Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Wednesday, Dec. 1. Here's what you need to know: A federal judge questioned whether Purdue Pharma's Sackler family owners abused the bankruptcy system, as the drugmaker defends its chapter 11 settlement with its wealthy owners. And two Latin American airlines that sought U.S. court protection are getting pushback for floating shareholder-friendly restructuring plans.

Judge asks if Purdue's Sacklers abused bankruptcy system. A federal judge weighing the $4.5 billion settlement between Purdue Pharma LP and its Sackler family owners said she had serious concerns about whether they abused the bankruptcy system by collecting billions of dollars from the drugmaker before it filed for chapter 11 protection.

Judge Colleen McMahon of the U.S. District Court in New York is considering whether to overturn the landmark settlement, which resolved allegations that Purdue and its wealthy owners fueled the opioid crisis. In a court hearing Tuesday, she said she was troubled that roughly $10 billion in distributions paid to the family may be the reason why their settlement was so critical to Purdue's chapter 11 exit plan.

Aeromexico creditors lobby Delta over chapter 11 exit plan. Grupo Aeroméxico SA B de CV is roiling some of its unsecured creditors with a restructuring plan that sets aside an ownership stake for its partner and part-owner Delta Air Lines Inc. while paying a fraction of some of its debts.

Powell lays groundwork for faster end to stimulus. The Fed chair said it is prepared to quicken the pullback of its easy-money policies, part of a broader shift in how he has characterized the risks to the U.S. economy. A retreat in global stock indexes and energy prices intensified amid inflationary pressures and a fresh coronavirus threat.

Theranos founder admits regrets, deflects prosecutors. Elizabeth Holmes conceded Tuesday that she has many regrets about how she responded to criticisms of her blood-testing company, as prosecutors questioned her directly for the first time since they charged her with criminal fraud more than three years ago.

Talen Energy Corp. is gauging investor interest in providing potential new financing to the power company, according to people with knowledge of the matter. (Bloomberg)

The U.S. Virgin Islands’ government is looking into refunding $1 billion of its matching fund bonds to address underfunding of its pension system. (Bond Buyer)

Elon Musk told SpaceX employees that a lack of progress SpaceX has made in developing the Raptor engines that power its Starship rocket is creating a ‘risk of bankruptcy.’ (CNBC)

The trustee overseeing the dissolution of LeClairRyan won court approval of a $10 million settlement with an insurer covering claims against 26 former shareholders of the defunct law firm. (Reuters)

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