Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, March 14. The Boy Scouts of America kick off a trial on its chapter 11 plan, while Dov Charney enters bankruptcy after a long fight with the hedge fund that financed his efforts to take back his company.

In foreign news, Russia's sovereign-debt default has holders of its credit derivatives on edge, while the U.S. outreach to Venezuela is getting pushback.

Boy Scouts head to trial in largest sex-abuse bankruptcy. The youth group will appear in bankruptcy court to defend a chapter 11 plan for setting up the largest sex-abuse compensation fund in U.S. history. Insurance companies, government lawyers and some abuse victims are expected to challenge the proposal. WSJ Pro Bankruptcy breaks down the trial and what could happen next.

Most survivors back the chapter 11 plan, including an additional 9,000 individuals who voted in its favor to bring its total support to nearly 86% of all ballots cast, up from roughly 73% in an earlier tally.

While bankruptcy law generally requires two thirds approval from creditors for a proposed deal, chapter 11 cases involving mass injury and tort liabilities typically have to garner greater support. There isn't a bright line stipulating how much victim support is needed.

• Boy Scouts of America, 10 a.m. The youth group seeks confirmation of its chapter 11 plan.
• JPA No.111 Co. Ltd. et al., 11 a.m. The aircraft lessors seek approval of a contested roughly $210 million sale
• Alpha Latam Management LLC, 1 p.m. The payroll lender finds out if its chapter 11 plan is approved

Russian credit default swaps won't necessarily be triggered by ruble payments. Russia’s decision to pay some of its foreign creditors with rubles won’t necessarily constitute a credit event that would trigger $6 billion in derivatives contracts linked to the Kremlin’s creditworthiness, according to an industry body that presides over the credit default swap market.

The Credit Derivatives Determinations Committee said Friday it didn’t believe ruble payment would constitute a default where the bond documents allow for it by Russia, since the Kremlin’s access to foreign exchange reserves has been limited due to factors outside of its control.

U.S. outreach to Venezuela faces political hurdles. The Biden administration’s interest in regaining access to Venezuelan oil is facing stiff opposition at home over concerns it would prop up an autocratic regime that is a close ally of Russia. The pushback comes from both Republicans and many prominent Democrats, as well as Venezuela’s U.S.-backed opposition, that recently warned officials in Washington it is a mistake to consider turning Caracas back into an energy ally without restoring democracy there first.

Democrats grapple with mixed Covid-19 stimulus legacy on anniversary. As Democrats crafted their $1.9 trillion Covid-19 relief package last year, they repeatedly argued that the risk of doing too little to help the economy outweighed the risk of doing too much. On the anniversary of the American Rescue Plan becoming law, they are being forced to confront that risk assessment anew.

Brooklyn developer All Year finds buyer. Brooklyn property developer All Year Holdings Ltd. agreed to sell itself to a venture between Rubin Schron's Cammeby's International Group and Graph Group LLC for $60 million, subject to higher offers. All Year said in court papers Friday that $40 million of the proposed offer would come in cash, with the other $20 million from a promissory note.

The buyer has agreed to assume all unsecured claims against All Year other than the roughly $800 million in bond claims it carried with it into bankruptcy. The bond trustee has indicated it consents to the entry into the proposed sale of All Year's equity, according to the filing. All Year is holding open the possibility of an alternative transaction and aiming to close by September.

All Year, owned but not controlled by developer Yoel Goldman, filed for chapter 11 in December, saying it struggled to meet debt obligations tied to the 1,648 residential and 69 commercial units it owns in the Bushwick, Williamsburg and Bedford-Stuyvesant neighborhoods in Brooklyn. — Andrew Scurria

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