CNN reports on the Federal Reserve’s decision to raise its target interest rate by an additional 75 basis points to a range of 3.00% to 3.25% in an effort to combat persistent inflation in the US. This is the fifth time the Federal Reserve has raised rates this year. [CNN; Sept. 21, 2022]
ABC News reports that a mediation to restructure Puerto Rico’s government owned and operated power company, the Puerto Rico Electric Power Authority, did not result in a resolution. As a result, litigation against the power company will move forward. [ABC News; Sept. 17, 2022]
Borrego Community Health Foundation filed for chapter 11 bankruptcy on Monday, September 12, 2022 amidst regulators suspending its Medi-Cal reimbursements and ongoing criminal fraud investigations, reports the San Diego Union Tribune. [Sept. 17, 2022]
Yahoo reports that bankrupt cryptocurrency lender Celsius Network is seeking bankruptcy court authorization to sell its stablecoin holdings in order to generate liquidity to fund its operations while in chapter 11. [Yahoo; Sept. 16, 2022]