U.S. Announced Job Cuts Surge in March​​​

Layoffs announced by U.S. employers surged in March to the highest level since the pandemic recession as the government purged federal workers and contractors to slash spending, Reuters reported. Global outplacement firm Challenger, Gray & Christmas said on Thursday that planned job cuts increased 60% to 275,240 last month, the highest level since May 2020, when the economy was reeling from the first wave of the COVID-19 pandemic. It was also the third-highest monthly total on record. About 497,052 layoffs were announced in the first three months of the year, the highest since the first quarter of 2009, when the economy was at the tail end of the Great Recession. More than half of the job cuts were in Washington, D.C., reflecting the federal government layoffs. Challenger said it had over the past two months tracked 280,253 planned layoffs of federal workers and contractors impacting 27 agencies. Another 4,429 job cuts were from the downstream effect of cutting federal aid or ending contracts, impacting mostly nonprofits and health organizations. Read more.​​​​​​

Number of Americans Seeking Unemployment Benefits Fell Last Week​​​

The number of Americans seeking unemployment benefits fell modestly last week, remaining within the same range of recent years, the Associated Press reported. Jobless claim filings fell by 6,000 to 219,000 for the week ending March 29, the Labor Department said Thursday. Weekly applications for jobless benefits have remained mostly in a range between 200,000 and 250,000 for the past few years. The four-week average of applications, which aims to smooth out some of the week-to-week swings, fell by 1,250 to 223,000. The total number of Americans receiving unemployment benefits for the week of March 22 increased by 56,000 to 1.9 million. That's the most since November 2021. Read more.​​​​​​

Subchapter V Experiences to Share? ABI Wants to Hear from You!

ABI is continuing its study of Subchapter V, and it needs your help! We are particularly interested in learning more about the real-world impact of Subchapter V. So our question is, do you have a story about a distressed business or creditor who has used or benefited from the subchapter? If so, could that case still happen under the lower debt cap for Subchapter V debtors? Any and all responses are welcome. Submit your story at https://abi.org/subvstories.
 

Trump Administration Takes Big Step to Change Student Loan Forgiveness and Repayment Plan Rules​​​

The U.S. Department of Education took a key step on Thursday to initiate a process that could result in major changes to several federal student loan forgiveness and repayment programs, Forbes reported. The department issued a formal notice of its intent to initiate negotiated rulemaking, a process under federal law that allows officials to update or change regulations governing various federal student loan programs. According to the notice, the department will focus specifically on Public Service Loan Forgiveness, Income-Contingent Repayment and Pay As You Earn – popular programs that offer student loan forgiveness to borrowers after years of repayment. “This process will focus on how the Department can rightsize Title IV regulations that have driven up the cost of college and hindered innovation,” said Acting Under Secretary James Bergeron in a statement on Thursday. “Not only will this rulemaking serve as an opportunity to identify and cut unnecessary red tape, but it will allow key stakeholders to offer suggestions to streamline and improve federal student aid programs.” Read more.​​​​​​

Moody's: Q1 2025 Apartment Vacancy Rate Highest Since 2010; Office Vacancy Rate at Record High​​​

Moody’s Analytics reported that the apartment vacancy rate was at 6.3% in Q1 2025, unchanged from an upwardly revised 6.3% in Q4 and up from 5.8% in Q1 2024, according to a Calculated Risk blog post. This is the highest vacancy rate since 2010. The office sector’s vacancy rate continued its steady climb and finished the year at another record high of 20.4%. The widespread popularity of hybrid and remote work persists while pre-pandemic and early-pandemic leases continue to roll over, according to Moody's. The retail sector’s vacancy rate held steady at 10.3% while effective rent grew by 0.3% in Q4. The sector’s constant evolution under intense competition from e-commerce and changes in the retail experience was stabilized by constrained inventory growth. Read more.​​​​​​

Crypto Execs Ask Congress to Let Stablecoins Pay Interest as Bill Set to Advance​​​

Some influential cryptocurrency executives are making a last-minute pitch to Congress to allow interest to be paid on U.S. dollar-pegged tokens as part of popular legislation establishing a regulatory framework for stablecoins, Reuters reported. That lobbying effort has been met with mixed reactions from lawmakers, and has also raised concerns from financial industry watchdogs who warn that yield-bearing stablecoins could encourage consumers to move deposits into uninsured crypto accounts and out of the regulated banking system. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly. But some crypto executives and lawmakers are divided as to whether stablecoins should be treated as equivalent to cash, or if they are more like deposits at banks and should be able to earn interest. Read more.​​​​​​

Listen to the Latest Episode of "Women in Restructuring" Podcast Featuring Rachel Strickland​​​

Host Sarah Foss of Debtwire talks with Rachel Strickland of Fried Frank about in-court restructuring trends, challenges for women in the field, and why restructuring practice can be a bit like the movie Fight Club. Listen to this and other podcast episodes by clicking here, or subscribe on your preferred podcast service!

ASM Spotlight: BAPCPA Turns 20!​​​

As BAPCPA turns 20 this year, an expert panel at ABI's Annual Spring Meeting (April 24-26 in Washington, D.C.) will reflect on its past two decades: what worked, what didn’t, and what might come next. Register today.

Application and Nomination Period for ABI’s 2025 “40 Under 40” Open Through June 30​​​

The ABI "40 Under 40" annual program continues to highlight the best up-and-comers in the industry. If you are, or know of, a dynamic insolvency professional who is committed to growth and excellence both professionally and in your community, this is one opportunity not to be missed! Applications are due June 30. Click here for more information and to submit a nomination or application. 

Access All Current ABI Titles Through ABI’s New Digital Book Subscription!​​​

One of the best collections of bankruptcy books is now available as an annual digital subscription! ABI’s bankruptcy library opens the door to a constantly evolving area of the law, and our books are continually being updated by top industry professionals. Auto-renewing annual subscriptions guarantee immediate access to this invaluable resource, which is comprised of fully searchable content that’s always available on any digital device. Convenient pricing plans for individual and institutional subscribers offer immediate and unlimited access to our entire digital library of books — nearly 100 treatises! Plus, you get advanced access to new and revised books as soon as they are published — all included in your annual subscription. Learn more!

Have an Idea for a Topic for an ABI Conference Session? Submit Your Proposal via ABI’s “Call for Abstracts” Page!​​​

ABI has launched an online portal for professionals to submit proposals for educational sessions at future ABI conferences. Submitters can describe their proposed topic, outline the session’s focus and learning goals, suggest speakers, and provide contact information via the portal’s detailed form. The portal can be accessed here.

All submissions will be reviewed by an internal Education Committee, which will contact the submitter to ask questions as needed and to discuss the status of the proposal. Submissions will be reviewed on a rolling basis.

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