Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, January 13. Here's what you need to know: A New York bankruptcy judge delayed a planned auction of a Bronx property after its developers came up with $11.9 million to pay off its loan. A financing unit of oil-rig contractor Seadrill sped through bankruptcy after a single day under court protection, the latest in a small handful of borrowers to do so. And glassmaker O-I Glass has a bankruptcy deal to set aside $610 million for asbestos liability.

Seadrill subsidiary speeds through bankruptcy in a day. Seadrill New Finance Ltd. received court approval for a chapter 11 plan Wednesday to hand control to creditors after a single day in bankruptcy, bringing its parent company, offshore rig operator Seadrill Ltd. , one step closer to completing its own restructuring. In approving New Finance’s one-day restructuring, a bankruptcy judge set aside objections to the fast-track nature of the process raised by government monitors who said interested parties to the chapter 11 case had inadequate time to consider the company's plans.

O-I glass subsidiary floats $610 million asbestos bankruptcy settlement. A bankrupt subsidiary of O-I Glass Inc., one of the world’s largest makers of glass container products, has proposed a $610 million settlement to resolve costly litigation arising from manufacturing thermal insulation products that contained asbestos, a cancer-causing mineral. The proposed settlement, made public in papers filed Wednesday in the U.S. Bankruptcy Court in Wilmington, Del., would create a trust to compensate individuals who allege personal harm from the insulation products.

U.S. inflation hits 7% fastest pace since 1982. U.S. inflation hit its fastest pace in nearly four decades last year as supply-demand imbalances and government stimulus pushed prices up at a 7% annual rate. The last time consumer prices clocked in at such an annual increase was in June 1982, but the circumstances were very different from today. While inflation right now is rising, back then it was falling after peaking at 14.8% in 1980, when Jimmy Carter was still president and the Iranian revolution had pushed up oil prices.

Today, the Covid-19 pandemic has caused supply-chain disruptions, and a shortage of goods and materials—particularly autos—coupled with strong demand from consumers flush with the benefits of government stimulus are behind the inflation surge. Economists and the Federal Reserve expect inflation to ease this year as supply bottlenecks clear and demand normalizes, though the Omicron variant of Covid-19 has renewed uncertainty about the economic outlook. Economists reacted to the numbers.

Government losses on student debt climb above $100 billion amid pause on payments. The pause in student-debt repayment has cost the federal government more than $100 billion since the start of the pandemic and could cost $4 billion to $5 billion a month until the moratorium is lifted at the beginning of May, according to government estimates. Among the documents requested is an internal report commissioned by Betsy DeVos, former education secretary under the Trump administration, that showed a far more dire picture of taxpayers’ exposure to student-loan defaults than the one presented by the government.

The court overseeing the bankruptcy of Irving-based Boy Scouts of America is also trying to figure out what portion of the tens of thousands of sexual abuse claims filed against the organization might be poorly substantiated or invalid. (Axios)

Two locations of Famous Anthony's, a Virginia restaurant chain at the center of a deadly Hepatitis A outbreak, are filing for bankruptcy. (Eat This, Not That)

Chinese real estate developer Shimao Group Holdings pushed back Tuesday on reports of default and sales of prime property. In a filing on Tuesday, Hong Kong-listed Shimao Group made its first public response to media reports about the sale of its real estate projects. (CNBC)

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