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WSJ Pro Bankruptcy: Georgia-Pacific Asbestos Unit Beats Appeal to Stay in Bankruptcy
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A federal appeals court kept Georgia-Pacific’s Bestwall asbestos unit in bankruptcy, once again ruling against asbestos-injury claimants who want the chapter 11 case dismissed because of the parent company’s solvency, WSJ Pro Bankruptcy reported. On a 2-1 vote, the U.S. Court of Appeals for the Fourth Circuit in Richmond, Va., said Friday that federal courts have jurisdiction to oversee chapter 11 cases filed by businesses that aren’t in financial distress. READ MORE
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 | | Editor's Picks |
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Brazil's Azul Secures $650 Million Investment Commitment
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Brazilian airline Azul said it signed an agreement with certain stakeholders for a $650 million investment in a future capitalization deal, according to a late Friday securities filing, Reuters reported. The airline's so-called "backstop commitment agreement" must be approved by the U.S. court overseeing its bankruptcy proceedings, the filing said. READ MORE
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Brazil Telecom Firm Oi Is Preparing a Chapter 11 Filing
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Distressed Brazilian telecom operator Oi SA is preparing a chapter 11 bankruptcy filing in a U.S. court, Bloomberg News reported. The company is working with law firm White & Case LLP, the people said, asking not to be named discussing private details. The company will probably file as soon as its ongoing chapter 15 process is canceled. (Subscription required.) READ MORE
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Long Island’s Oheka Castle Seeks Chapter 11 to Halt Foreclosure
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The owner of Oheka Castle, a century-old Gold Coast landmark on Long Island, has filed for chapter 11 protection in New York bankruptcy court in a last-minute effort to block a foreclosure sale and run its own controlled sale process, USAHerald.com reported. In filings late Thursday, Kahn Property Owner LLC — led by developer Gary Melius — said the automatic stay triggered by chapter 11 will allow it to stop a scheduled foreclosure auction and instead pursue a strategy aimed at preserving the property’s value for creditors. READ MORE
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 | | Daily Roundup |
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Brightline Florida Bondholders Hire Lawyers as Train Line Seeks to Cut Debt
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Florida’s Brightline high-speed rail line, owned by Fortress Investment Group, is in talks with a group of municipal bondholders to extend a bond repayment deadline, as the owner seeks fresh capital to pay down debt, WSJ Pro Bankruptcy reported. A group of municipal bondholders has hired law firm HSF Kramer, formerly Kramer Levin, to represent it in talks over an Aug. 13 deadline the project faces to redeem $985 million in so-called commuter bonds. These tax-exempt municipal bonds are linked to financing for commuter lines connected to the main train line. READ MORE
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Everstream Wins Court Approval for $385M Chapter 11 Sale
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A Texas bankruptcy judge has approved the Everstream $385M chapter 11 sale, paving the way for the Ohio-based business-only fiber internet provider to emerge from bankruptcy with a new owner, USAHerald.com reported. On Friday, U.S. Bankruptcy Judge Christopher M. Lopez signed off on Everstream Solutions LLC’s $384.6 million going-concern sale to Bluebird Fiber, which topped its initial stalking-horse bid by nearly $100 million during a July auction. READ MORE
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SEC's Atkins Wants to Make Crypto Rules 'Very Straightforward' and that May Take a While
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Securities & Exchange Commission Chair Paul Atkins said Friday he wants to make rules for crypto companies "very straightforward" to give investors more "certainty," but he cautioned that it may take up to a few years before the rules are in place, YahooFinance.com reported. “You want to ask questions first and have people give input to make sure things are correct and there are no loopholes,” he said one day after he launched what he is calling "Project Crypto." READ MORE
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Federal Reserve Governor Kugler Steps Down
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The Federal Reserve announced Friday that governor Adriana Kugler will step down next week, opening up a spot on the central bank's powerful board that President Donald Trump will be able to fill, the Associated Press reported. Kugler, who did not participate in the Fed's policy meeting earlier this week, would have completed her term in January. Instead, she will retire Aug. 8. She did not provide a reason for stepping down in her resignation letter. READ MORE
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12 Years After Bankruptcy, a Changed Detroit Is Picking a Mayor
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The last time Detroit voters chose a new mayor, the local government was largely controlled by the state, the population was in free-fall and the city was careening through the largest municipal bankruptcy in American history. A dozen years later, Detroit is functional again. Local control of City Hall was long ago restored, the city’s bond rating is on the upswing and the streetlights are back on, the New York Times reported. And after decades of hemorrhaging residents, the city has seen slight upticks in population in the last two years, according to Census Bureau estimates. READ MORE
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