Streetbeat News

Bankruptcy

DLA

Delta Apparel, Inc. (NASDAQ:DLA) shares are halted and trading lower after the company filed for Chapter 11 bankruptcy. The company and its subsidiaries will continue operations as debtors-in-possession and seek to sell assets or arrange strategic deals. They are also seeking debtor-in-possession financing from Wells Fargo and other lenders.

Portfolio Pulse from Henry Khederian

July 01, 2024 | 6:23 pm

CVS

MCK

RADCQ

TGT

WBA

WMT

CVS, Rite Aid, and Walgreens are facing significant challenges due to the rise of online pharmacies. Rite Aid has filed for Chapter 11 bankruptcy and is restructuring to reduce debt and close stores. Walgreens and CVS are also closing stores due to declining profitability and margins.

Portfolio Pulse from Vandana Singh

July 01, 2024 | 4:52 pm

JNJ

A federal judge has denied cancer victims' request to halt Johnson & Johnson's (NYSE:JNJ) proposed bankruptcy settlement addressing lawsuits over its talc products. The judge ruled the potential harm to victims was hypothetical and lacked jurisdiction. J&J aims to secure support for the $6.48 billion settlement plan by July 26.

Portfolio Pulse from Vandana Singh

July 01, 2024 | 2:25 pm

DLA

Delta Apparel shares are trading lower after the company announced that it filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 11:36 am

DLA

WFC

Delta Apparel, Inc. and its subsidiaries, including Salt Life Beverage, LLC, have filed for Chapter 11 bankruptcy protection. They plan to continue operations as debtors-in-possession and seek approval for a senior secured super-priority debtor-in-possession financing arrangement with Wells Fargo and other lenders. Additionally, Delta Apparel has entered into an Asset Purchase Agreement with FCM Saltwater Holdings, Inc. to sell certain assets related to Salt Life for approximately $28.03 million. The transaction is subject to Bankruptcy Court approval and competitive bidding. Key resignations include Vice President Nancy P. Bubanich and directors Glenda E. Hood and Sonya E. Medina.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 11:25 am

SEDG

SolarEdge shares are trading lower after the company announced that one of its customers filed for bankruptcy earlier in the week.

Portfolio Pulse from Bill Haddad

June 28, 2024 | 5:11 pm

JNJ

The U.S. Supreme Court has blocked Purdue Pharma's $7 billion bankruptcy plan, which would have granted the Sackler family immunity from further liability. This decision has significant implications for Johnson & Johnson (NYSE:JNJ), which is seeking bankruptcy protection to resolve ovarian cancer claims related to its talc-based products.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2024 | 7:05 am

RADCQ

WBA

Walgreens Boots Alliance, Inc. (NASDAQ:WBA) plans to close a significant number of stores due to a challenging operating environment. The company is finalizing a multiyear footprint optimization program to close underperforming U.S. stores. Despite these challenges, Walgreens posted a net profit of $344 million for the third quarter, up from $118 million last year. Rite Aid Corporation (OTC:RADCQ) is also facing difficulties and is undergoing bankruptcy proceedings to reduce $2 billion in debt.

Portfolio Pulse from Michael Juliano

June 27, 2024 | 5:03 pm

FTXH

PJP

XPH

The Supreme Court has rejected Purdue Pharma's bankruptcy plan, which would have shielded the Sackler family from civil lawsuits related to the opioid crisis. This decision allows ongoing lawsuits against the Sacklers and impacts the distribution of funds for opioid abatement.

Portfolio Pulse from Vandana Singh

June 27, 2024 | 4:31 pm

SPY

The Supreme Court has rejected Purdue Pharma's proposed opioid settlement that included legal protections for the Sackler family. This decision could have significant implications for the company's bankruptcy proceedings and the broader pharmaceutical industry.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2024 | 2:06 pm