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Administration Wants Justices to Defer Decision on Student-Loan Discharge
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Good day. The Biden administration is studying whether to relax the government's stance on which borrowers qualify to discharge their debts in bankruptcy, and has urged the U.S. Supreme Court to defer a potential ruling on the issue.
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TASOS KATOPODIS - POOL VIA CNP/ZUMA PRESS
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Biden Administration Urges Supreme Court to Pass on Student-Loan Bankruptcy Case
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The Justice Department said in Friday’s filing that an appeal seeking to make it easier to discharge student loans is premature because the Biden administration is evaluating whether to relax the government’s stance on when borrowers qualify.
The appeal has been closely followed by consumer-rights advocates and bankruptcy academics who have urged the Supreme Court to take the case and issue a national rule friendlier to troubled borrowers. Read More.
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$1.7 trillion
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Federal student loans outstanding from roughly 43 million borrowers
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Octopus Energy to Acquire Brilliant Energy Out of Bankruptcy
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Renewable energy retailer Octopus Energy US has a deal to acquire the residential customer book of bankrupt Texas retail energy provider Brilliant Energy LLC for $2.2 million.
Under the deal, Octopus Energy will take ownership of the management and supply of energy to Houston-based Brilliant Energy's roughly 9,000 residential customers. The acquisition will allow Octopus Energy, founded in the U.K. five years ago, to expand its customer base in Texas, after entering the US market late last year. Brilliant Energy, which purchases wholesale power and distributes it to consumers, filed for bankruptcy in March after getting caught up in the Texas electricity crisis during February's winter freeze. —Aisha Al-Muslim
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Boeing Supplier Tect Gets $31 Million Offer for Washington Assets
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Airplane-parts maker Tect Aerospace Group Holdings, which filed for bankruptcy last month partly due to Boeing Co.'s production suspension of the 737 MAX jetliner, received a $31.1 million cash offer for assets of its Everett, Wash., plant.
The lead bidder in the sale process is Wipro Givon USA, another industry supplier. The deal, subject to better offers and bankruptcy court approval, includes the assumption of certain liabilities. Boeing is also a Tect lender and has helped guide the sale process. The impact that the pandemic had on airline industry purchasing was another reason for the bankruptcy. —Becky Yerak
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Revlon Shares Fall on Q1 Sales Decline
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Revlon Inc.'s shares traded lower on Monday after the company posted a first-quarter sales decline amid the pandemic's continuing drag on demand for makeup. The New York City-based cosmetics company posted first-quarter sales of $445 million, a decline from $453 million in the year-ago quarter. Revlon logged an adjusted loss of $1.55 a share.
The pandemic detracted from revenue by about $44 million, Revlon estimated. At the same time, a restructuring program has helped reduced Revlon's costs, the company said. The program aims to focus on the company's Revlon and Elizabeth Arden brands in key markets, and expand e-commerce capabilities. —Matt Grossman
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A court-ordered receiver has begun efforts to sell—and construct—chunks of the Bay Area real-estate empire cobbled together by a bankrupt developer who is linked to a federal securities fraud case. (San Jose Mercury News)
Former talc miner Cyprus Mines Corp. may depose two candidates proposed by insurers to represent the interests of people who may bring future talc-related claims in the company’s bankruptcy, a judge overseeing the case ruled on Monday. (Reuters)
Former Remington Arms employees are back at work at the Ilion, N.Y. plant. (Utica Times Telegram)
Stream TV Networks Inc. started an unusual federal trial Monday designed to convince a judge to let it stay in bankruptcy so it can hire workers, borrow money and restart its business of developing three-dimensional media screens that work without using goggles or glasses. (Bloomberg)
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