What We’re Reading This Week [July 12, 2021] – Insolvency/Bankruptcy/Re-structuring

United States: What we read this week [July 12, 2021]

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Bloomberg Reports on the changing dynamics of the retail industry caused by the COVID-19 pandemic, highlighting the transition that some financial advisory firms have made from providing advice on liquidation of sales assets to retail to the procurement and sale of goods in the physical outlets they operate. The article highlights a new, low-cost department store, Shopper’s Find, which two global financial advisory firms recently opened with locations in Massachusetts and New Jersey. [Bloomberg; July 7,
2021]

On July 7, 2021, the U.S. South District of Texas Bankruptcy Court confirmed The reorganization plan of Griddy Energy LLC. A key element of the plan is the release by the debtor from certain customer obligations to pay the electricity bills incurred during the unprecedented winter storm Uri. [U.S. Bankruptcy Court
S.D. Tex.; July 7, 2021]

Report of the the Wall Street newspaper indicates that Medley LLC, a publicly traded unit of Medley Management Inc., plans to end its business operations in connection with its pending Chapter 11 bankruptcy case. Although the debtor initially proposed a reorganization plan centered on a debt-for-equity swap, this plan was withdrawn and replaced by a liquidation plan. [WSJ; July 7,
2021]

Forbes Reports that the Supreme Court of the United States will not hear the arguments in Conti v. Arrowood Indemnity Co., a case involving a borrower who attempted to pay off approximately $ 76,000 in private student loans in bankruptcy. As a result, the existing standard for student loan repayments – which requires a debtor seeking to repay their loans to show that continued payments would impose “undue hardship” – will remain in place for now. [Forbes;
June 28, 2021]

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