Restructuring Roundup - August 2022

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AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains original content developed by AGG’s Bankruptcy, Creditors’ Rights, & Financial Restructuring attorneys.

AGG Bankruptcy News & Insights

August 3, 2022 (agg.com)
On August 23, 2019, Congress enacted the Small Business Reorganization Act of 2019 (“SBRA”), which became effective on February 19, 2020, creating Subchapter V of Chapter 11 of the Bankruptcy Code (11 U.S.C. §§ 1181-1195 “Subchapter V”).
 

Industry News

August 2, 2022 (Yahoo! Finance)
Hoteliers have recently sounded relaxed about any impact of inflation and a possible recession on their industry, and Marriott International executives were no exception when the company reported second-quarter results it called “outstanding” on Tuesday.
 
August 1, 2022 (Forbes)
Earlier this month, crypto lender Celsius Network filed for Chapter 11 bankruptcy protection in federal court the Southern District of New York. The filing was not a surprise to many familiar with the company’s recent news, as it had been more than a month since Celsius halted customer withdrawals due to self-reported and self-described “extreme market conditions.”
 
August 1, 2022 (Yahoo! Finance)
Revlon Inc received a U.S. bankruptcy judge's permission on Monday to proceed with a $1.4 billion loan, over an objection by junior creditors who argued that its onerous terms could block their chance to recover anything from the cosmetic company's bankruptcy.
 
July 30, 2022 (Yahoo! News)
The parent company of InfoWars, the far-right outlet run by conspiracy theorist Alex Jones, has filed for bankruptcy. Free Speech Systems LLC filed for bankruptcy on Friday as Mr Jones, its founder, and the company could face as much as $150m in damages in the trial over the lies pushed by Mr Jones concerning the 2012 Sandy Hook elementary school shooting in Newtown, Connecticut.
 
July 30, 2022 (The Washington Post)
The parent company for Alex Jones’s Infowars website filed for bankruptcy, his attorney announced Friday, as parents of victims in the 2012 mass shooting at Sandy Hook Elementary School are seeking $150 million in defamation damages against the right-wing conspiracy theorist who falsely claimed the massacre was a “giant hoax.”
 
July 29, 2022 (CNBC)
Southeast Asia-focused cryptocurrency exchange Zipmex said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global downturn in digital currencies.
 
July 28, 2022 (Yahoo! Finance)
Crypto lender Vauld, which halted withdrawals earlier this month, is facing hostile action from multiple creditors, according to a new affidavit reviewed by Moneycontrol.
 
July 27, 2022 (Bloomberg)
The federal judge administering more than 230,000 lawsuits against 3M Co. questioned whether the industrial giant acted in good faith when it decided to try to shift the cases to bankruptcy court instead of facing separate jury trials around the US.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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