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Investment firms such as Citadel Advisors, Pimco, and Western Asset Management Co. are set to own stakes in Spirit Airlines Inc. after the budget carrier restructures its balance sheet in bankruptcy. These firms, along with others, are part of a group that owns Spirit's senior secured notes and are supporting the company's restructuring plan. The proposed restructuring involves swapping about $795 million worth of senior notes and convertible notes for Spirit's equity, as well as issuing new senior secured notes and convertible notes for Chapter 11 exit financing. Spirit Airlines filed for bankruptcy after a failed merger with JetBlue Airways Corp. and expects to exit Chapter 11 by early March. [Extracted from the article]

FTX has filed a lawsuit against Anthony Scaramucci and his hedge fund SkyBridge Capital in an attempt to recover money for creditors of the bankrupt company. The lawsuit alleges that founder Sam Bankman-Fried engaged in influence-buying during the crypto winter of 2022, with Scaramucci being one of the recipients of investments that FTX now claims conveyed little to no benefit. FTX is seeking to recoup over $100 million in damages from these investments, which were made as SkyBridge's assets under management declined significantly. [Extracted from the article]

FTX has filed a lawsuit against Anthony Scaramucci and his hedge fund SkyBridge Capital in an attempt to recover funds for creditors of the bankrupt company. The lawsuit alleges that founder Sam Bankman-Fried engaged in influence-buying and made lavish investments during the crypto winter of 2022, including investing $67 million in SkyBridge endeavors. Scaramucci and Bankman-Fried had announced a partnership in September 2022, but shortly after, FTX filed for bankruptcy and Bankman-Fried was arrested on fraud charges. [Extracted from the article]

Franchise Group Inc., supported by B. Riley Financial Inc., paid $5.75 million in retention bonuses to insiders before filing for bankruptcy, with an additional $2.16 million going to key employees. These bonuses were not subject to review by creditors or federal oversight. The bankruptcy plan involves senior lenders taking ownership, while some creditors oppose the plan as it would wipe out their debt. Three businesses will be auctioned, and American Freight will be closed. [Extracted from the article]

Exactech Inc., a joint-replacement implant manufacturer owned by TPG Capital, has filed for bankruptcy due to over a thousand lawsuits alleging defective hip and knee implants causing harm to patients. The Florida-based company listed assets and liabilities between $100 million and $500 million in its Chapter 11 petition. Despite facing unsustainable liabilities from litigation over recalled devices, Exactech has signed agreements with lenders for a potential sale out of bankruptcy. The company vigorously disputes the lawsuits and has attempted to settle with plaintiffs' lawyers without significant progress. [Extracted from the article]

A recent court ruling regarding the bankrupt trucker Yellow Corp. and its $6.5 billion pension dispute has been called into question due to an error made by the judge. The ruling, which found that Yellow had defaulted on its pension obligations before filing for bankruptcy, may need to be reversed, potentially impacting the amount owed by the company. Both sides are presenting arguments to the judge, who will decide the next steps in the case, which could have significant financial implications for all parties involved. [Extracted from the article]

Three US education-software companies acquired by Indian tech-firm Byju's for $820 million are set to be sold to repay lenders, as confirmed by a court-appointed trustee. Byju's reduced spending and transferred key functions to India before abandoning the units, leading to their financial struggles. Creditors are seeking a $9.5 million bankruptcy loan to stabilize the units before an auction process, while Byju's founder denies any wrongdoing in response to aggressive lender tactics. [Extracted from the article]

Northvolt AB, a troubled battery maker, has filed for bankruptcy protection for its subsidiary, Northvolt Ett Expansion AB, which was managing the construction of a project at its flagship plant in Skelleftea, Sweden. The bankruptcy filing is an attempt to limit the financial fallout from the company's halted expansion plans. Northvolt is currently facing a deepening liquidity crisis and is working on a broader fundraising effort to stabilize its finances. The company has received significant funding since its founding in 2017 but is now facing setbacks in production ramp-up and slowing demand for electric vehicles. [Extracted from the article]

Northvolt AB, a battery maker, is facing a financial crisis as one of its units, Northvolt Ett Expansion AB, has filed for bankruptcy. The unit was managing the construction of an expansion project at the company's flagship factory in Sweden. The bankruptcy filing is not related to other entities within the company. Northvolt has been struggling with a liquidity crisis due to a production slowdown and a decrease in demand for electric vehicles. The company has received significant funding since its founding in 2017. A bankruptcy trustee will now handle the affected unit, while the wider group continues to engage with stakeholders for ongoing operations. [Extracted from the article]

