Silicon Valley hotel feuds with the manager; Puerto Rico’s debt disclosures pass Muster
Have a good day. The beleaguered luxury hotel Fairmont San Jose says its operator is acting in bad faith, while the judge presiding over Puerto Rico’s bankruptcy has said it will approve its restructuring disclosures.
Bankrupt San Jose hotel wants ex-Accor manager branded as bad faith actor
The bankrupt Fairmont San Jose hotel has sought a court ruling that the former operator Accor SA is acting in bad faith in obstructing efforts to change the property’s branding to Hilton Worldwide Holdings Inc.
Puerto Rico’s Debt Adjustment Plan Under Judge’s Approval
The judge overseeing the Puerto Rico bankruptcy case said she would approve detailed disclosures on a debt adjustment plan for the territory, paving the way for creditors to vote on sweeping financial restructuring.
Unions and advocacy groups push SEC to toughen private equity course
Unions and advocacy groups are calling on the Securities and Exchange Commission to take a tougher line with private equity firms, arguing the regulator has been ineffective in tackling bad behavior within the industry.
The proposals include the introduction of more enforcement measures against abuse of fees and expenses, the requirement for more disclosure of fund performance, and bankruptcy intervention to prevent “looting” by fund managers.
Pipeline Foods debuts in bankruptcy court seeking buyer
Pipeline Foods LLC, a bankrupt supplier of organic food ingredients, is not purchasing new inventory, which has led a judge to ask if it would shut down in the absence of a buyer.
Pipeline attorney Mark Minuti said in the company’s first bankruptcy court appearance on Wednesday that it was not buying inventory because it did not want to take on new obligations. At the same time, it maintains equipment and installations as well as its 85 people.
“Things are fluid,” he said.
In court documents, the pipeline said its customers curtailed new product development during the pandemic, thereby reducing demand for its products. The Fridley, Minnesota-based company filed for bankruptcy with liabilities of $ 144 million. – Becky Yerak
In other news
The liquidation plan proposed by Forever 21 Inc. was rejected by the bankruptcy watchdog of the Department of Justice, which accused the bankrupt retailer of having made administrative creditors accept less than what is due to them. under the law. (Bloomberg)
Two other Californian men have pleaded guilty in South Florida for their role in a $ 1.3 billion real estate fraud scheme that stole money from thousands of investors across the country. (Associated press)
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