Mallinckrodt, a major U.S. opioid manufacturer, received court approval for a bankruptcy plan that eliminates over $1 billion in payments intended for addicts, transferring control of the company to its creditors. The U.S. Bankruptcy Court in Wilmington, Delaware, approved the plan, facilitating the company's exit from its second bankruptcy in under three years.

Several multibillion-dollar settlements by opioid manufacturers and distributors, including Purdue Pharma and Mallinckrodt, are at risk of falling apart, jeopardizing over $8 billion intended for addiction victims and state governments. These settlements were meant to aid communities in combating opioid addiction and covering rehabilitation costs. The potential collapse of these agreements highlights the fragility of major opioid settlements and the uncertainty surrounding their full payout.

Federal regulators fined JPMorgan Chase approximately $350 million on 14 March for failing to properly monitor billions of trades executed since 2019. The Federal Reserve stated that JPMorgan did not adequately surveil trading and order activity through its corporate and investment bank across 30 exchanges and other trading venues, affecting both firm and client trades.

The U.S. lifted a wide range of sanctions against Venezuela in October but retained the option to reimpose them, acknowledging the failure of the ban on buying Venezuelan bonds. Wall Street investors provided evidence to Washington indicating that the trading of Venezuelan bonds was benefiting individuals with Russian ties, suggesting a potential increase in Russian influence in the region.

The Connecticut chapter of the largest UFO research group in the USA has seen significant growth, expanding from six to nearly a hundred members. Meetings, once held secretly in a suburban basement, now take place openly at AD's Pizzeria in Windsor Locks, with guest speakers often featured. The DeLeo family, who own the pizzeria, do not believe in aliens but have generously opened their doors to the group.

The Connecticut chapter of the Mutual UFO Network, once a small group meeting in obscurity, has experienced significant growth, now boasting nearly 100 members. Monthly meetings are held at AD's Pizzeria in Windsor Locks, where discussions about UFOs take place over Italian-American cuisine.

EY, one of the Big Four accounting firms, is starting to lay off partners in the US as part of cost-cutting measures due to slowed growth and excess capacity. Dave Burg, EY’s head of Americas cybersecurity, communicated this decision during a webcast call with partners and staff.

The sale process for the venture capital arm of bankrupt SVB Financial, the former parent of Silicon Valley Bank, has stalled, leading creditors to prepare for a potential takeover. Two main contenders, a partnership between Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital, and San Francisco's Vector Capital, were previously reported as front-runners.

The sale process of the venture-capital arm of bankrupt SVB Financial, the former parent of Silicon Valley Bank, has stalled. Creditors, including Pimco and Davidson Kempner, are preparing for a potential takeover of the business, which is valued at roughly $10 billion.

China is disrupting the international financial system's approach to handling debt crises in developing countries, causing dissatisfaction among Wall Street bond fund managers. Recently, China blocked a deal to salvage investments in Zambia's defaulted debt and brokered a private debt restructuring with Sri Lanka, outmaneuvering Western governments.

Chinese property giant Evergrande and its major foreign creditors are in last-minute negotiations to prevent the liquidation of the company's offshore businesses. The discussions aim to restructure Evergrande after Chinese regulators rejected a previous plan.

With the federal government approaching a potential shutdown on November 17, Speaker Mike Johnson is considering several options to avert it, including a 'laddered CR' proposed by the Freedom Caucus. Senate Republicans are less enthusiastic about this approach. President Joe Biden, facing low poll numbers, may benefit from a confrontation with the House GOP. In the Senate, there's a push to expedite the passage of appropriations bills using a December CR deadline. Senator Tommy Tuberville's blockade on military promotions over the Pentagon's abortion policy has created divisions among Senate Republicans. In the House, censure efforts against Rep. Rashida Tlaib continue, with two new resolutions filed by Republicans Marjorie Taylor Greene and Rich McCormick, while Rep. Sara Jacobs introduced a resolution to censure Rep. Brian Mast for comparing Palestinian civilians to Nazis.

EY is intensifying its efforts to overhaul US governance to provide partners with a greater voice in firm strategy, following the failed attempt to separate its audit and advisory businesses. The Big Four accounting firm is addressing the aftermath of its decision to abandon the split, which cost $600 million and over a year of planning.

