Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Wednesday, February 18. In today's briefing, a deal-away for Xerox; an indictment over a private-equity deal gone bad; and a new push to resolve the Roundup nightmare by Bayer.

Xerox inks IP-backed deal with TPG. Xerox has struck a deal with investment firm TPG Capital to raise fresh financing backed by its intellectual property as the office technology company struggles with workplace digitization.

Investors led by TPG’s credit business agreed to provide $450 million through senior secured loans and preferred equity backed by Xerox patents, copyrights and trademarks, the company said. As part of the deal announced Tuesday, Xerox moved those intellectual property assets into a new joint venture to issue debt and equity to TPG, which wasn’t previously a creditor of the company.

• Xerox was looking to raise a loan of about $500 million that would use its intellectual property as collateral, WSJ Pro Bankruptcy previously reported.

Mobilieum executives charged with inflating revenue. Two executives of bankrupt telecommunications business Mobileum conspired to inflate the company’s profit ahead of a private-equity buyout, federal prosecutors alleged.

The former chief financial officer, and chief of delivery of Mobilieum were charged with manipulating the company’s financial metrics before its 2022 sale to H.I.G. Capital.

• A Silicon Valley company that provides services to telecom businesses, Mobilieum filed for bankruptcy in 2024 and was taken over by its creditors. The business is also at the center of dueling allegations of misconduct by Miami-based H.I.G. and the prior owner, Boston-based private-equity firm Audax.

Bayer preps $7 billion Roundup settlement. The German pharmaceutical and agriculture conglomerate on Tuesday said it proposed to settle a nationwide class-action lawsuit to resolve claims that its flagship herbicide causes cancer. The proposal requires court approval in Missouri, where the bulk of Roundup cases are outstanding.

• WSJ Pro Bankruptcy reported last year that Bayer was exploring a settlement through state courts in Missouri. The company has also considered a bankruptcy filing for its Monsanto agriculture business if the settlement didn’t materialize, the Journal reported.

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