Discount retailer Big Lots Inc. is in talks with Nexus Capital Management about financing its $760 million bid to buy the company and bring it out of bankruptcy. Nexus has agreed to pay $2.5 million in cash plus an amount needed to repay Big Lots' major lenders. The lenders include Tiger Finance and Whitehawk Finance, and the company owes $433.6 million under an asset-backed loan and $122.5 million under a traditional term loan. Big Lots plans to close at least 300 of its 1,300 stores and hold a court-supervised auction for the rest of the business. The company filed for Chapter 11 bankruptcy due to higher labor costs, supply shortages, and declining sales. [Extracted from the article]

Red Lobster Management has been granted court approval to exit bankruptcy under new ownership led by Fortress Investment Group. The restructuring plan and sale of the business to Fortress and other lenders have been approved, allowing Red Lobster to revive its iconic seafood chain. The company will leave Chapter 11 with approximately 545 restaurants in the US and Canada and over 30,000 employees. However, a dispute with former owner Thai Union Group Pcl over a money-losing promotion remains unresolved. Red Lobster filed for bankruptcy in May due to declining sales and rising prices in the casual dining sector. [Extracted from the article]

WaterStation Management, a water vending machine business, is facing forced bankruptcy after being accused of orchestrating a Ponzi-like scheme by a hedge fund. Creditors of WaterStation and its affiliates have filed involuntary bankruptcy petitions against the companies in Texas. Last month, the hedge fund accused a former portfolio manager, WaterStation, and its founder of misappropriating over $100 million in company bonds. The company and its founder have been named in several lawsuits, with allegations of fraud and misuse of bond proceeds. [Extracted from the article]

Bankrupt health care system Steward Health Care has found buyers for six of its Massachusetts hospitals with the help of a $30 million lifeline from the state. Lifespan, a not-for-profit health system, has agreed to purchase Morton Hospital and Saint Anne's Hospital, while Lawrence General Hospital will acquire Holy Family Hospitals in Methuen and Haverhill. Steward is also finalizing a deal with Boston Medical Center to sell the operations of Good Samaritan Medical Center and St. Elizabeth's Medical Center. The sales are subject to regulatory and bankruptcy court approval. Steward filed for Chapter 11 bankruptcy in May and operates about 30 hospitals across multiple states. [Extracted from the article]

Fortress Investment Group has chosen Damola Adamolekun, the former CEO of P.F. Chang's, to lead Red Lobster after it is acquired by lenders out of Chapter 11 bankruptcy. Adamolekun will become CEO once the proposed plan for exiting Chapter 11 under new ownership is approved by a Florida bankruptcy judge. Red Lobster, which filed for Chapter 11 in May, will be owned by a newly created company backed by Fortress and co-investors TCW Private Credit and Blue Torch. The chain has over 540 locations across 44 states. [Extracted from the article]

Steward Health Care System is selling its managed-care businesses for $245 million in order to separate its primary-care doctors from its troubled hospital system, which is currently bankrupt. Private investment firm Kinderhook Industries has agreed to buy Steward Medical Group and Steward Health Care Network, and plans to make significant investments in the infrastructure. The sale is a crucial step in Steward Health's insolvency case, and it must be approved by a federal judge in Texas overseeing the bankruptcy case. Steward currently operates over 30 hospitals in eight states. [Extracted from the article]

Avon Products Inc., the beauty brand known for its door-to-door saleswomen, has filed for bankruptcy due to a surge in lawsuits claiming that talc in its products causes cancer. The company has already spent $225 million on defending personal injury lawsuits and settlements and does not have enough funds to continue litigating or settling the cases. Avon Products is the latest company to seek bankruptcy to address talc-related lawsuits, following in the footsteps of Johnson & Johnson. As part of the bankruptcy filing, Avon's assets will be marketed, with Natura & Co offering to buy it for $125 million. The Avon brand in the US is currently owned by LG Household & Health Care Ltd. and is not affected by the bankruptcy. [Extracted from the article]

