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Aleon Metals Engages Restructuring Counsel
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Aleon Metals, a metals recycler and processor, has tapped restructuring lawyers from Morrison & Foerster to advise on efforts to revamp its troubled balance sheet, WSJ Pro Bankruptcy reported. The Freeport, Texas-based private company has struggled with operational issues. Aleon is considering a potential sale to an outside investor as part of its restructuring or handing over control of the company to its creditors. READ MORE
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GENIUS Act Bankruptcy Changes Give Holders Top Recovery Priority
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The “GENIUS Act” represents one of the most significant amendments to U.S. bankruptcy law since 2005, by allowing stablecoin holders to be repaid before all other creditors when reserves fall short, Bloomberg Law reported. The legislation (S. 1582), signed into law by President Donald Trump on July 18, is likely to upend certain core assumptions of the bankruptcy system. It risks administrative insolvency for stablecoin operators that file for chapter 11, deters financing, and reshapes traditional creditor repayment hierarchies. READ MORE
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Trucking Company That Owes More Than $1M Files for Chapter 11 Bankruptcy
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Daniel Trucking International, a family-run trucking operation, has filed for chapter 11 bankruptcy, according to paperwork filed to the United States Bankruptcy Court for the Northern District of Illinois, MassLive.com reported. The paperwork was submitted on July 7, and indicates $1 million to $10 million in assets and liabilities, per The Street. The Street’s report also states that Huntington National Bank and M&T Capital are among the company’s largest creditors, and that Huntington Bank is owed $1.19 million. READ MORE
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DOJ Probing for Collusion in CLO Market During Libor Transition
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The U.S. Justice Department is conducting a criminal antitrust investigation into whether some investors in collateralized loan obligations colluded to bolster their positions as markets transitioned away from the scandal-plagued London interbank offer rate in early 2023, Bloomberg News reported. Antitrust prosecutors in New York have sent subpoenas to financial firms as they seek to determine whether investors with an equity stake in the $1.3 trillion CLO market illegally coordinated as the underlying buyout debt was repriced. The investigation was opened about a year-and-a-half ago. READ MORE
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Mergers and Acquisitions Series: Key Considerations in the Current Market
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abiLIVE Webinar sponsored by SC&H Capital
July 24
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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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Sundance Catalog Announces Closure as Its Artisans Try to Pull the Company into Bankruptcy Proceedings
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The going-out-of-business sign apparently is up at Sundance Living, the apparel and household decor catalog business, after mounting financial pressure from artisans who say the brand owes them more than $2 million, the <em>Salt Lake Tribune</em> reported. On Thursday, the company, formerly known as Sundance Catalog, advertised a “CLOSING SALE” on its website, saying, “Everything Must Go.” At the outlet in Salt Lake City’s Sugar House neighborhood, signs proclaimed, “Entire store on sale!” READ MORE
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Fashion Startup Founder Charged with $300 Million Fraud
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A former chief executive of two clothing technology companies who was once portrayed as an on-the-rise fashion entrepreneur has surrendered to face charges in an indictment unsealed Friday alleging that she cheated investors of over $300 million over the last six years, the Associated Press reported. Christine Hunsicker of Lafayette, N.J., was charged with six counts, including fraud, aggravated identity theft and false statement charges in the indictment in Manhattan federal court. READ MORE
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What a GOP Bill Banning Central Digital Currency Means for Consumer Banking
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A proposed GOP ban on a central bank digital currency (CBDC) could pump the brakes on grand visions to reshape electronic payment access around the Federal Reserve, The Hill reported. Republican lawmakers pushed the ban through the House on Thursday over concerns the government could use a CBDC to surveil Americans’ financial transactions. The banking industry has also lobbied against the currency, arguing the public already has sufficient access to easily usable and safe digital money. READ MORE
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Single-Family Homebuilding Hits 11-Month Low; Building Permits Slump
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U.S. single-family homebuilding dropped to an 11-month low in June as high mortgage rates and economic uncertainty hampered home purchases, suggesting residential investment contracted again in the second quarter, Reuters reported. The report from the Commerce Department on Friday also showed permits for future construction of single-family homes tumbled to more than a two-year low last month, aligning with downbeat sentiment among homebuilders. READ MORE
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