United States Bankruptcy Code
Bankruptcy judge rejects J&J's talc baby powder related settlement plan
A US bankruptcy court judge has denied Johnson & Johnson's settlement plan related to baby powder containing talc, providing another setback in the company's efforts to resolve the matter. This is the third bankruptcy case for a J&J company as it relates to the baby powder issue. Red River Talc LLC, a J&J subsidiary, was seeking confirmation of a proposed prepackaged Chapter 11 bankruptcy plan that would have been one of the biggest mass tort settlements in history, if approved. Red River and J&J proposed to pay USD 9 billion to settle ovarian cancer and other gynecological cancer litigation claims based on talc-related products. But Judge Christopher Lopez of the US Bankruptcy Court for the Southern District of Texas, Houston division said in a court filing that J&J used a faulty voter solicitation process when dealing with personal injury claimants. J&J said in a statement that it will not pursue an appeal, and instead will return to the civil law system to ..
 "Bankruptcy judge rejects J&J's talc baby powder related settlement plan")
Judge says Byju's official broke duty to lenders by hiding $533 million
Byju's fraudulently transferred at least part of the money to a small hedge fund based in Miami to keep it out of lenders' hands, US Bankruptcy Judge John Dorsey also ruled
 "Judge says Byju's official broke duty to lenders by hiding $533 million")
PwC US to cut 1,800 jobs over restructuring, its first layoffs in 15 years
PwC's US unit will lay off around 1,800 workers, its first formal job cuts since 2009, as part of a restructuring process amid decreased demand for certain services, its US leader, Paul Griggs said
 "PwC US to cut 1,800 jobs over restructuring, its first layoffs in 15 years")
Express Inc files for US bankruptcy protection, to close over 100 stores
Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the United States and intends to close more than 100 stores, it said on Monday
 "Express Inc files for US bankruptcy protection, to close over 100 stores")
Byju's US unit files for bankruptcy, lists liabilities of $1 bn to $10 bn
US unit of Indian education technology startup Byju's has filed for Chapter 11 bankruptcy proceedings in the U.S. court of Delaware, listing liabilities in the range of $1 billion to $10 bn
 "Byju's US unit files for bankruptcy, lists liabilities of $1 bn to $10 bn")
WeWork appeals to landlords for lease adjustments amid bankruptcy
WeWork managed to renegotiate 590 leases before filing for bankruptcy, saving about $12.7 billion in future rent payments
 "WeWork appeals to landlords for lease adjustments amid bankruptcy")
India biz to have no impact from US WeWork Global's bankruptcy warning
Coworking major WeWork India on Wednesday said its business will have no impact from the development in US-based WeWork Global, which has said "substantial doubt" exists about the company's ability to continue as a going concern. In WeWork India, Bengaluru-based real estate firm Embassy Group hold a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. In June 2021, WeWork Global, which is a leading provider of flexible workspace, invested USD 100 million (about Rs 750 crore) in WeWork India. While announcing its quarterly result, WeWork said, "...as a result of the company's losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company's ability to continue as a going concern". WeWork Global has reported a net loss of USD 696 million in the first half of this year. Reacting to the WeWork Global warning, WeWork India CEO Karan Virwani in a statement said, "Since inception, WeWork India
J&J's proposed $8.9 bn talc lawsuits settlement faces US bankruptcy test
US bankruptcy law typically shields debtors from lawsuits while they reorganize in bankruptcy
 "J&J's proposed $8.9 bn talc lawsuits settlement faces US bankruptcy test")
India-US partnership to drive sustainable, inclusive global growth: PM Modi
"To maintain growth momentum, India and the US need a pipeline of talent. On the one hand, the US has top-class educational institutions and advanced technologies," PM Modi said
 "India-US partnership to drive sustainable, inclusive global growth: PM Modi")
Vice Media heading for bankruptcy if it fails to find a buyer: Reports
"More than five companies have expressed interest in acquiring Vice, according to a person briefed on the discussions. The chances of that, however, are growing increasingly slim"
 "Vice Media heading for bankruptcy if it fails to find a buyer: Reports")
Edward O Wilson, biologist known as 'ant man', dead at 92
Wilson's sociobiology theories transformed the field of biology and reignited the nature vs nurture debate among scientists
 "Edward O Wilson, biologist known as 'ant man', dead at 92")
In sudden u-turn, NYSE scraps plan to delist three Chinese telecom firms
Hong Kong-traded shares in the state-backed firms, China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd, surged following the news
 "In sudden u-turn, NYSE scraps plan to delist three Chinese telecom firms")
Lord & Taylor, oldest department store in US, files for bankruptcy
The company, founded in Manhattan by two English immigrants in 1826, said it had about $137.9 million of debt obligations
 "Lord & Taylor, oldest department store in US, files for bankruptcy")
US firms filing for bankruptcy at fastest pace since 2013: Report
During the last financial crisis, there were 8,614 company bankruptcies in the US in 2008, and the number rose to 12,644 in 2009, according to the report
 "US firms filing for bankruptcy at fastest pace since 2013: Report")
US rejects 'living will' plans of most large banks
The other banks that submitted plans that did not pass muster with both the Fed and the FDIC were Wells Fargo, Bank of New York Mellon and State Street
