 | | Featured Premium Content |
|
|
ABI Journal: “Hashing” It Out: Avoiding a Prolonged Cross-Border Fight in FTX
|
|
|
One of the most complicated and contentious issues in cross-border bankruptcy cases is the location and ownership of a debtor’s intangible assets. The bankruptcy cases of FTX, one of the largest cryptocurrency exchanges in the world, initially threatened this type of contentious dispute over ownership of intangible property, with one corporate entity in liquidation in the Commonwealth of the Bahamas (where FTX’s corporate headquarters were located), and the rest of the FTX corporate structure in chapter 11 in the District of Delaware. READ MORE
|
|
|
 | | Editor's Picks |
|
|
Default Warnings Start to Pile Up in Private Credit Market
|
|
|
Warnings on defaults are starting to pile up in the $1.7 trillion private credit market, prompting at least some analysts to raise concern about underappreciated risks in one of Wall Street’s favorite money spinners, Bloomberg News reported. For years, losses have been contained by the fact that private credit firms have more room than many other investors to be patient with borrowers when times are tough. During the pandemic direct lenders granted companies more time to pay their obligations, often by negotiating behind the scenes with private equity owners. READ MORE
|
|
|
Spirit Air Borrows $275 Million to Avoid Card Payment Disruption
|
|
|
Spirit Airlines Inc. borrowed $275 million via a revolving credit facility to avert a looming cash crunch that had threatened to cut off the company’s ability to accept credit card payments from customers, Bloomberg News reported. At least $50 million of the cash will be set aside in order to satisfy the bank that processes Spirit’s credit card transactions, the company said in a regulatory filing. (Subscription required.) READ MORE
|
|
|
Another 25 Former Powin Employees Will Be Laid Off After Bankruptcy, Asset Sale
|
|
|
The Oregon battery manufacturer formerly known as Powin plans to lay off another 25 employees, including nine in Oregon, after entering bankruptcy and selling most of its assets to a company in North Carolina, The Oregonian reported. That’s according to a layoff notice filed on Wednesday with state workforce officials. Powin, based in Tualatin, filed for chapter 11 bankruptcy in June citing more than $300 million in debt. The company laid off almost 250 workers at the time, including 100 in Oregon. (Subscription required.) READ MORE
|
|
|
 | | Upcoming Events |
|
|
Southwest Bankruptcy Conference
|
|
The Ritz-Carlton Bacara
August 25-27 | Santa Barbara, Calif.
|
|
|
International Committee Meet & Greet
|
|
Online Networking
September 30
|
|
|
 | | Daily Roundup |
|
|
U.S. Business Activity Picks Up in August, with Factories Leading the Way
|
|
|
U.S. business activity picked up pace in August, led by a resurgent manufacturing sector that saw the strongest growth in orders in 18 months, a purchasing managers survey showed on Thursday, Reuters reported. S&P Global's flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 55.4 this month, the highest level since December, from 55.1 in July. A reading above 50 indicates expansion in the private sector. READ MORE
|
|
|
U.S. Home Sales Rose in July as Mortgage Rates Eased a Bit and Home Prices Grew More Slowly
|
|
|
Sales of previously occupied U.S. homes rose in July as homebuyers were encouraged by a modest pullback in mortgage rates, slowing home price growth and the most properties on the market in over five years, the Associated Press reported. Existing home sales rose 2% last month from June to a seasonally adjusted annual rate of 4.01 million units, the National Association of Realtors said yesterday. READ MORE
|
|
|
CMBS Buyers Face $488 Million Wipeout on NYC’s Worldwide Plaza
|
|
|
Money managers who bought a $705 million commercial-mortgage bond tied to Manhattan’s Worldwide Plaza building are at risk of substantial losses after the property’s appraisal was slashed amid the departure of key tenants, Bloomberg Law reported. The 49-story skyscraper at 825 8th Ave. was recently reassessed at $345 million, according to loan documents, less than a fifth of its original $1.74 billion value when the debt was issued in 2017. (Subscription required.) READ MORE
|
|
|
Bankruptcy Case Still Looms Large for Buccaneers Rookie Safety Shilo Sanders
|
|
|
Tampa Bay Buccaneers rookie safety Shilo Sanders might be a close call to make the team’s 53-man roster when the deadline comes to cut players next week. Tampa Bay coach Todd Bowles recently said that Sanders is a "very hungry" player but that this week would be "very important" in determining who makes the cut, including a preseason game Aug. 23 against Buffalo. In the meantime, perhaps nobody else has a bigger financial stake right now in what happens to Sanders than the man Sanders owes more than $11 million, USA Today reported. READ MORE
|
|
|
Sarepta Therapeutics Announces Refinancing of Approximately $700 Million of 1.25% Convertible Senior Notes Due 2027
|
|
|
Sarepta Therapeutics, Inc., a company focused on precision genetic medicine for rare diseases, said yesterday that it has entered into separate, privately negotiated exchange agreements with a limited number of holders of its 1.25% convertible senior notes due 2027, according to a company press release. READ MORE
|
|
|
|
|
