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
Rite Aid files for bankruptcy, will shut ‘underperforming’ stores as it retrenches
October 16, 2023 (Los Angeles Times)
Major U.S. pharmacy chain Rite Aid said Sunday that it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
Beyond Bankruptcy: Essential retailers face huge store closures
October 15, 2023 (MSN.com)
While bankruptcy has caused a number of popular chains to close their doors, it's hard to call any of those companies "essential" retailers. People liked shopping at Christmas Tree Shops, Tuesday Morning and Bed Bath & Beyond, but none of those chains sold items that people either needed or couldn't easily get elsewhere.
Home foreclosures are at their highest level since the start of the pandemic as the 'financial aftermath' take a toll on buyers
October 13, 2023 (Yahoo! Finance)
Home foreclosure activity in the US surged to the highest level since the start of the pandemic, a sign that the financial aftermath of COVID-19 has been wearing out cash-strapped homeowners.
Major retailer exits bankruptcy less than a year after being forced to close all of US stores – but dozens won’t reopen
October 13, 2023 (The U.S. Sun)
The go-to store for festive costumes, party goods, and decorations for celebrations said in a filing late Thursday that the company is no longer in bankruptcy.
Major UPS rival sparks new battle only two months after filing for bankruptcy leaving 30,000 staff instantly unemployed
October 13, 2023 (The U.S. Sun)
One of UPS's biggest rivals, Yellow Corporation, filed for bankruptcy leaving 30,000 workers unemployed in August.
MLB pushes bankrupt broadcaster to ditch or commit to 2024 TV deals
October 12, 2023 (Reuters)
Major League Baseball on Wednesday pushed a bankrupt sports broadcaster to cancel or clearly commit to five teams' TV broadcast contracts, saying the teams can't plan for the 2024 season without clarity on their TV contracts.
US Judge Keeps SAS Airline’s Restructuring On Track With Payment Hearing
October 11, 2023 (Bloomberg)
A US bankruptcy court judge granted SAS AB’s request to speed the process of paying $3 million to advisers of the Scandinavian airline’s investor group, keeping its restructuring on track over opposition from creditor Apollo Global Management Inc.
WM Motor's bankruptcy highlights challenges faced by EV startups in China
October 10, 2023 (Yahoo! News)
Chinese electric vehicle startup WM Motor has filed for bankruptcy, an example of yet another once-promising EV upstart that has been pushed to insolvency as bigger players gain market share and Chinese spending on big ticket items dwindles.