Chinese electric vehicle maker Human Horizons Group Inc., the company behind the HiPhi brand, has filed for pre-bankruptcy restructuring due to its inability to cover its debt. The company's assets were found to be insufficient to meet its financial obligations, leading to the court ruling that it met the conditions for restructuring. The struggling EV maker has suspended production since February and delivered fewer than 8,000 vehicles in 2023. This situation reflects the challenges faced by carmakers in China's competitive auto market, where over 100 brands are engaged in a price war amidst slowing consumer demand and the end of a national EV subsidy. Human Horizons had attempted to secure outside funding but ultimately moved towards bankruptcy proceedings. [Extracted from the article]

Steward Health, a bankrupt healthcare network, has been granted permission to use a $30 million state lifeline for six Massachusetts hospitals. This comes after a deal was struck between landlord Medical Properties Trust Inc., Macquarie Asset Management, and lender Apollo Global Management. Apollo will take over the real estate leases for the hospitals, which will facilitate the sale of the hospitals to new owners. The state funding is not in the form of traditional Chapter 11 loans, but rather advance payments through state programs. The bankruptcy case is Steward Health Care System LLC. [Extracted from the article]

SVB Financial Group's restructuring plan has been approved by a judge, resolving most of its bankruptcy issues. However, the company still faces a dispute with the Federal Deposit Insurance Corp (FDIC) over $1.93 billion in deposits held by its former subsidiary, Silicon Valley Bank. The judge rejected SVB's argument that the Chapter 11 bankruptcy should extinguish the FDIC's right to set off amounts owed to SVB. SVB Financial Group sought court protection after regulators took over Silicon Valley Bank in March 2023 and has since sold assets to repay creditors. [Extracted from the article]

Riju Ravindran, a suspended director of Indian educational tech firm Byju's, has been ordered by a judge to pay $10,000 a day until he helps locate $533 million that his company is accused of hiding from US lenders. Ravindran is one of three directors who were recently replaced by a trustee as part of an involuntary bankruptcy case filed in India. Byju's borrowed $1.2 billion from US lenders in 2022 but missed financial reporting deadlines, had their offices raided by Indian regulators, and was accused of defaulting by American lenders. The company claims it has been targeted by predatory lenders and the missing money is at the center of a dispute between lenders owed $1.2 billion and the startup founded by entrepreneur Byju Raveendran. [Extracted from the article]

Icon Aircraft, the manufacturer of the Icon A5 amphibious light sport aircraft, has been approved for sale to SG Investment America for $15.79 million. The company filed for Chapter 11 bankruptcy earlier this year with $170 million in debt. SG Investment America was chosen as the buyer due to the "certainty" it offered, although its intentions for the company were not clarified. The sale includes provisions for the termination of all Icon staff, with possible job offers at the discretion of the new ownership. [Extracted from the article]

CalAmp Corp., a software developer specializing in vehicle tracking and logistics, has filed for bankruptcy in order to complete a debt-cutting deal. The restructuring plan involves lender Lynrock Lake Master Fund LP taking control of the business in exchange for swapping $229 million in secured notes for 100% equity in the reorganized company. Other creditors will be repaid in cash. CalAmp's financial performance had been declining, and the company was concerned about potential defaults and delisting from Nasdaq. If the restructuring is approved, CalAmp will become a private company. [Extracted from the article]

CalAmp Corp., a company that develops business software for tracking vehicles and improving logistics, has filed for Chapter 11 bankruptcy in order to complete a lender-backed plan to reduce its debt. Under the restructuring deal, certain owners of CalAmp's secured notes will exchange their debt for 100% equity in the reorganized business, while other creditors will be fully repaid in cash. The company's assets are estimated to be worth $281.2 million, while its liabilities are valued at $355.4 million. CalAmp's financial performance had been declining, and it was concerned about potential defaults and delisting from Nasdaq. The company has hired Oppenheimer & Co. to negotiate with lenders and is seeking creditor votes on its debt-cutting plan. The bankruptcy court is expected to approve the restructuring on July 11. [Extracted from the article]

Weiss Multi-Strategy Advisers, a hedge fund, is being asked by its main creditor, Jefferies Financial Group, to claw back approximately $30 million in bonus payouts that were made just before the fund filed for bankruptcy. Jefferies claims that these bonuses were paid out improperly when Weiss was already insolvent, and the money should have been used to pay down debt owed to the bank. Weiss argues that the bonuses were standard compensation and necessary in order to secure a rescue deal with Millennium Management, which ultimately fell through. Jefferies is also demanding that the current executives of Weiss be removed, alleging that the bankruptcy filing was done in bad faith. The bankruptcy case is ongoing, and Weiss is seeking to recover $20 million, claiming that the money either went to Jefferies over other creditors or was obtained under the threat of litigation. Jefferies denies these allegations. [Extracted from the article]

