Good day. While U.S. retailers are under enormous pressure, their landlords have problems of their own, WSJ Pro Bankruptcy's Aisha Al-Muslim reports. Sex-abuse victims want the Boy Scouts of America to put $667 million in assets back on the table in settlement talks. And the biggest lender to a historic Beverly Hills, Calif. mansion is turning up the heat on its owner.

U.S. commercial landlords have granted billions of dollars of rent relief to struggling storefronts as property owners strive to keep falling occupancy rates from triggering more severe financial consequences. Read More.

The official committee of sex-abuse victims has challenged the Boy Scouts of America over claims that Philmont Scout Ranch in New Mexico and other valuable assets on the organization’s balance sheet can’t be used to pay settlements to trauma survivors. Read More.

Fortress Investment Group LLC is once again seeking to place a historic Beverly Hills, Calif., mansion, used recently as a filming location for Beyonce’s visual album “Black Is King,” under the control of a neutral administrator to sell the property after more than a year in bankruptcy. Read More.

The Paycheck Protection Program of forgivable loans will reopen on Monday, the Trump administration said, as the federal government extends efforts to preserve jobs and help businesses weather the coronavirus pandemic and related lockdowns. Read More.

KPS Capital Partners LP prevailed over one investor group at an auction that started in December for bankrupt auto parts maker Garrett Motion Inc.

KPS raised its bid to $2.9 billion in a competition for control with some of the company’s shareholders, including Owl Creek Asset Management LP, and Warlander Asset Management LP, according to court filings on Friday.

Garrett Motion, however, continues to consider a rival offer from another consortium made up of shareholders Oaktree Capital Management LP and Centerbridge Partners LP along with former owner Honeywell  International Inc.

KPS had been designated the stalking-horse bidder with an offer of $2.6 billion in October. The private-equity firm raised its offer in the auction with the competing investor group.

Garrett filed for bankruptcy last year amid a pandemic-driven sales decline and an escalating legal dispute with Honeywell over an arrangement covering legal claims for asbestos injuries related to Honeywell products.

Under the Oaktree-Centerbridge offer, Garrett's shareholders would retain equity control, while bonds, loans and unsecured creditors would be paid in full and the company would settle with Honeywell. — Soma Biswas

Cyc Holdings LLC, which had hoped to salvage its spin-class business through a chapter 11 reorganization, has switched instead to a chapter 7 liquidation. Read More.

NinePoint Medical Inc.'s reorganization plan got a green light from bankruptcy court. The venture-backed maker of a medical imaging system filed a chapter 11 petition in October with a restructuring agreement in hand with lender Merit Medical Systems Inc. and with Tall Marmot LLC, which provided bankruptcy financing and is getting the equity in the reorganized business.

New York-based NinePoint, which has never had a profitable year, entered bankruptcy with $14 million in debt and is leaving debt-free, records show. — Becky Yerak

Francesca's Holdings Corp. has finalized a deal with a lead bidder to potentially acquire its remaining specialty retail business out of bankruptcy. The boutique chain, which sells apparel, jewelry, accessories and gifts, tapped an affiliate of investment firm TerraMar Capital LLC, along with one of Francesca's lenders, appraisal and liquidation firm Tiger Capital Group LLC, to serve as the stalking horse bidder for substantially all of its assets, according to court documents filed Friday.

The asset purchase agreement, subject to certain adjustments, includes $17.36 million in cash and more than $6.6 million in assumed liabilities. — Aisha Al-Muslim

A federal judge in Chicago on Friday unfroze the assets of famed plaintiffs’ lawyer Thomas Girardi and his faltering firm Girardi Keese at the behest of the interim bankruptcy trustees overseeing their estates. (Reuters)

They swooped in to buy the debt of pandemic-battered airlines and cruise companies. Some got in on the lucrative role of funding Hertz Global Holdings Inc.’s bankruptcy reorganization, while others made wagers against commercial real estate. Now, some of the most seasoned distressed-debt traders are totaling up big gains. (Bloomberg)

Faraday & Future Inc., a formerly bankrupt electric-vehicle startup, is in talks to go public through a merger with Property Solutions Acquisition Corp., a blank-check firm. (Bloomberg)

The latest pandemic relief package includes hundreds of billions of dollars in funding for small businesses. But for many companies, the money hasn't targeted one of their biggest overheads: rent. (NPR)

Rents for retail space in New York City have tumbled to historic lows, dropping as much as 25% from 2019 levels, as troubled retailers like Neiman Marcus and Century 21 closed stores and vacancies soared, according to a report Friday. (NBC)

While 2020 was the year when COVID-19 hit home, 2021 is expected to be the year when the economy and everyday life returns to normal, more or less. But the new year also will mark a time when millions of Americans continue to grapple with the financial fallout from the pandemic. Improvement won't come overnight, and some problems—tax payments, debts and saving deficits—could get worse before they get better. (Arizona Republic)

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Aisha Al-Muslim; Soma Biswas; Peg Brickley; Alexander Gladstone; Jonathan Randles; Andrew Scurria; Becky Yerak. 

Follow us on Twitter: @AishaAlMuslim; @SomaBisWSJ; @gladstonea; @Sparkyrandles; @AndrewScurria; @Beckyyerak.