Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, April 13. In today's briefing, Multi-Color is nearing a settlement with certain of its lenders to potentially end a monthslong chapter 11 standoff ahead of a critical confirmation hearing today. And the New Jersey Supreme Court denied Beasley Allen's appeal, keeping the law firm barred from the Johnson & Johnson talc litigation. 

Multi-Color is nearing a settlement with certain of its lenders ahead of a Monday confirmation hearing, according to sources with knowledge of the matter.

Under the revised plan, private-equity owner Clayton, Dubilier & Rice would potentially contribute additional capital, improving payouts for certain creditors, the people said. The terms are being finalized and could change, they said.

The deal paves the way for Multi-Color, which filed for chapter 11 in January, to exit bankruptcy after its intended fast-track restructuring devolved into a monthslong standoff.

On Monday, Judge Kaplan will consider whether the bankruptcy plan should be approved. Multi-Color, which makes labels for Skippy peanut butter jars and Evian water bottles, cited rapid cost increases in raw materials and labor and declining demand in its bankruptcy filing.

Large banks including JPMorgan Chase are preparing to offer a new way for investors to bet against managers of private-credit funds.

The banks are working with S&P Global to launch an index of credit-default swaps that would protect buyers against defaults by companies included in the index, called CDX Financials. Private-credit funds managed by Apollo Global Management, Ares Management and Blackstone will make up 12% of the index, which also includes insurers, regional banks and credit-card companies.

The index would rise when the market sentiment on those firms turned negative. If it gains traction, the so-called FINDX would give debt investors and traders a fast way to hedge or short what is now a more than $3 trillion industry. Private credit increasingly touches banks, insurance companies and other parts of the financial system.

The New Jersey Supreme Court has denied Beasley Allen’s appeal to rejoin the talc litigation against Johnson & Johnson, upholding a disqualification based on ethics breaches.

The ruling, posted in the court docket Friday but signed by Chief Justice Stuart Rabner on Monday, effectively shuts the Alabama-based firm out of representing women accusing J&J talc products of causing ovarian cancer.

The disqualification stems from an unusual alliance between a Beasley Allen lead attorney and a former J&J counsel. J&J argued the collaboration was a conflict of interest that compromised the integrity of the proceedings. Beasley Allen, its lawyer Andy Birchfield and J&J former lawyer James Conlan have denied the allegations.

For more than a month, the war with Iran has choked off one of the world’s most critical sources of jet fuel, triggering a swift and dramatic shortage across the aviation world.

Airlines, airports and fuel suppliers are warning that Tuesday’s cease-fire deal—even if it holds—won’t solve the jet fuel crisis any time soon.

China, a refining powerhouse, has stopped exporting jet fuel so it can meet its own needs, and airports across Asia, including in Vietnam and Myanmar, are already running out of supply. Europe is on the cusp of severe shortages as soon as May if the Strait of Hormuz, which links the Persian Gulf to global markets, isn’t fully reopened.

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