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ABI Materials: Hot Topics in Consumer Chapter 13 Filings
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A panel at the 2025 Midwest Regional Bankruptcy Seminar examined the most pressing issues currently affecting consumer chapter 13 cases, including evolving interpretations of the Code, trends in plan confirmation and modification, treatment of secured and priority claims, and the impact of student loan developments and pandemic-related relief. READ MORE
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 | | Editor's Picks |
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Kyte, Which Billed Itself as the ‘Best Competitor to Hertz,’ Shuts Down
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Rental car startup Kyte has shut down nearly one year after slashing staff and exiting most of its cities in the U.S., TechCrunch.com reported. The company sold its customer list to Turo in July, and then turned right around and entered into a form of receivership in California, according to a notice that went out to Kyte’s creditors. Kyte fell behind on some of its loans earlier this year, according to the notice. That caused the company’s top lender to repossess and liquidate Kyte’s vehicle fleet. READ MORE
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Spirit Airlines Reels from Costs that Quick-Fix Bankruptcy Missed
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On its first day in bankruptcy court last November, Spirit Airlines had a simple message for its employees, customers and creditors: Nothing would change for “99.9%” of them, as company lawyer Marshall Huebner put it, Bloomberg News reported. The no-frills discount carrier only filed its chapter 11 so it could implement a deal with a small number of bondholders who had agreed to swap their debt for stock. That would slash Spirit’s interest bills without the long, expensive court fights — with unions, plane-lease companies, and others — seen when rival airlines went broke. (Subscription required.) READ MORE
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Aleon Metals Secures $188 Million Financing and Files for Chapter 11 Protection
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Aleon Metals, together with subsidiaries Gladieux Metals Recycling (GMR) and Aleon Renewable Metals (ARM), announced yesterday that it has secured $188 million in debtor-in-possession (DIP) financing and has filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, according to a company press release. The new financing will provide Aleon with the liquidity to maintain normal operations, reinvest in its Freeport, Texas, facilities, and continue its mission of delivering responsibly sourced, high-purity critical minerals essential to U.S. industries, national security and clean energy. READ MORE
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 | | Upcoming Events |
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Southwest Bankruptcy Conference
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The Ritz-Carlton Bacara
August 25-27 | Santa Barbara, Calif.
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abiLIVE: "Navigating the Complexities of Retirement Plan Terminations"
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abiLIVE Webinar sponsored by Inspira Financial
September 4
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 | | Daily Roundup |
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U.S. Retail Sales Rise in July
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U.S. retail sales increased solidly in July, supported by strong demand for motor vehicles as well as promotions by Amazon.com and Walmart, though a softening labor market and higher goods prices could curb consumer spending growth in the third quarter, Reuters reported. Sales increased 3.9% on a year-over-year basis. Motor vehicles led the almost broad rise in sales, with receipts at auto dealerships advancing 1.6% after rising 1.4% in June. A rush to buy battery-powered electric vehicles ahead of the September 30 expiration of federal government tax credits helped to drive automobile sales in July, analysts at J.P. Morgan said. READ MORE
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He Earned a Small Town’s Trust. Then He Owed $95 Million in What Authorities Say Was a Ponzi Scheme
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For decades, Miles “Burt” Marshall was the man you went to see in a stretch of upstate New York if you had some money to invest but wanted to keep it local, the Associated Press reported. Marshall, however, owed almost 1,000 people and organizations about $95 million in principal and interest when he filed for bankruptcy protection two years ago, according to the trustee’s filings. READ MORE
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U.S. Business Inventories Rise as Expected in June
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U.S. business inventories increased as expected in June, lifted by higher motor vehicle stocks, Reuters reported. Inventories rose 0.2% after being unchanged in May, the Commerce Department's Census Bureau said on Friday. Inventories increased 1.6% year on year. They decreased at a $26 billion annualized rate in the second quarter, subtracting 3.17 percentage points from GDP growth. The drag was more than offset by a smaller trade deficit as a tariff-related flood of imports subsided. READ MORE
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Rivian Says It Faces $100 Million Hole After Relaxation of Fuel Economy Rules
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Electric truck maker Rivian says the rollback of fuel economy rules in the U.S. is holding up $100 million of revenue, a sign of how changes to automotive policy under the Trump administration are starting to hurt the electric-vehicle industry, the Wall Street Journal reported. Rivian and its rivals have generated hundreds of millions of dollars in revenue selling credits tied to the nation’s fuel economy rules. But after the Trump administration removed penalties for violating those standards, the nation’s top automotive regulator stopped issuing paperwork necessary to finalize those credits, leaving EV makers in the lurch. (Subscription required.) READ MORE
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Appeals Court Allows Trump Administration to Resume CFPB Dismantling
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A federal appeals court panel on Friday overturned a judge’s block on the Trump administration’s dismantling of the Consumer Financial Protection Bureau (CFPB), paving the way for mass layoffs to resume, The Hill reported. The U.S. Court of Appeals for the District of Columbia Circuit panel voted 2-1 that employee unions and groups that use CFPB services have no right to bring their challenge in federal court. READ MORE
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