OxyContin maker Purdue Pharma’s plan to reorganize into a new entity that helps combat the U.S. opioid epidemic got a big boost as 15 states that had previously opposed the new business model now support it. The agreement from multiple state attorneys general, including those who had most aggressively opposed Purdue’s original settlement proposal, was…
Owner of Over 100 US Malls Files for Bankruptcy
Washington Prime Group, the corporation which owns more than 100 U.S. malls, filed for bankruptcy on June 13 citing financial woes tied to the CCP virus pandemic. “The COVID-19 pandemic has created significant challenges for many companies, including Washington Prime Group, making a Chapter 11 filing necessary to reduce the Company’s outstanding indebtedness,” the company…
Orange County’s Bankruptcy Could Have Been Avoided
June 14, 2021
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Commentary In 1997, the Government Accounting Standards Board (GASB) released GASB 31, requiring municipalities to mark their portfolios to market for financial reporting purposes. Had GASB been proactive and not reactive, perhaps Orange County’s 1994 bankruptcy would never have occurred. Because the county’s financial statements did not reflect market losses, my previously-expressed concerns about a…
US Judge Dismisses NRA Bankruptcy in Victory for New York
The National Rifle Association cannot use bankruptcy to reorganize in gun-friendly Texas, a federal judge in Dallas ruled on Tuesday, handing a defeat to the influential firearms rights group that is facing an effort to dissolve it in New York state. U.S. Bankruptcy Judge Harlin Hale’s decision, following a trial over the legitimacy of the…
Toys ‘R’ Us Parent Sells Controlling Stake to Management Company WHP Global
New York-based brand acquisition and management firm WHP Global said on Monday it had taken a controlling interest in Toys ‘R’ Us parent, Tru Kids Inc., more than three years after the toy retailer filed for bankruptcy. Tru Kids, owned by investment funds including Solus Alternative Asset Management, had taken charge of assets including Toys…
Texas Power Retailer Griddy Files for Chapter 11 Bankruptcy
Texas power retailer Griddy Energy LLC on Monday filed for Chapter 11 bankruptcy after the state grid operator cut off the company’s access to customers for unpaid bills following a rare deep freeze in the state. Griddy sold power to customers at market rates. When power prices spiked to $9,000 per megawatt hour (MWh) and…
Alamo Drafthouse Cinemas Files for Bankruptcy, Seeks Buyer
AUSTIN, Texas—Alamo Drafthouse Cinemas, a Texas-based dine-in theater chain, said Wednesday that it has filed for bankruptcy due to financial woes during the pandemic. The company plans to find a buyer during its Chapter 11 bankruptcy, which allows it to continue operating while its managers and advisers work on repaying creditors. “The transaction will provide…
Hertz Eyes Bankruptcy Exit Through $4.2 Billion Stake Sale
In a deal to jettison itself from under bankruptcy protection, Hertz said Tuesday that it may sell a controlling stake in the company to two investment firms for $4.2 billion. Knighthead Capital Management and Certares Opportunities will have the chance to buy the entire reorganized car rental company, but no less than a majority of…
Texas Electricity Firm Files for Bankruptcy Citing $1.8 Billion in Claims From Grid Operator
Texas’s largest and oldest electric power cooperative on Monday filed for bankruptcy protection.
What Is the True State of China’s Economy?
Commentary Different opinions are being expressed about the state of China’s economy. Recent remarks by Chinese premier Li Keqiang can provide a clue about its true state. Li gave a talk about the bankruptcy of micro, small, and medium-sized enterprises during a State Council executive meeting on Feb. 3. Then, on the 7th, he traveled…
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