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
9 Meters files for bankruptcy as funding woes grip early-stage biotechs
July 18, 2023 (Reuters)
Drug developer 9 Meters Biopharma (NMTR.O) and its units have filed for Chapter 11 bankruptcy protection, it said in a regulatory filing on Tuesday, sending its shares tumbling 66% in premarket trading.
A Decade After Bankruptcy, Is Detroit Better?
July 18, 2023 (Yahoo! News)
If there is a lesson from Detroit's 2013 bankruptcy, it's that going broke can only take a city so far. Municipal bankruptcy is a process that gets a city out of debts that it can't pay. But city residents don't get better services when those debts are canceled.
Novan files for bankruptcy, inks deal to sell assets
July 17, 2023 (The Business Journals)
The downfall of Novan comes after the Durham company spent years trying to push its lead candidate toward regulatory approval despite funding challenges.
Telecoms contractor QualTek emerges from bankruptcy
July 14, 2023 (Yahoo! Finance)
Telecommunications and power contractor QualTek Services said on Friday that it has emerged from bankruptcy after it reduced its debt by about $307 million through a restructuring deal.
FTX, Celsius Bankruptcy Claims Can Now Be Sold on OPNX
July 14, 2023 (Yahoo! Finance)
Users who held assets on bankrupt crypto exchange FTX and lender Celsius Network can now trade their claims on the Open Exchange (OPNX), according to a press release.
US corporate bankruptcies are at highest level since 2010
July 13, 2023 (St. Louis Post-Dispatch)
U.S. companies are feeling the heat of decades-high interest rates and sticky inflation, with several of them filing for bankruptcy protection as the era of easy money draws to a close.
David's Bridal avoids shutdown with no-cash bankruptcy sale
July 14, 2023 (Reuters)
Bankrupt wedding gown retailer David's Bridal received court approval on Friday to sell its business to asset manager Cion Investment Corp in a no-cash transaction, reaching a deal to keep 195 stores open and avoid a total shutdown.
