What We’re Reading This Week [July 19, 2021] – Insolvency/Bankruptcy/Re-structuring
United States: What we read this week [July 19, 2021]
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Reuters reports that the Limetree Bay refinery in the U.S. Virgin Islands, which filed for bankruptcy on July 12, 2021, needs at least $ 1 billion in funding to keep operating. The Limetree refinery, which was only recently resuscitated, only operated three months before U.S. regulators shut it down in May 2021 due to public safety concerns. The report says Limetree was unable to secure emergency funding in excess of $ 25 million. [Reuters; July
The hill Reports Senate Majority Chuck Schumer is calling for the National Rifle Association to be investigated for bankruptcy fraud. In May, a Texas bankruptcy court dismissed the association’s bankruptcy case, ruling that it had been filed in bad faith with the improper purpose of avoiding lawsuits brought against it by state regulators. from New York. Previous articles on bankruptcy and subsequent dismissal are available here and here. [The Hill; July 12,
The Washington post reports that the U.S. Department of Education continues to routinely challenge student loan release requests in bankruptcy despite other government programs aimed at providing relief to student loan borrowers who have needed it in the wake of the COVID-19.
[WaPo; July 17, 2021]
Report of Yahoo finance says Puerto Rico’s financial supervisory board recently struck a deal with the island’s largest group of unsecured creditors, bringing it one step closer to restructuring around a proposal to reduce overall debt to the island. ‘about $ 35 billion. [Yahoo
Finance; July 13, 2021]
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