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WSJ Pro Bankruptcy: A Disabled Veteran Was Getting Publishers Clearing House Prize Money. Then the Company Went Bust.
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This February, Tamar and Matthew Veatch were expecting their annual six-figure Publishers Clearing House “forever” prize payment to arrive, as it had for the past four years. It never came, WSJ Pro Bankruptcy reported. The couple, both disabled Army veterans from Cottage Grove, Ore., reached out to the sweepstakes operator and were told that the payment, just under $200,000 after tax, for Tamar’s annuity prize would resume in July, on a quarterly schedule. Then, in April, PCH filed for bankruptcy, listing 10 prize winners among its largest unsecured creditors, court records show. READ MORE
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 | | Editor's Picks |
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Kodak Pension Surplus to Ease Its Debt Load
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Eastman Kodak raised doubts this week about its survival, but its top lender is likely to receive substantial repayment after the iconic film company finishes winding down its pension fund, WSJ Pro Bankruptcy reported. Through a series of amendments starting in 2023 to Kodak’s term loan agreement, the company has been able to earmark some of the proceeds from its pension wind-down to repay lenders, primarily the opportunistic credit investor Kennedy Lewis Investment Management. READ MORE
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Brazil Court Eases Way for Telecom Firm Oi to Seek Chapter 11
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A Rio de Janeiro court suspended the enforceability of obligations set out in Oi SA’s judicial recovery plan in Brazil, opening the way for the company to potentially seek a chapter 11 filing in the U.S., Bloomberg News reported. The court’s decision prevents the imposition of any liens or claims on the troubled Brazilian telecom operator’s assets from Aug. 13 to Aug. 31, the filing reads. It also required the company to present a transition plan to ensure the continuity of its public services. (Subscription required.) READ MORE
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Creditors to Genesis Judge: Don’t Let Investors’ Recycled Bankruptcy Blueprint Leave Us ‘Holding the Bag’
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A large group of creditors with claims against Genesis Healthcare objected this week to the company’s “compressed” bankruptcy timeline and its aim to cancel many of its financial obligations in exchange for $30 million in immediate funding, McKnights Long-Term Care News reported. The claimholders committee told a federal judge in Texas that the proposal pushed by Genesis is artificially fast-tracked to benefit the provider and its inside partners, including landlords, and would leave just $15 million in assets to resolve $1 billion dollars in external claims. READ MORE
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Navigating Current Bankruptcy Filing Trends
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 | | Daily Roundup |
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Longtime Memphis Brewery Files for Bankruptcy, Eyes Possible Sale
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Memphis Made Brewing Company, one of the oldest breweries in Memphis, has filed for chapter 11 protection, the Memphis Commercial Appeal reported. According to documents filed Aug. 7, the company has between $1 million to $10 million in assets. READ MORE
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QVC’s Top Lenders Sign Cooperation Pact as Debt Prices Slide
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A group of QVC Group’s revolving lenders has entered a pact in a rare show of unity as the struggling cable TV and online retailer weighs options to shore up its balance sheet, <em>WSJ Pro Bankruptcy</em> reported. The lenders, holders of the retailer’s $3.25 billion revolving credit facility, have been working with law firm Simpson Thacher & Bartlett and financial adviser Lazard in recent weeks to form a cooperation group. READ MORE
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New York Sues Zelle, Says Security Lapses Led to $1 Billion Consumer Fraud Losses
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Zelle was sued on Wednesday by New York Attorney General Letitia James, who said the electronic payment platform's refusal to adopt critical safety features enabled fraudsters to steal more than $1 billion from consumers, Reuters reported. The lawsuit in a New York state court in Manhattan followed the U.S. Consumer Financial Protection Bureau's decision in March to drop a similar case. READ MORE
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Trump Warns of Economic Disaster if Court Strikes Down Tariffs
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The Trump administration’s top lawyers urged a federal court this week to uphold its sweeping global tariffs or risk “financial ruin,” warning that the United States could slip into an economic depression if an adverse ruling forces the government to refund billions of dollars in duties, the New York Times reported. While experts broadly disputed that a losing verdict would trigger a calamity of that magnitude, many said the government’s extraordinary assertions underscored the risks looming over President Trump, who has widened the scope of his punishing trade war even while its legal basis remains unsettled. READ MORE
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