Buca di Beppo, a casual dining chain, is set to be sold to Main Street Capital Corporation for $27 million after filing for Chapter 11 bankruptcy in August. The sale was approved by the court, as no other qualified bids were received. The chain aims to improve operations and enhance the dining experience under new ownership. This move comes after the closure of 20 underperforming stores and various cost-saving measures due to challenges such as increased food and labor costs and decreased customer traffic. [Extracted from the article]

Tupperware Brands Corp. has reached an agreement with a group of lenders, including Stonehill Capital Management and Alden Global Capital, to sell the business for $23.5 million in cash and swap $63 million in debt for ownership. The sale, set to close by the end of the month, will cancel a previously scheduled auction of Tupperware's assets. The company attributes its bankruptcy to its failure to adapt to the changing retail landscape, particularly in e-commerce and omnichannel sectors. The new owners plan to relaunch the company with a focus on digital-first strategies and expanding into new markets like Brazil, China, Korea, India, and Malaysia. [Extracted from the article]

True Value, a hardware store, has filed for Chapter 11 bankruptcy protection, citing assets of $100 million to $500 million and liabilities of $500 million to $1 billion. The company is seeking court approval to sell its business operations to rival Do it Best Corp. for $153 million. True Value's top five creditors are owed over $35.6 million, and the company had faced significant liquidity challenges before the bankruptcy filing. Do it Best has committed to providing additional financing if needed, and the deal would create a global store network of over 8,000 U.S. locations and a presence in 50 countries. [Extracted from the article]

Crypto mining firm Core Scientific Inc. has received court approval to exit bankruptcy and implement a restructuring plan that reduces its debt by $400 million. The company filed for Chapter 11 in December 2022 due to falling crypto prices and industry failures. However, Core Scientific's fortunes turned around with higher Bitcoin prices and lower energy costs. Under the approved plan, creditors will exchange $400 million in debt for equity in the reorganized business, and the company has secured new financing. The restructuring also saves approximately 240 jobs. [Extracted from the article]

Tupperware, the iconic American homeware company, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. However, the company is facing opposition from new lenders known as "the Ad Hoc Group" who want to acquire its assets through foreclosure or Chapter 7 bankruptcy. Tupperware, which rose to prominence after World War II through its direct-selling model known as Tupperware Parties, has struggled to adapt to e-commerce and omnichannel retail. The company's revenues have declined, and it has been experiencing financial difficulties for years. Despite the bankruptcy filing, Tupperware plans to continue serving its customers and transform into a digital-first, technology-led company. [Extracted from the article]

The article focuses on Estes Express Lines' 22 million U.S. dollar investment to repurchase seven terminal leases from Yellow Corp. Topics include the strategic expansion of Estes' terminal network, the acquisition of additional capacity despite owning the properties, and plans to relocate operations to enhance efficiency and service capabilities.

The article focuses on Roti's recent Chapter 11 bankruptcy filing, reflecting broader industry challenges. Topics include Roti's financial difficulties due to expiring rent deferrals, the impact of high real estate costs on restaurant operations, and the potential acquisition of some Roti locations by a national chain.

The article focuses on Avon's recent Chapter 11 bankruptcy filing as a response to ongoing talc-related lawsuits and various business challenges. Topics include the impact of legal claims on Avon's financial stability, the role of Natura & Co. in the bankruptcy process, and the broader effects of competition and global events on the company's performance.

Griffin Claw Brewing Co., a local brewing company, will continue its operations after filing for bankruptcy protection due to an ongoing lawsuit. The bankruptcy filing does not affect the company's 130 employees or its family-owned restaurant, Lumen Detroit. Despite not disclosing specific financial figures, the company has experienced growth over the past three years. The bankruptcy filing was prompted by a lawsuit filed by the Nicholson family, who invested financially in the business, while the LePage family contributed services, assets, and real estate. The bankruptcy filing will temporarily halt the litigation against Griffin Claw. [Extracted from the article]

This article provides an update on two retailers, Foxtrot and SQRL, who are facing uncertainty and potential bankruptcy. Foxtrot plans to reopen some stores in Chicago, while also announcing new locations in Chicago, Dallas, and Austin. The original founder of Foxtrot has started a new company, but it is unclear if it is in partnership with Further Point Enterprises, the company that acquired Foxtrot's assets. SQRL, on the other hand, is being forced into Chapter 7 bankruptcy by Gas Hub Investments, claiming unpaid rent of over $3 million. [Extracted from the article]

