News

Today's News

September 18, 2019 - 37 new headlines

Insys Bankruptcy Plan Comes Up Short in Paying Justice Department - Wall Street Journal

09/18/2019 Insys Bankruptcy Plan Comes Up Short in Paying Justice Department  Wall Street JournalInsys Therapeutics, the first drugmaker to be driven to bankruptcy as a result of litigation over the nation's opioid crisis, has outlined its plan to wind down its [more]
Tags: 363 Sales, News

Daly City Hospital Survives Bankruptcy Again, But For How Long? - SF Weekly

09/18/2019 Daly City Hospital Survives Bankruptcy Again, But For How Long?  SF WeeklySeton Medical Center, a safety-net hospital in Daly City, has experienced two bankruptcy proceedings in four years. Photo by Ida Mojadad. With a pending sale [more]
Tags: 363 Sales, News

Purdue Pharma to Stay in Business as Bankruptcy Unfolds - JEMS.com

09/18/2019 Purdue Pharma to Stay in Business as Bankruptcy Unfolds  JEMS.comWHITE PLAINS, N.Y. (AP) — A judge cleared the way Tuesday for OxyContin maker Purdue Pharma to stay in business while it pursues bankruptcy protection [more]
Tags: 363 Sales, News

Bon Worth files for chapter 11 bankruptcy - BlueRidgeNow.com

09/18/2019 Bon Worth files for chapter 11 bankruptcy  BlueRidgeNow.comHendersonville-based company Bon Worth Inc. has filed for chapter 11 bankruptcy in an effort to reorganize and stay afloat.A voluntary petition was filed Aug. [more]
Tags: News, Reorganizations

Calais hospital files for Chapter 11 bankruptcy - The Ellsworth American

09/18/2019 Calais hospital files for Chapter 11 bankruptcy  The Ellsworth AmericanCALAIS — Calais Regional Hospital will remain open despite having filed for Chapter 11 bankruptcy protection Sept. 17. “Filing for Chapter 11 protection. [more]
Tags: News, Reorganizations

WATCH: Boomtown reveal official Chapter 11 after movie - TheFestivals

09/18/2019 WATCH: Boomtown reveal official Chapter 11 after movie  TheFestivalsThe official after movie for this year's Boomtown Fair dropped at 7pm tonight, reliving the experience of the 'Radical City'. [more]
Tags: News, Reorganizations

UPDATE: Calais Regional Hospital files for Chapter 11 bankruptcy protection - WABI

09/18/2019 UPDATE: Calais Regional Hospital files for Chapter 11 bankruptcy protection  WABICALAIS, Maine (WABI) - Calais Regional Hospital has filed for bankruptcy protection citing the $25 million it owes to nearly 1,900 creditors, according to Bangor [more]
Tags: News, Reorganizations

Reliance Communications subsidiary files for bankruptcy protection without prior consent - Economic Times

09/18/2019 Reliance Communications subsidiary files for bankruptcy protection without prior consent  Economic TimesNEW DELHI: Debt-ridden telecom firm Reliance Communications on Wednesday said its subsidiary GCX filed for bankruptcy protection in the US without any [more]
Tags: Cases of Interest, News

Alliance BioEnergy Plus, Inc. Exits Chapter 11 OTC Markets:ALLMQ - GlobeNewswire

09/18/2019 Alliance BioEnergy Plus, Inc. Exits Chapter 11 OTC Markets:ALLMQ  GlobeNewswireMoving Towards Commercializing Its Transformative Cellulose to Biofuels and Bioplastics Process. WEST PALM BEACH, FL, Sept. 18, 2019 (GLOBE [more]
Tags: News, Reorganizations

SC attorney general signs onto settlement with OxyContin maker as other states object - Greenville News

09/18/2019 SC attorney general signs onto settlement with OxyContin maker as other states object  Greenville NewsSouth Carolina Attorney General Alan Wilson has joined 23 states in agreeing to a proposed, multibillion-dollar settlement with the maker of OxyContin. [more]
Tags: Liquidation, News

Blogs

Freddie Mac launches mortgage data app for lenders

09/18/2019 The mortgage industry has put more emphasis on organizing data in a digital manner and presenting it in an easily digestible format. [more]
Tags: Apps, Bankruptcy Blogs, BankThink, Fintech, Freddie Mac, Mortgage technology, Underwriting

Keweenaw expands closer to Detroit with deal for North Star

09/18/2019 The company will pay $42 million in cash for the parent of Main Street Bank in southeastern Michigan. [more]
Tags: Bankruptcy Blogs, BankThink, Community banking, Growth strategies, M&A, Michigan

Student loan disclosures top new CBA chair’s Hill agenda

09/18/2019 Nitin Mhatre of Webster Financial explains why the Consumer Bankers Association — whose members want a bigger piece of the student lending market — backs legislation that would make the federal government tell borrowers how much they will ultimately owe, as private lenders are already required to [more]
Tags: Bankruptcy Blogs, BankThink, Consumer Bankers Association, Consumer banking, Cybersecurity, Small-dollar lending, student loans

The Sky Is Falling: Securitization, Chicken Little Edition

09/18/2019 It's been quite a week for "valid-when-made (up)".  Not only did FDIC and OCC race to court to defend the doctrine in the context of a 120.86% small business loan, but there's a Bloomberg story out about a set of class action usury law suits (here and here) against the credit card securitization [more]
Tags: Bankruptcy Blogs, Consumer Finance, CreditSlips, Financial Institutions, Usury

Challenger banks insist they’re equal to the task of lending

09/18/2019 MoneyLion and Varo say familiarity with existing customers — whom they already offer savings, investment and personal finance products — will help them make smart credit decisions. [more]
Tags: Bankruptcy Blogs, BankThink, Consumer banking, credit, credit cards, Credit quality, Digital banking, Fintech, Varo Money

FDIC and OCC Race to Court to Defend 120.86% Interest Rate Small Business Loan

09/18/2019 FDIC and OCC filed an amicus brief in the district court in an obscure small business bankruptcy case to which a bank was not even a party in order to defend the validity of a 120.86% loan that was made by a tiny community bank in Wisconsin (with its own history of consumer protection compliance [more]
Tags: Bankruptcy Blogs, Consumer Finance, CreditSlips, Financial Institutions, small business, Usury

Summit Financial returns to M&A to build scale in West Virginia

09/18/2019 The company will pay $29 million for Cornerstone Financial Services. [more]
Tags: Bankruptcy Blogs, BankThink, Community banking, Growth strategies, M&A, West Virginia

FB Financial to enter new Ky. market with FNB acquisition

09/18/2019 The Tennessee company will gain access to the Bowling Green, Ky., market as part of the $52 million deal. [more]
Tags: Bankruptcy Blogs, BankThink, Community banking, Growth strategies, Kentucky, M&A, Tennessee

Where banking-fintech partnerships fall short

09/18/2019 Fintechs that simply offer cosmetic upgrades to the cumbersome American banking system won't survive. [more]
Tags: , Bankruptcy Blogs, BankThink, Consumer banking, Federal Reserve, Fintech, Fintech regulations, Licenses and charters, Mobile banking, Mobile payments, Mobile technology, OCC

Fed moves to ease cash shortage; Citi looks to make connections

09/18/2019 The Fed’s injects funds into the repo market for first time in more than a decade; bank trying to partner firms with cash with those with market share. [more]
Tags: , Bankruptcy Blogs, BankThink, CFPB, Citigroup, credit scores, HSBC, Morning scan, Regulatory relief