The Wall Street Journal reports that on September 17, 2020, GNC Holdings, Inc. obtained authorization from the United States Bankruptcy Court for the District of Delaware to sell substantially all of its assets to one of its largest shareholders, China-based Harbin Pharmaceutical Group Co., for approximately $760 million in spite of national security concerns raised
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
Mayer Brown partners Michael Fiddy, Amy Jacks, and Devi Shah, counsel Sheena Frazer and Alexandra Wood, senior associate Nicola Collins, and associates Fatema Begum and Amy Halsall recorded a five-episode podcast series focusing on the key reforms proposed by the UK government’s anticipated draft legislation (the Corporate Insolvency and Governance Bill), which aims to provide
In an article for Mayer Brown’s COVID-19 Response Blog, Mayer Brown partners Brian Trust, Adam Paul, Tom Kiriakos, Sean Scott, Aaron Gavant, and associate Kyle Tum Suden discuss the intersection between paycheck protection program loans and DIP financing.
Law360 reports that Bar Louie has cancelled a previously scheduled chapter 11 auction and will, instead, be sold to its secured lenders that served as the stalking horse bidder. Bar Louie reportedly received no other qualified bids. [Law360; Mar. 27, 2020]
The recently enacted CARES Act seeks to aid consumer and small business debtors, reports
Bloomberg reports on slowing U.S. growth as trade wars weigh on businesses [Yahoo News, Bloomberg; July 26, 2019]
Windstream’s dispute with its REIT spinoff Uniti heats up, as Windstream seeks to recharacterize its $650 million-per-year lease agreement with Uniti as a disguised financing [Law360; July 25, 2019]
Virginia congressman’s bill on small business bankruptcy reform
Bipartisan proposal for new small business provisions in Bankruptcy Code [American Bankruptcy Institute Journal; May 2019]
Latest memo from Oaktree’s Howard Marks on why this time market cycle isn’t different [OakTree; June 12, 2019]
Is the “vast” liquidity in the market a mirage? Bloomberg chimes in [Bloomberg; June 13, 2019]