DETROIT—General Motors Co. and Ford Motor Co. are about to replay a script they have played out many times before—trying to convince investors they can get through a recession without skidding into the red. Analysts have been cutting share price targets and profit estimates for the Detroit automakers over the past several weeks, in tandem…
Default Risks Grow Across Most US Sectors in Second Quarter: S&P
The chances of default across a majority of U.S. business sectors increased in the second quarter of 2022, according to a new report by S&P Global Market Intelligence. The study found that every sector, except for the financials, posted a higher median market signal—a one-year probability of default score by the end of the April-to-June…
Default Risks Grow Across Most US Sectors in 2nd Quarter: S&P
The chances of default across a majority of U.S. business sectors rose in the second quarter, according to a new report by S&P Global Market Intelligence. The study found that every sector, except for financial institutions, posted a higher median market signal—a one-year probability of default score by the end of the April-to-June period—compared with…
Crypto Lender Voyager Digital Files for Bankruptcy
U.S. crypto lender Voyager Digital said on Wednesday it had filed for bankruptcy, becoming another casualty of a dramatic fall in prices that has shaken the cryptocurrency sector. Crypto lenders such as Voyager boomed in the COVID-19 pandemic, drawing depositors with high-interest rates and easy access to loans rarely offered by traditional banks. However the…
Strike-Hit Airline SAS Files for US Bankruptcy Protection
STOCKHOLM—Scandinavian airline SAS has filed for bankruptcy protection in the United States to help accelerate restructuring plans, it said on Tuesday, warning strike action by pilots had impacted its financial position and liquidity. Wage talks between SAS and its pilots collapsed on Monday, triggering a strike that adds to travel chaos across Europe as the…
US Retailers Facing a Potential Wave of Bankruptcies
June 24, 2022
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The U.S. retail industry might be at the precipice of a massive wave of bankruptcies, according to multiple experts, as customers struggle with shrinking purchasing power amid rising inflation. “We have potentially a perfect storm brewing,” Sally Henry, a professor of law at Texas Tech Law School and former partner at Skadden, Arps, Slate, Meagher…
Westminster Officials Consider Renewing Sales Tax Amid City’s Mounting Debt
June 20, 2022
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WESTMINSTER, Calif.—With the City of Westminster on the verge of bankruptcy and midterm elections approaching, city officials are deciding whether to renew their one-percent city sales tax on the November ballot while searching for alternative revenue-generating options. Westminster is facing an impending budget deficit of over $17 million, and city councilors need to decide whether…
Cosmetics Giant Revlon Files for Bankruptcy Amid Increased Competition, Supply Chain Disruptions
Cosmetics giant Revlon filed for Chapter 11 bankruptcy protection on Wednesday after struggling with debt and competition from online-focused upstart brands and amid soaring inflation levels plus supply chain issues. The company, owned by billionaire Ron Perelman’s MacAndrews & Forbes, listed assets totaling $2.3 billion as of late April, according to a June 15 filing with the U.S….
Hong Kong’s Bankruptcy Filings Hit New High in April, HKMA Bought Nearly $7.5 Million USD to Defend Currency
Individual bankruptcy filings jumped to nearly 1,000 in April, a new high in Hong Kong since May 2020. At the same time, the Hong Kong dollar suffered the largest sell order, and the Hong Kong Monetary Authority (HKMA) again intervened to buy nearly HK$5.9 billion (about $750 million). Analysts believe that the interest rate spread…
Supreme Court Overturns 4th Circuit Ruling, Unanimously Strikes Down Part of Bankruptcy Law
When Congress boosted bankruptcy fees but exempted filers in Alabama and North Carolina from the higher fees, it violated a uniformity requirement in the U.S. Constitution, the Supreme Court ruled unanimously on June 6. The 19-page court opinion (pdf) in Siegel v. Fitzgerald, court file 21-441, was written by Justice Sonia Sotomayor. Oral arguments in…
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