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David's Bridal, one of the largest sellers of wedding gowns in the U.S., has filed for chapter 11 bankruptcy protection for a second time, 6abc.com reported. The news comes just days after the formalwear store chain said it would be eliminating 9,236 positions across the United States. The Conshohocken, Pa.-based retailer employs more than 11,000 workers. David's Bridal said that it is looking to sell the company, but in the meantime, stores are open and fulfilling orders for brides without disruption or delay. The announcement today marks the second time that David's Bridal has filed for bankruptcy in the last five years. The company previously filed for bankruptcy in 2018 after being laden with growing debt and declining sales of wedding dresses. It emerged from bankruptcy in 2019 as it continued to try to fix the business.

Vice Media has hired an executive from turnaround specialist AlixPartners as its interim finance chief as the struggling media company looks for a buyer, WSJ Pro Bankruptcy reported. AlixPartners Director Mark Del Priore fills a vacancy left by Bruce Dixon, who is now the media company’s co-chief executive. Mr. Del Priore will work with Vice Media management in “making decisions for company finances and overseeing strategic plans to improve the company’s financial health,” according to the memo. Mr. Del Priore has experience in turning around struggling companies in the media and marketing sector, having served as chief financial officer of marketing-services company Harte Hanks Inc. and advertising and mobile data business SITO Mobile Ltd. Vice Media’s divisions include online-publishing brands such as the flagship site Vice, Refinery29 and tech specialist Motherboard, as well as the Vice TV channel, Vice Studios and the Virtue ad agency.

SAS will not be using the second tranche of its $700 million debtor-in-possession (DIP) term loan in the second quarter of the year, due to stronger than expected development of the airline's liquidity, the airline said on Monday, Reuters reported. SAS may, depending on the development of its liquidity, continue discussions with Apollo regarding access to the second tranche of the DIP term loan at a later stage of the chapter 11 process. The airline will continue to pursue other financing initiatives that could boost its liquidity at a lower cost than a near-term use of the second tranche of the DIP term loan.

Major League Baseball’s largest local broadcaster is seeking discounts on contracts to air three teams’ games in a move the league has vowed to oppose, Bloomberg News reported. In a bankruptcy court hearing Thursday, Diamond Sports Group LLC’s lawyer Ross Firsenbaum told Judge Christopher Lopez that its contracts with the Minnesota Twins, Cleveland Guardians and Arizona Diamondbacks are unreasonable and worth “materially” less than what the company was paying to exclusively broadcast games in those markets through its Bally Sports brand. Lawyers for the MLB and the three teams said company is violating its contractual obligations that require periodic payments to continue broadcasting games. The company hasn’t paid the teams since it filed for bankruptcy last month. James Bromley, a lawyer representing the MLB Commissioner’s Office, said Diamond’s financial problems are its own doing and that if the broadcaster can’t pay, the league is prepared to broadcast games itself. The teams need the broadcast fees to pay their employees and other expenses, he said. Lopez denied the MLB’s request to rule on the dispute on an expedited basis and instead scheduled a hearing at the end of May that could determine the value of the contracts with the three clubs.

Tupperware Brands Corp., the household storage brand, has brought on advisers from Moelis & Co., Kirkland & Ellis LLP and Alvarez & Marsal while warning of a possible bankruptcy, WSJ Pro Bankruptcy reported. The Orlando, Fla.-based company warned this week that it may not be able to continue as a going concern and that it is exploring options for boosting liquidity, including raising financing from investors and selling its real-estate holdings. In addition to investment bank Moelis & Co. and law firm Kirkland & Ellis LLP, the company has been working with turnaround adviser Alvarez & Marsal, people familiar with the matter said. Bloomberg earlier reported the hiring of Moelis and Kirkland. “Like other companies that have been impacted by the pandemic, inflation and high-interest rates, we are working with our financial advisers to improve our capital structure,” a spokesperson for the company said. Tupperware said earlier this week that it has been squeezed by higher interest costs and challenging internal and external business conditions that have constrained its access to cash. Tupperware’s senior loans traded at 51.75 cents on the dollar on Tuesday, according to Markit.

Bankrupt drugmaker Sorrento Therapeutics Inc.’s subsidiary Scilex Holding Co. is exploring a sale of new stock to take advantage of a share-price rally as Sorrento charts a path out of chapter 11, WSJ Pro Bankruptcy reported. Shares in publicly traded Scilex, Sorrento’s largest asset, have more than doubled in value since its parent company filed for chapter 11 in February, closing at $14.80 on Wednesday to give Scilex a market capitalization of more than $2 billion. The run-up in Scilex shares came after it became a popular pick in some online investing forums geared toward small, nonprofessional traders. If the fundraising is successful, the new money could boost Sorrento’s value as it seeks to end its chapter 11 case and resolve the yearslong licensing dispute that drove the company into bankruptcy. A stock issuance could also dilute San Diego-based Sorrento’s roughly 51% stake in Scilex, which makes nonopioid painkillers and isn’t in bankruptcy itself. Sorrento and other Scilex shareholders can’t sell their holdings until a lockup period stemming from a recent merger deal runs out on May 11, according to court filings.

A top Federal Deposit Insurance Corp. official said the agency could have moved more quickly to find a buyer for Silicon Valley Bank after it failed last month, suggesting a lack of urgency worsened the crisis that sent tremors through the banking system, the Wall Street Journal reported. Travis Hill, the FDIC’s vice chairman and one of two Republicans on its five-member board, said the agency was too slow in setting up a platform for potential bidders to look at SVB’s finances after its closure on March 10. The so-called data room allows would-be buyers to perform due diligence on a bank’s business. Hill also said in a speech on Wednesday that policy changes made by FDIC Chairman Martin Gruenberg might have hurt the regulator’s access to the bank’s data. He said it was a mistake to scrap a plan to develop a new reporting prototype aimed at providing the agency with more timely and targeted data about banks’ credit exposures and deposit information.

The American Dream mall must pay its lenders nearly $390 million, a judge ruled, The Real Deal reported. The lenders, Western Asset Management and Nonghyup Bank of South Korea, sued in New York Supreme Court in February, claiming an entity affiliated with Triple Five Group‘s giant retail property defaulted when it didn’t repay its $389 million loan in May 2021. In a court decision filed on Tuesday, the judge in the case ruled the entity is on the hook for the loan, plus interest. The ruling came relatively quickly after the suit was filed, as no one contested the case. “It is undisputed that payments due under five promissory notes dated August 2, 2019 … have not been paid when due,” Commercial Division Judge Andrew Borrok wrote. Triple Five, run by the Ghermezian family, has struggled with the New Jersey megamall for years. Building it took far longer than anticipated and cost about $6 billion, and just as it was finally gaining popularity with New Jerseyans, the pandemic hit. The mall owner has faced regular pressure from bondholders as well as from surrounding towns, who have sued for money they say they are owed under development agreements. The East Rutherford retail and amusement complex reportedly lost $60 million in 2021.

A venture started by WeWork Inc. and Rhone Group defaulted on a loan for a San Francisco office tower, Bloomberg News reported. The $240 million loan was for a building at 600 California St. that is owned by funds managed by a venture formed by WeWork and Rhone in 2019 to buy and oversee real estate. The property, which includes a WeWork coworking space as an anchor tenant, is located in San Francisco’s Financial District. Office property defaults are starting to pile up as landlords including Pacific Investment Management Co.’s Columbia Property Trust grapple with the pressure from rising rates and seek to kickstart negotations with lenders. Markets such as San Francisco have been under particular strain as technology companies slash jobs and pull back on their office space.