Real estate developer China Aoyuan Group Ltd. has filed for Chapter 15 bankruptcy protection in New York, according to court documents. This type of bankruptcy protects the company's US assets while it works on restructuring arrangements. China Aoyuan has already gained support from creditors for its restructuring plans and will seek approval from a Hong Kong court in January. Other Chinese property firms, such as China Evergrande Group, have also sought similar US court protection. [Extracted from the article]

The world's largest producer of electrolytic manganese metal, Ningxia Tianyuan Manganese Industry Group (TMI), which claims a global market share of 40%, has declared insolvency and filed for reorganization, according to a court document seen by Fastmarkets. [ABSTRACT FROM AUTHOR]

The article focuses on the Johnson & Johnson bankruptcy case and its implications for other companies. Topics include Johnson & Johnson's creation of a subsidiary called LTL Management to shield itself from litigation, the company's attempts to avoid responsibility by filing for bankruptcy, and the judge's ruling allowing former and current employees to file suits, signaling a warning for corporate America against using financial clout to influence legal outcomes.

The Romance Writers of America (RWA) has filed for Chapter 11 bankruptcy, citing debts of approximately $3 million to hotels and $74,500 to other creditors. The organization has faced controversy over racism and diversity issues, leading to a significant decline in membership from 10,000 to about 2,000 since 2019. In other publishing news, Bloomsbury Publishing has acquired Rowman & Littlefield Publishing Group's academic publishing business for $83 million, which will nearly double Bloomsbury's total number of academic titles to around 97,000 and strengthen its academic operation in North America. Additionally, Pushkin Press, a London publisher specializing in translated literature, has acquired Steerforth Press and its sister company, Hanover Publisher Services, in a merger that will begin in July. [Extracted from the article]

Bed Bath & Beyond will live on in name—and not much else—after Overstock.com won a bankruptcy auction for its brand and digital assets, according to court documents filed Thursday. [ABSTRACT FROM AUTHOR]

An LLC linked to developer Abraham Leifer's Brooklyn-based Aview Equities has filed for Chapter 11 bankruptcy protection on the hotel project at 291 Livingston St. Claims against the firm include $34 million from lender Acres Capital and more than $3 million worth of mechanic's liens, although all of the liens are disputed, according to the filing. A Downtown Brooklyn hotel project appears on its way to a bankruptcy sale despite being 95% complete, according to court filings. [Extracted from the article]

(Corrects headline and deck to show Grande is acquiring brand assets, including inventory, in ending a licensing deal with Forma Brands.) (Bloomberg) -- Ariana Grande has reached a deal to buy assets tied to her r.e.m. beauty brand from a company that recently filed for bankruptcy, according to a court filing. [Extracted from the article]

The 116-page document filed on Wednesday detailing FTX's creditors contains thousands of entries, and names of individuals are redacted. (Bloomberg) -- Collapsed crypto exchange FTX owes money to a dizzying assortment of firms including Goldman Sachs Group Inc. and JPMorgan Chase & Co., according to bankruptcy court documents. [Extracted from the article]

The company undertook a series of financial maneuvers to buy itself time to bounce back during the pandemic, but sales have lagged below pre-pandemic levels. (Bloomberg) -- Party City Holdco Inc. is seeking bankruptcy protection, a final blow for the retailer which struggled to rebound after sales plummeted during the pandemic. [Extracted from the article]

The court filing caps a tumultuous 2 1/2 years for the Pacoima, California-based company that failed to see revenues grow in spite of marketing deals with YouTubers and influencers. As part of the agreement, secured creditors will take over Forma's wholesale operations, online platforms and international Morphe retail stores while providing $33 million of new money, subject to court approval, according to a company statement. (Bloomberg) -- Forma Brands LLC, the parent company of beauty retailer Morphe LLC, filed for bankruptcy in Delaware on Thursday as it reached a deal with lenders including Jefferies and Cerberus Capital Management. [Extracted from the article]

Just this week the Minnesota Department of Agriculture hosted a meeting to discuss possible options for the HyLife Foods Windom pork production plant. HyLife Foods Windom, as well as two other U.S. subsidiaries of HyLife Foods, filed for Chapter 11 bankruptcy today in Delaware. [Extracted from the article]