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.
Industry News
Johnson's Grand Slam Track Files for Bankruptcy After Troubled Debut Season
Grand Slam Track, the start-up track and field league launched by former Olympic champion Michael Johnson, has filed for Chapter 11 bankruptcy protection in Delaware as it seeks to stabilize its finances after a turbulent inaugural season.
Amazon Was Forced to Scrap Its Deal to Buy iRobot. Now the Roomba Maker Is Filing for Bankruptcy.
iRobot filed for Chapter 11 bankruptcy and agreed to be taken over by its main supplier on Sunday, two years after a deal with Amazon.com fell apart. It owes $352 million to Picea and nearly $91 million of that debt is past due, according to iRobot.
Blackstone's Schwarzman Plays Down Private Credit Concerns Over Bankruptcies
Blackstone opens new tab CEO Stephen Schwarzman said that he did not share market concerns over private credit relating to recent bankruptcies in the autos sector. "There were several bankruptcies that were popularized in October...and they were blamed on private credit," Schwarzman said in a video presentation during Abu Dhabi Finance Week. "In fact, all three deals were due diligence by banks, underwritten by banks, syndicated by banks, and private credit was sort of not in the room," he added.
Whitestone REIT Receives $33.4 Million Payment From Pillarstone Settlement Agreement
On December 12, Whitestone REIT, a neighborhood-focused owner and operator of open-air shopping centers in Texas and Arizona, received $33.4 million from Pillarstone Capital REIT Operating Partnership, L.P. following the Bankruptcy court's, approval of a settlement agreement under Bankruptcy Rule 9019.
Spirit Airlines transfers Chicago airport gates to American Airlines for $30 million
Spirit Aviation will transfer two airport gates to American Airlines for $30 million after a judge at the U.S. Bankruptcy Court for the Southern District of New York approved the company's request. In August, Spirit filed for bankruptcy for a second time as it grappled with dwindling cash reserves and mounting losses. The company has already exited 14 airports and rejected leases for over 80 aircraft.