The landlord of Hwa Yuan Szechuan, a renowned Chinese restaurant in Manhattan's Chinatown, filed for bankruptcy to avoid foreclosure. The restaurant, started by Taiwanese immigrant Yu Fa Tang in the late 1960s and known for popularizing cold sesame noodles in the U.S., has struggled financially since the Covid-19 lockdowns. Despite its acclaim and celebrity patrons like Jennifer Lawrence and Gwyneth Paltrow, the financial pressures on the restaurant industry have taken a toll.

The Biden administration's easing of sanctions against Venezuela has reinvigorated the trading of the country's sovereign bonds, with prices rising as a result. Bondholders, who have not received payments for nearly six years and are owed $63 billion, have seen between $2 billion and $3 billion of these bonds change hands in the week following the lifting of the ban on U.S. investors buying and selling Venezuelan debt.

Tom Farley, former NYSE President, is among three bidders vying to acquire the remnants of the collapsed cryptocurrency exchange FTX. Competing with Farley's Bullish are Figure Technologies and Proof Group. The auction, which has narrowed down from over 70 interested parties, is expected to conclude with a winner in December. FTX, once valued at $32 billion, collapsed in November 2022 amid fraud charges against its founder Sam Bankman-Fried, who was recently convicted. The new owner may offer shares or tradable tokens to compensate customers. However, the FTX brand's tarnished reputation could pose challenges for its relaunch.

FTX executives, including founder Sam Bankman-Fried, misappropriated $7.7 billion in customer funds, spending them on technology investments, luxury real estate, and political contributions. This misuse of funds led to the collapse of the crypto exchange FTX last year, as revealed by a Wall Street Journal analysis of company disclosures and legal filings.

Banks that financed Elon Musk's $44 billion purchase of Twitter, now renamed X, are still grappling with the financial fallout a year later. Seven banks, including Morgan Stanley, Bank of America, and Barclays, lent Musk around $13 billion. Normally, they would have sold the debt to Wall Street investment firms, but investor interest in Twitter has waned since Musk's takeover, forcing the banks to retain the debt at a discounted value.

Envision Healthcare is preparing to file for chapter 11 bankruptcy protection, marking a significant financial loss for its private-equity backer, KKR. The bankruptcy will eliminate KKR's investment in Envision, which was taken private in a $5.5 billion buyout in 2018. Including debt, the deal was valued at approximately $10 billion, making it one of KKR's largest investments in the healthcare sector.

Venezuelan government bonds are set to return to JPMorgan Chase’s largest index of emerging-market government bonds, likely increasing demand among fund managers. The bank announced the re-inclusion of Venezuelan sovereign debt and debts issued by state-owned oil giant Petróleos de Venezuela into its EMBI Global Diversified Index and EMBI Global Index. These bonds were previously removed in 2019 following a U.S. ban on American investors purchasing Venezuelan bonds.

China Evergrande Group is seeking approval from a U.S. court to restructure over $19 billion in offshore debts. The property developer, known for being the world's most indebted, filed for chapter 15 bankruptcy in New York to recognize and give effect to offshore proceedings for its companies based in Hong Kong, the British Virgin Islands, and the Cayman Islands.

Texas is emerging as a key location for bankruptcy filings, with major companies like Incora, Diebold Nixdorf, and GenesisCare opting to file for chapter 11 in the state. Incora aims to restructure its $3.1 billion capital structure and resolve lawsuits involving its private-equity owner, Platinum Equity, and creditors. The U.S. Bankruptcy Court in Houston is becoming a preferred venue for financially distressed companies seeking efficient resolutions.

FTX, currently navigating bankruptcy, has proposed a plan to potentially transfer ownership stakes in a revived exchange to customers owed over $9 billion in missing deposits. The reorganization plan includes rebooting the international exchange FTX.com and possibly offering equity securities, tokens, or other interests to bridge the shortfall of funds owed to customers.

SVB Financial, the former parent company of Silicon Valley Bank, is suing the Federal Deposit Insurance Corp. (FDIC) to recover approximately $2 billion in deposits that were seized by the regulator following the bank's collapse. The FDIC had taken control of Silicon Valley Bank in March, assuring depositors that they would have access to all their funds, exceeding the standard $250,000 guaranteed by federal deposit insurance.

Equinox, a high-end fitness club chain based in New York, is collaborating with Goldman Sachs and Centerview Partners to raise over $1 billion to refinance approximately $1.5 billion in debt maturing next year. The company aims to secure a mix of new debt and preferred equity to address upcoming loan maturities, including a $76 million revolver due in January, a $1.2 billion loan due in March, and a $200 million junior loan due in September, as reported by Moody’s Investors Service.

