The Wall Street Journal reports that Dutch retail chain HEMA B.V. sought protection under chapter 15 of the United States Bankruptcy Code on August 19, 2020 in the United States Bankruptcy Court for the Southern District of New York while it seeks to complete a restructuring of approximately US$474 million of debt in the United
The Wall Street Journal reports that Aeromexico, Mexico’s flagship airline which filed for bankruptcy in the US earlier this year, has obtained commitments for up to a $1 billion in debtor-in-possession financing facility from Apollo Global Management Inc. The financing consists of two tranches, with one tranche holding a debt-to-equity conversion option. [WSJ; Aug. 14,
Bloomberg reports on the growing use of chapter 11 bankruptcy by large retail tenants in order to negotiate their way out of costly, long-term leases and the potential downstream effects of this process on both the commercial real estate and commercial mortgage backed securities markets. [Bloomberg; Aug. 6, 2020]
Retail Ecommerce Ventures (“REV”), an investment firm that seeks to convert struggling brick-and-mortar brands into successful e-commerce brands, has purchased the intellectual property and e-commerce assets of Pier 1 Imports for $31 million, reports Forbes. REV also recently purchased the intellectual property and e-commerce assets of Dressbarn, which has seen growth in revenue since
Senators Sheldon Whitehouse and Sherrod Brown recently introduced the Medical Bankruptcy Fairness Act, which would allow consumer debtors to discharge student loans based on either economic loss caused by the COVID-19 pandemic or substantial medical debt within the three years before filing for bankruptcy, reports Forbes. [Forbes; July 24, 2020]
Bloomberg reports that creditors
Reporting from Reuters discusses how large firms that have filed for bankruptcy relief since the beginning of the COVID-19 pandemic have awarded bonuses to executives shortly before filing for bankruptcy. Of the 40 large firms investigated, Reuters found that approximately one-third awarded bonuses to executives within the month before filing for bankruptcy. [Reuters; July 17,
Mayer Brown partners Tom Kiriakos and Sean Scott and associates Tyler Ferguson and Alexander Berk discussed a recent bench ruling from the United States Bankruptcy for the District of Delaware concerning shareholder blocking rights in an article available here.
British communications and satellite internet company OneWeb, which filed for bankruptcy earlier this year in the United States Bankruptcy Court for the Southern District of New York, has received a $1 billion bid to purchase the company out of bankruptcy, reports CNBC. If the sale is approved, the U.K government and Bharti Global, which
Various creditor constituencies in the Purdue Pharma bankruptcy case have requested access to financial information concerning foreign affiliates controlled by the Sackler family, reports the Wall Street Journal. The creditors contend that this information is critical in determining the creditors’ response to the current multi-billion dollar settlement offer being made by the Sackler family
Mayer Brown Partners Matthew O’Meara and Sean Scott discussed the impact of the recent news that a New York state court judge denied a preliminary injunction request filed in the Supreme Court of New York by a group of dissenting first-lien lenders, seeking to prevent a borrower, Serta Simmons, and certain first-lien consenting lenders from