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Debtwire Analysis: Linqto Shareholder Sapien Group Emerges as Case Antagonist, Challenging Venue and Board’s Authority to File Case
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Linqto’s Chapter 11 case is not one that the Debtwire team typically would cover because it lacks significant prepetition funded debt. However, like Purdue Pharma in some ways, it raises interesting legal issues that are worth the watch, the most imminent of which is a venue fight that could give a relatively new Texas bankruptcy court judge the opportunity to show us his views on venue. READ MORE
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Hospital Failures Following Private-Equity Payouts Leave Patients, Taxpayers in Lurch
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The recent collapses of Steward Health Care System and Prospect Medical Holdings, the two biggest hospital bankruptcies in decades, are forcing communities to pay up to fill gaps in patient care and budgets left by the failed chains, WSJ Pro Bankruptcy reported. State and local governments and community nonprofits have poured in tens of millions of dollars to bail out the bankrupt companies’ hospitals, according to public officials and court records. Steward and Prospect are also delinquent on property taxes and other levies, forcing some communities to hike property taxes. (Subscription required.) READ MORE
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Fed Holds Rates Steady but Sees First Double Dissent in Three Decades
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The Federal Reserve kept short-term interest rates at a level of 4.25 percent to 4.5 percent on Wednesday, but the vote saw the first double dissent from Fed board officials in more than 30 years, The Hill reported. Nine members of the Federal Open Market Committee (FOMC) agreed to keep rates where they are. READ MORE
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City Of Orange Facing Bankruptcy Without Major Changes, Study Warns
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Orange City Council members have been warned by their accounting consultants that the city could face bankruptcy in three years without significant changes, KFIam640.com reported. The warning came from Grant Thornton, a consulting firm hired by the city, who advised that Orange needs to increase its sales tax, cut 12% of its general fund, and attract new businesses to avoid financial collapse. Without these changes, the city could accumulate over $40 million in debt by the end of 2031. READ MORE
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Genesis Says Maine Nursing Homes Won’t Close Despite Bankruptcy Filing
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Genesis HealthCare, which operates nursing homes in 17 states, including Maine, has filed for chapter 11 bankruptcy as part of what it calls a “financial restructuring,” NewsCenterMaine.com reported. The company, which owns 11 nursing homes across Maine, says the filing will not affect patient care or lead to any closures at this time. Genesis’s facilities in Maine stretch from Kennebunkport to Orono. READ MORE
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Baltimore Developer Files for Chapter 7
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Brandon Chasen, a Baltimore real estate developer whose company was once recognized as one of the fastest-growing businesses in the U.S., has agreed to enter bankruptcy, the Baltimore Banner reported. Lawyers for three creditors — Sandy Spring Bank, Ferguson Enterprises LLC and Southland Insulators of Maryland Inc. — on June 16 filed a petition to force Chasen into chapter 7 liquidation bankruptcy. Instead of contesting the move, Chasen’s attorney, Adam Freiman, wrote in court documents that his client had agreed to voluntarily proceed. READ MORE
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U.S. Economic Growth Likely Rebounded in Q2, but with Weak Underlying Details
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U.S. economic growth likely rebounded in the second quarter as the flow of imports subsided, but with consumer spending anticipated to have increased moderately and business investment in equipment stalled that would grossly exaggerate the economy's health, Reuters reported. The Commerce Department's advance gross domestic product report on Wednesday would be heavily distorted by trade as was the case in the January-March quarter when the GDP contracted for the first time in three years. READ MORE
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