Just cause you got the monkey off your back doesn’t mean the circus has left town.
― George Carlin
- Energy Future Board Said to Meet on Two Bankruptcy Plans (Bloomberg): Energy Future Holdings continues to limp toward a bankruptcy filing. Current discussions revolve around the cooperation of Fidelity Investments, which holds positions in seven different tranches of the company’s debt.
- New Study Raises Threat of Bankruptcies for Container-Shipping Industry (Forbes): In a recent study, restructuring firm AlixPartners highlighted the severe challenges facing the container shipping industry. While the industry has always been prone to cyclical booms and busts, the shortening macro-economic cycle has substantially increased the risk of business failure for shipping companies that find themselves over-built and over-levered during a global recession.
- Gherkin Tower in Receivership Seen Drawing Lines of Investors (Bloomberg): After years of defaults, the owners of the iconic Gherkin Tower in the City of London have appointed Deloitte LLP as receiver. Market watchers believe that a sale process would attract considerable interest, due to both the prominence of the property and a recovery in City of London office rents since the recession.
- Detroit retiree committee reaches deal on pensions, healthcare (Reuters): The city of Detroit continues to secure agreements with key creditors as Emergency Manager Kevyn Orr navigates his way through the nation’s largest municipal bankruptcy.
- The days of failure behind it, Slack forges onwards with $42.75M, buoyed by a list of famous angels (Pando): Stewart Butterfield and his remaining team at Tiny Speck were seemingly out of options when they pivoted from their initial focus on creating a never-ending game that users could play forever to developing an enterprise communication app called Slack. After the team secured funding of $42.75 million, it is fair to say that investors see promise in the app, and that Butterfield and his team now have more runway to execute on their revamped plan.