Ernst & Young is laying off dozens of partners across its U.S. businesses due to slowing demand for certain services and cost-cutting measures following a failed breakup plan. The layoffs are primarily in the advisory sector, affecting over 10% of partners in consulting and about 4% in strategy and transactions, impacting more than 100 partners in consulting and over 30 in strategy and transactions.

The Supreme Court has blocked Purdue Pharma’s $6 billion settlement of opioid lawsuits against the Sackler family, agreeing to hear the Justice Department’s claim that the bankruptcy plan improperly absolves additional parties of liability for the opioid crisis. This decision delays or potentially nullifies a significant portion of the funds pledged by the pharmaceutical industry to combat the crisis, while possibly allowing parties opposed to the deal to seek further compensation.

Vice Media, currently bankrupt, is in advanced sale discussions with digital media conglomerate GoDigital, which aims to acquire all of Vice's assets, including its core news business and Refinery29. This potential bid could face competition from Fortress Investment Group and Soros Fund Management, both of which are lenders to Vice and have proposed swapping outstanding debts for ownership.

Thousands of FTX customers have been unable to access their cryptocurrency for over a year as the exchange's new management plans to liquidate all digital assets and return cash to customers. This proposal is expected to be presented to a bankruptcy judge later this month, leaving customers missing out on the recent surge in cryptocurrency prices.

Vice Media will cease publishing on its main website and plans to cut hundreds of jobs after Fortress Investment Group's unsuccessful attempt to sell the struggling digital publisher. The changes were detailed in an internal memo from CEO Bruce Dixon.

Pharmaceutical manufacturer Mallinckrodt, one of the largest producers of prescription opioids in the U.S., is considering selling some or all of its business units. The company, which filed for bankruptcy in August and is under chapter 11 protection for the second time in three years, is in discussions with major investors and lenders about its future, potentially leading to its exit from the opioid business.

Hedge funds are planning to divert approximately $1 billion intended for opioid addiction victims, potentially retaining some of the funds for themselves. Mallinckrodt, a major opioid manufacturer, had agreed to a $1.7 billion settlement to address lawsuits from state and local governments and individuals affected by the opioid crisis. The settlement funds, to be distributed through 2030, were designated for purchasing overdose reversal drugs like Narcan and covering treatment costs for opioid users.

The New Development Bank, established by China and its Brics partners to reshape international finance, is struggling due to Russia's invasion of Ukraine. The bank has nearly halted new loans and is facing difficulties in raising dollar funds to repay its debts, despite its prestigious headquarters in Shanghai.

TeamHealth, owned by Blackstone, is considering two competing debt repayment proposals from its major creditors to address over $1 billion in debt due next year. Pacific Investment Management Co. (Pimco), the largest holder of TeamHealth’s loans, has proposed swapping the loans for new debt backed by the company's assets, including accounts receivable from government entities like Medicare. This plan would help TeamHealth avoid default but would give Pimco priority access to some of TeamHealth’s assets in case of bankruptcy.

Invictus Global Management, a distressed-debt manager based in Austin, Texas, lost control of its flagship $100 million fund after top investors ousted it due to aggressive business tactics, including conduct during a chapter 11 bankruptcy that led to court sanctions. The fund has been involved in several major bankruptcy cases, including Aeromexico, Latam Airlines, and Tuesday Morning.

FTX is advancing plans to restart its international cryptocurrency exchange, facing significant challenges due to increased regulatory scrutiny and ongoing bankruptcy proceedings. Chief Executive John J. Ray III announced the initiation of soliciting interested parties for the reboot of FTX.com.

Wall Street firms that lent significant funds to WeWork are considering a bankruptcy filing to help the company exit costly office leases. Fund managers, including BlackRock, King Street Capital, and Brigade Capital, are in preliminary discussions about restructuring options and have shown support for a chapter 11 bankruptcy plan.

Wall Street firms that lent significant funds to WeWork are considering a bankruptcy filing to help the company exit costly office leases. Fund managers, including BlackRock, King Street Capital, and Brigade Capital, are in preliminary talks about restructuring options and have shown support for a chapter 11 bankruptcy plan.

China Evergrande faces potential breakup or liquidation after Beijing regulators blocked key parts of its turnaround plan, signaling challenges for other real-estate firms in China amid the housing crisis. The property market downturn and regulatory interventions are limiting restructuring options, potentially leading to more liquidations by foreign creditors.

