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BankruptcyData: Analysis of Party City's Plan Confirmation
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A bankruptcy court has confirmed Party City Holdco Inc.’s Plan of Liquidation, bringing closure to the retailer’s second chapter 11 in less than two years. BankruptcyData has compiled a comprehensive case summary including the filing background and capital structure, key sales transactions, committee negotiations and the plan settlement. WARN Act adversary proceedings and settlements and final plan terms, class treatment, and voting results. READ MORE
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Yellow’s Largest Shareholder Attacks Bankruptcy Plan Disclosures
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MFN Partners LP, Yellow Corp.'s largest shareholder, urged a bankruptcy court to reject the shuttered trucking company’s bid to solicit votes on a controlled liquidation plan that the hedge fund said “omits critical information” for stakeholders, Bloomberg Law reported. Yellow has made improvements to a prior chapter 11 wind-down plan negotiated with an official committee of unsecured creditors but its revised proposal is still improperly slanted in favor of union and employee pension funds, among other junior creditors, the Boston-based investment firm said in a filing Tuesday with the U.S. Bankruptcy Court for the District of Delaware. (Subscription required.) READ MORE
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Claire's Closing 290 Locations Amid Bankruptcy
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Accessories retailer Claire's just revealed a list of hundreds of stores it will close as part of its chapter 11 bankruptcy proceedings, CBSNews.com reported. In a court filing this week, the Hoffman Estates, Ill.-based jewelry retailer listed more than 290 stores it plans to close on a rolling basis. The company announced last week it sold its North American business to a private equity firm for more than $100 million. READ MORE
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Forever 21 Looks to Resurrect China, North America Business with New Partners
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Fast fashion brand Forever 21 is making its fourth run at the Chinese market, having previously entered and exited the world's second-largest economy three times since 2008, Reuters reported. Also in the brand's sights is a new partner to help relaunch in the North American market, with further announcements to come on that soon, according to Authentic Brands Group, the owner of Forever 21's global intellectual property. In March, Forever 21 filed for bankruptcy in the U.S. for the second time in six years and said that it would wind down its domestic operations, hurt by mounting online competition in the fast-fashion sector and weak mall traffic. READ MORE
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Urban Air Franchisee in San Antonio Shutters Amid Bankruptcy, Injury Lawsuits
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Less than a year after filing for chapter 11 bankruptcy — and subsequently halting a few personal injury civil suits — it seems one of two Urban Air Adventure Park franchisees in San Antonio has shuttered a pair of locations, MySanAntonio.com reported. It’s been a difficult few years for Urban Air Park North, a franchise owned and operated by Michele Hoskins according to the lawsuits filed and records searches. The company filed for bankruptcy in December, and the two locations (at Park North near Alamo Drafthouse and at Windsor Park Center on the Northeast Side) were marked as “temporarily closed” online. By April of this year, the company asked its landlords for access to the facilities to remove its belongings, which included large trampolines and obstacle courses, so it could terminate the lease. The request was approved by a judge in Bexar County on April 14. Since then, both locations have been vacated, and new tenants are moving in. (Subscription required.) READ MORE
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Treasury Department Wants U.S. Banks to Monitor for Suspected Chinese Money Laundering Networks
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The Treasury Department wants U.S. financial institutions to monitor for suspected Chinese money laundering networks handling funds that are used to fuel the flood of fentanyl across American communities, the Associated Press reported. An advisory Thursday to banks, brokers and others highlights how such operations are working with Mexican drug cartels. The Trump administration is calling on banks to flag certain customers who may fit a profile of people who could launder money for cartels. That could include Chinese nationals such as students, retirees and housewives with unexplained wealth, and those who refuse to provide information about the source of their money. READ MORE
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Walgreens Goes Private as Sycamore Closes Deal, Staples CEO to Replace Tim Wentworth
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Walgreens Boots Alliance is officially private and will cease to exist as a vertically integrated business on the Nasdaq, as Sycamore Partners closed its deal to acquire the retail pharmacy giant on Thursday, YahooFinance.com reported. Operations of the 124-year-old company will now be split, and the various business segments will be standalone, according to a statement from the company. READ MORE
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Wineries and Whiskey Makers Tap Private Credit for Financing
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Wineries, booze distributors and distilleries are turning to private credit for financing, especially as tariffs and a decline in drinking habits bring more risk to the alcohol industry, Bloomberg News reported. A direct lending partnership between Wells Fargo & Co. and Centerbridge Partners has provided several loans to beverage distributors in recent months, including Hand Family Cos. and Southern Crown Partners. (Subscription required.) READ MORE
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