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WeWork Nears Chapter 11 Exit; Detroit Breaks Doom Loop
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Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, April 22. In today's briefing, WeWork sketched out its early plans for leaving chapter 11, and Detroit is bouncing back from its municipal bankruptcy more than a decade ago.
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Friday’s filing comes in the wake of WeWork co-founder and former chief executive Adam Neumann renewing his push to buy the bankrupt co-working space company.
PHOTO: HOLLIE ADAMS/BLOOMBERG NEWS
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General Motors’ future headquarters in downtown Detroit, on the site of the old Hudson’s department store. PHOTO: CARLOS OSORIO/ASSOCIATED PRESS
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Detroit shows how to reverse the real-estate doom loop. Barely a decade after Detroit declared bankruptcy, the city is emerging as America’s most unlikely real-estate boomtown. Its business district transformation offers lessons to other cities that are struggling to revive their empty downtowns and avoid being sucked into a debilitating doom loop.
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Synapse Financial Technologies is based in San Francisco, Calif.
PHOTO: CARLOS BARRIA/REUTERS
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TabaPay to acquire assets of Synapse Financial. TabaPay has agreed to acquire the assets of Synapse Financial Technologies after the latter company filed a voluntary bankruptcy petition under Chapter 11.
The instant money moving platform said on Friday that the addition of Synapse's assets would be a natural fit with its existing services and help grow its offerings, while providing continuity to Synapse's clients and banks.
The acquisition has been approved by a bankruptcy court. —Dean Seal
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EMIL LENDOF/THE WALL STREET JOURNAL, ISTOCK
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Challenging the discount window's stigma. After Silicon Valley Bank’s sudden collapse last year, regulators found the California lender was unprepared to borrow from the so-called discount window, which dates to the founding of the Federal Reserve in 1913 and is its primary channel for lending directly to banks.
At present, banks are desperate to avoid using the discount window for fear of looking weak. Regulators are now poised to revamp their approach to it.
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