Senators Sheldon Whitehouse and Sherrod Brown recently introduced the Medical Bankruptcy Fairness Act, which would allow consumer debtors to discharge student loans based on either economic loss caused by the COVID-19 pandemic or substantial medical debt within the three years before filing for bankruptcy, reports Forbes. [Forbes; July 24, 2020]
Bloomberg reports that creditors of Ebony Media Holdings LLC have placed the company into involuntary bankruptcy in an effort to take over the company. [Bloomberg; July 23, 2020]
Ascena Retail Group, the parent company of Ann Taylor and Lane Bryant, filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Eastern District of Virginia on July 23, 2020, according to Reuters. Ascena will reportedly seek to reduce its debt by approximately $1 billion. [Reuters; July 23, 2020]
CNBC reports that shopping mall owners are increasingly seeking to purchase distressed retail companies out of bankruptcy, particularly those that may be significant tenants. [CNBC July 22, 2020]