Reporting from Reuters indicates that the German government plans to relax certain corporate insolvency rules in response to rising energy costs so that companies with financially sound business plans can avoid being required to file for protection under Germany’s insolvency laws. [Reuters; Sept. 9, 2022]
Bloomberg reports that the United States Court of Appeals for the Second Circuit ruled in favor of Citibank in an appeal of a lower court’s ruling from 2020 that certain lenders to Revlon were permitted to keep approximately $504 million in payments mistakenly wired to them by Citibank. [Bloomberg; Sept. 8, 2022]
Reporting from Yahoo News indicates that Cineworld’s request for approval of its DIP financing facility was approved by the U.S. Bankruptcy Court for the Southern District of Texas. Cineworld is now authorized to access approximately $785 million in DIP financing on an interim basis. [Yahoo; Sept. 9, 2022]
CNN reports that the U.S. Bankruptcy Court for the District of Delaware approved confirmation of the Boy Scouts of America’s plan of reorganization on Thursday, September 8, 2022. [CNN; Sept. 8, 2022]