Restructuring Roundup - September 2023

Arnall Golden Gregory LLP

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

UpHealth Subsidiary, UpHealth Holdings, Files Voluntary Reorganization Under Chapter 11 of the U.S. Bankruptcy Code

September 19, 2023 (Yahoo! Finance)

UpHealth, Inc., a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, today announced that its subsidiary, UpHealth Holdings, has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Court”).

First Evergrande, now Sunac. Another big Chinese developer files for US bankruptcy protection

September 19, 2023 (CNN)

One of China’s leading property developers, Sunac, has filed for bankruptcy protection in the United States, shortly after winning approval from its creditors to restructure nearly $10 billion worth of debt.

Popular women's clothing retailer files bankruptcy, closes stores

September 18, 2023 (Yahoo! News)

The filing was not expected and the well-loved brand will close all its stores and sell its digital assets.

As indoor farming startups with hundreds of millions in funding head to bankruptcy, critic says: ‘Boy, this is a dumb idea’

September 18, 2023 (Fortune)

Inside a bright greenhouse about an hour outside Dallas, workers in hairnets and gloves place plugs of lettuce and other greens into small plastic containers — hundreds of thousands of them — that stack up to the ceiling. A few weeks later, once the vegetables grow to full size, they’ll be picked, packaged and shipped out to local shelves within 48 hours.

Yellow paid executives $4.6 million in bonuses for bankruptcy wind-down as 30,000 employees became jobless

September 14, 2023 (Fortune)

Just weeks before closing its doors and dismissing thousands of employees, Yellow Corp. doled out millions of dollars in bonuses to executives so they wouldn’t leave the trucking firm during its chaotic unraveling, court papers show.

Minim reduces staff by 78%; bankruptcy could be looming

September 12, 2023 (Yahoo! Finance)

A Manchester-based Wi-Fi security company founded by Dyn's Jeremy Hitchcock reduced its workforce by approximately 78% earlier this month and could file for bankruptcy as it struggles to make a profit.

Ding-Dong deal: Hostess sells to JM Smucker for $5.6B after bankruptcy rebuild

September 11, 2023 (Hartford Courant)

Hostess, the maker of snack classics like Twinkies and HoHos, is being sold to J.M. Smucker in a cash-and-stock deal worth about $5.6 billion.

Europe's solar industry warns of bankruptcy risk as prices drop

September 11, 2023 (Reuters)

Europe's solar power industry warned on Monday of a "precarious" situation for European solar photovoltaic (PV) manufacturers as solar PV prices reached record lows.

How It Went Down: Three Accounts Of The Lehman Bankruptcy

September 10, 2023 (International Business Times)

A key catalyst for the 2008 global financial crisis, the bankruptcy of Lehman Brothers still reverberates for those who lived through it. Here are the accounts of three who were there.

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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