Reuters reported. A failed procedural vote in the House of Representatives earlier on Tuesday sent shares of crypto firms lower. But the Republican president said in a statement late on Tuesday that he was meeting in the Oval Office with 11 of 12 members of Congress needed to pass the legislation. READ MORE
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Large U.S. Banks Say Consumer Finances Are Healthy Despite Tariffs
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U.S. banking giants said consumers remained in good shape even after U.S. President Donald Trump's tariff policies roiled markets, but executives warned of potential weakness ahead, Reuters reported. "The consumer basically seems to be fine," JPMorgan CFO Jeremy Barnum said in a call with analysts. The bank set aside $2.85 billion for credit losses in the second quarter, roughly 6.5% less than a year earlier. READ MORE
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