Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Tuesday, Sept. 9. In today's briefing, WeightWatchers is reinventing itself yet again, adding menopause treatments and GLP-1 weight-loss drugs to its offerings and promoting them with a bold ad campaign fronted by Queen Latifah. SpaceX is spending $17 billion to buy EchoStar spectrum rights and expand into the mobile-phone market.

We also have news on New Fortress Energy, Wolfspeed and Brooklyn Mirage. 

typically chaste healthcare ads bombarding consumers during the GLP-1 boom with a new, surprisingly sexy marketing push.

“Is it getting hot in here?” rapper and actor Queen Latifah asks at the start of one commercial, which zooms in on peeling clothes, dripping sweat and ice cubes on bare skin. Racy party anthem “Hot in Herre” provides the soundtrack. Then Latifah answers her question: “Nah girl, it’s just the menopause.”

Elon Musk’s SpaceX is writing its biggest check ever to expand its foothold in the mobile-phone business.

SpaceX said Monday it would pay $17 billion for the rights to use some of EchoStar’s valuable spectrum for cellphone service.

The deal with EchoStar includes $8.5 billion in cash and up to $8.5 billion of SpaceX stock for two chunks of valuable U.S. wireless licenses and related domestic and international rights to beam signals from space. The rocket and satellite-internet company also agreed to pay about $2 billion of cash toward interest payments on EchoStar debt through November 2027.

Securities backing New Fortress Energy plummeted on Monday following the natural gas company’s disclosure that deteriorating financial conditions have created substantial doubt in its ability to continue as a going concern.

The company’s stock closed at $1.40 for a market capitalization of under $400 million, down nearly 43% from Friday, while its bond maturing in 2026 fell to around 20 cents on the dollar.

New Fortress said in its quarterly report Friday that it doesn’t expect to be in compliance with its senior debt covenants after a decline in earnings accelerated in recent months. The company incurred a net loss of $557 million for the quarter ended June 30, compared to a net loss of $87 million over the same period the prior year, with the change attributed to lower cargo sales and an increase in operating expenses.

New Fortress said that it is working with Houlihan Lokey and Skadden Arps to evaluate strategic alternatives to improve its capital structure, and is in discussions with various existing stakeholders and potential investors.

—Alexander Gladstone

U.S. semiconductor chip supplier Wolfspeed is set to wrap its prepackaged bankruptcy case after receiving plan confirmation Monday from Houston bankruptcy Judge Christopher Lopez.

The publicly traded semiconductor component maker filed for chapter 11 in June after attempting to restructure itself out of court for months. It entered bankruptcy with a restructuring deal with its top creditors to cut roughly $4.6 billion in debt. The plan also provided a recovery for equity holders of between 3% and 5%.

Judge Lopez noted during Monday’s plan confirmation hearing that Wolfspeed had garnered "extraordinarily high support” for its bankruptcy plan from its creditors. The company said it plans to emerge from bankruptcy by the end of September.

—Alicia McElhaney

Shares of Wolfspeed rose after the company said its chapter 11 reorganization plan has been approved by the court. The stock was up 7.3% at $1.32 after hours. Shares had closed the market down 82% year-to-date.

The Durham, N.C., semiconductor supplier said after the closing bell that it expects to emerge from Chapter 11 protection in the next several weeks with about 70% less debt.

"We look forward to emerging with the financial flexibility to move swiftly on our strategic priorities and reinforce our leadership in silicon carbide," Chief Executive Robert Feurle said.

—Dean Seal

A committee of unsecured creditors in Avant Gardner, the owner of nightlife venue Brooklyn Mirage, filed a motion challenging the company’s proposed sale to its chief lender and seeking the appointment of a trustee.

The committee alleged that Axar Capital, which is Avant Gardner’s prepetition lender, DIP lender and proposed stalking-horse bidder, is responsible for the venture’s failure after having “methodically and intentionally” taken incremental control until it was “in a chokehold and had no ability to operate independently.”

After Axar played a role in installing members of Avant Gardner’s management team, the company had a series of mishaps that involved repeated troubles with government authorities and led to the Mirage’s closure, the committee said.

The committee added that it has conducted an investigation that shows the proposed transaction with Axar is an “insider transaction on non-arms’ length terms that should not be approved.”

Axar didn’t respond to a request for comment about the committee’s allegations.

—Alexander Gladstone

Financial and risk advisory firm Kroll and private-markets investor StepStone Group have created a set of private-credit benchmarks that aim to provide greater transparency and risk mitigation for investors in the fast-growing direct-lending market.

The Kroll StepStone Private Credit Benchmarks analyze data from more than 15,000 direct-lending deals across the U.S. and Europe dating back to 2012. The firms are pitching the benchmarks with a Kroll service that offers clients some freedom to build customized indexes using filters such as region, value and collateral type. The U.S. accounts for roughly 80% of the deals covered in the database, while Europe represents the remaining 20%, Kroll said.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Soma Biswas; Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Andrew Scurria; Becky Yerak. 

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