Reuters reports that the Brazilian government will forgive approximately US$1.3 billion worth of debt owed to it by telecommunications firm Oi SA, which has been involved in a pending bankruptcy proceeding in Brazil since 2016. [Reuters; Nov. 27, 2020]
Reporting from Bloomberg indicates that boutique apparel chain Francesca's Holdings Corp. is preparing to file for bankruptcy and could do so as early as this week of November 30, 2020. Francesca's has reportedly been evaluating strategic alternatives since September of 2020. [Bloomberg; Nov. 27, 2020]
Hertz Global Holdings Inc. has entered into a stock and asset purchase agreement to sell substantially all of the assets of its wholly-owned subsidiary, Donlen Corporation, to Athene Holding Ltd. for an anticipated cash payment of $825 million, which is subject to adjustments for fleet equity, assumed debt, and working capital, reports Yahoo Finance. Hertz reportedly expects the purchase price at closing to be at least $875 million. [Yahoo Finance; Nov. 25, 2020]
The Wall Street Journal reports that lumber manufacturer Northwest Hardwoods Inc. filed for chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the District of Delaware on November 23, 2020. The Company has cited escalating trade disputes between the U.S. and China and operational disruptions stemming from the COVID-19 pandemic as its primary reasons for seeking bankruptcy protection. [WSJ; Nov. 24, 2020]
Originally Published by Mayer Brown, November 2020
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