August 03, 2020

What We’re Reading This Week [August 3, 2020]

Authors:
Share

Retail Ecommerce Ventures (“REV”), an investment firm that seeks to convert struggling brick-and-mortar brands into successful e-commerce brands, has purchased the intellectual property and e-commerce assets of Pier 1 Imports for $31 million, reports Forbes.  REV also recently purchased the intellectual property and e-commerce assets of Dressbarn, which has seen growth in revenue since REV relaunched its e-commerce business. [Forbes; July 31, 2020]

The Wall Street Journal reports that Fannie Mae and Freddie Mac saw improved earnings in the second quarter of 2020 as fewer borrowers sought to place their loans into forbearance. [July 30, 2020]

Judge Christopher Sontchi of the United States Bankruptcy Court for the District of Delaware allowed bankrupt clothing retailer Brooks Brothers Group Inc. to defer August and September rent payments, reports Bloomberg. Although certain landlords argued that allowing such a rent deferral was unwarranted in light of Brooks Brothers decision not to reopen certain retail locations after state and local restrictions that forced the locations to close were lifted, Brooks Brothers successfully argued that being required to make rent payments would jeopardize their restructuring  because it would increase the risk that the debtors could run out of money before  consummating a sale. [July 30, 2020]

Reuters reports that Tonopah Solar Energy LLC  has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Tonopah has reportedly reached an agreement to settle the $425 million it owes to the U.S. Department of Energy for approximately $200 million. [Reuters; July 30, 2020]

Mayer Brown partner Adam Paul was quoted in a Bloomberg article about the increased demand for restructuring attorneys in light of the economic effects of the COVID-19 pandemic. [Bloomberg; July 29, 2020]

Related Services & Industries

Stay Up To Date With Our Insights

See how we use a multidisciplinary, integrated approach to meet our clients' needs.
Subscribe