Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, May 14. In today's briefing, FinThrive creditors are in talks with counsel Gibson Dunn for a fresh round of debt restructuring after the Clearlake-backed company’s disappointing earnings triggered its 2028 term loan to plummet, sources told WSJ Pro Bankruptcy. And Venezuela has initiated a comprehensive restructuring of its estimated $170 billion in external public debt, appointing Centerview Partners as a financial adviser.

Creditors to Clearlake Capital-backed software company FinThrive are re-engaging with restructuring counsel after an earnings miss sent its loans tumbling, according to people with knowledge of the matter.

A group of lenders has been in discussions with Gibson Dunn & Crutcher, which advised them in the previous liability management exercise, to prepare for another round of debt restructuring, the people said.

Plano, Texas-based FinThrive, which provides revenue cycle software-as-a-service to healthcare providers, recently reported worse-than-expected earnings, one of the people said. The term loan maturing in December 2028 has fallen roughly 30 points since May 4, with the bid price hovering around 45 cents on the dollar on Wednesday, according to S&P Global Market Intelligence.

Venezuela said Wednesday it would begin a process of restructuring its towering government debt, seeking to take advantage of warming relations with the U.S. to normalize ties with creditors and regain access to international financial markets.

With a public debt load estimated as high as $170 billion, Venezuela’s restructuring promises to be one of the largest and most complex efforts to renegotiate sovereign debt, economists say.

Bankruptcy Judge Christopher Lopez has approved First Brands’s sale of its Toledo Mining & Die business to auto-parts company TNJ Ohio, an affiliate of vehicle component manufacturer JVIS USA for an aggregate purchase price of $80 million. First Brands will split proceeds from the sale among its debtor-in-possession lenders, ABL secured lenders and Onset Financial.

The sale approval comes after First Brands said at a hearing last week that it was still working through opposition to its broader restructuring plan from certain lenders, who are concerned they will receive no recovery from their claims against the company.

A confirmation hearing is scheduled for next Wednesday. First Brands has yet to file an amended restructuring plan.

–Alicia McElhaney

Law firm Simpson Thacher & Bartlett has hired Jordan Elkin as a partner in its restructuring practice in New York. Elkin most recently worked at law firm Kirkland & Ellis, representing public and private companies, investors and their portfolio companies, as well as lenders in both in- and out-of-court restructurings in a variety of industries. Bankruptcies in which he has played a role include Pretium Packaging, Cineworld Group and Northvolt.

Elkin is the latest Kirkland restructuring professionals to follow lawyer David Nemecek to join Simpson. Kirkland restructuring partners Brian Schartz and John Luze joined Simpson Thacher, The WSJ Pro Bankruptcy reported in March. The firm had also announced that month its capital-structure solutions group had brought on partners Christine Bae and Jacob Ruby from Kirkland.

–Becky Yerak

In an interview on Wednesday, Collins said that she expects inflation pressures from the Iran war to eventually subside and that the current shock has masked evidence that underlying inflation was still headed down.

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