Millions of people are turning sleep into a competitive sport by using the latest sleep-measuring technology. They are obsessing over sleep scores and strategies to optimize their rest, sometimes to the point of losing sleep over their performance.

The war in Ukraine has become both brutal and costly for Ukrainians. The momentum of the counteroffensive on the southern front has waned, and with no end to the war in sight, Kyiv's financial officials are urgently seeking funding sources to fill a budget gap exceeding $40 billion for the next year. Efforts include straightforward measures like selling war bonds and lobbying Western countries, as well as more complex strategies involving tax traps for intermediaries like Euroclear and intricate structures to secure funds from international bond investors.

The Ukrainian government is struggling to finance its military efforts amid a prolonged conflict with Russia, facing a significant budget deficit of over $40 billion for 2024. The counteroffensive in the southern region has stalled, prompting finance officials in Kyiv to seek various means to sustain the wartime economy and fund a planned 50% increase in military spending.

FTX has been granted court approval to sell over $3 billion worth of cryptocurrency that has been frozen since the exchange's collapse. This sale aims to partially reimburse the nearly 10 million customers, although full recovery of their deposited crypto is unlikely. FTX is also looking to convert its frozen tokens into dollars to minimize exposure to the volatile crypto market.

WeWork is renegotiating its office leases worldwide to align with the current market conditions, as stated by interim CEO David Tolley. The company is reaching out to landlords for concessions, with office leases making up a significant portion of its operating expenses.

Victims of opioid addiction are opposing the U.S. government's request to have Purdue Pharma's bankruptcy plan reviewed by the Supreme Court, as it would delay the $6 billion settlement meant for addiction victims and state governments. The settlement, reached last year, aims to resolve the legal battle over Purdue's role in the opioid crisis and protect the Sackler family from future liabilities.

Mallinckrodt, a pharmaceutical company that emerged from bankruptcy in 2022, is negotiating to potentially reduce its opioid crisis settlement payments by up to $1 billion. The company had previously agreed to a $1.7 billion settlement with state and local governments and private plaintiffs, of which it has paid $450 million and still owes approximately $1.2 billion.

An increasing number of retailers are liquidating and permanently closing after bankruptcy, with Christmas Tree Shops announcing the closure of all its stores following the withdrawal of support from its lenders.

Banks have successfully sold off a substantial amount of leveraged-buyout debt that was previously hindering their lending operations, signaling a potential return to normalcy for a vital segment of Wall Street. This debt, which is considered high-risk, is typically used to finance private-equity buyouts. However, rising interest rates last year made investors hesitant to purchase this debt, leading to approximately $80 billion being retained on banks' balance sheets, which limited their ability to issue new loans and impacted their profits.

Zambia has secured an agreement with Chinese and Western creditors to restructure $6.3 billion in loans, providing a three-year grace period before commencing a 20-year repayment plan. This deal is pivotal for developing countries with significant debt from China's Belt and Road initiative and is dependent on Zambia's ability to reach a similar agreement with private-sector creditors. The arrangement also enables Zambia to access the second tranche of IMF funds from a 2021 assistance program.

Vice Media is to be acquired by its lenders, including Fortress Investment Group and Soros Fund Management, for $225 million, with an amended bid valuing the company at $350 million. This follows Vice Media's bankruptcy filing last month.

More crypto firms and other companies are moving through chapter 11 without disclosing the identities of their creditors, a shift from past practice as some courts give priority to data privacy over public transparency. FTX and several other bankrupt crypto platforms recently have won court approval to redact from the public record customers’ names, account balances, and other data, despite the standard practice requiring disclosure of corporate creditors in chapter 11.

NSO Group, the Israeli cybersecurity firm known for its Pegasus software and recently blacklisted by the U.S., has undergone a change of ownership. Creditors, including Credit Suisse and Senator Investment Group, foreclosed on NSO's parent company, NorthPole, leading to a restructuring that ousted the previous owners, such as the private-equity fund by Novalpina Capital. Despite the controversy surrounding its spyware, the business is set to continue under the new ownership structure.

Apollo Global Management and Fortress Investment Group are competing to acquire and revitalize the bankrupt cryptocurrency lender Celsius Network. Each group is prepared to invest around $50 million to reestablish Celsius as a publicly traded company, primarily owned by its creditors.

Seven banks, including Morgan Stanley and Bank of America, face potential losses of at least $2 billion from a $13 billion loan provided to Elon Musk for the Twitter acquisition. The debt has remained unsold due to a lack of investor appetite, exacerbated by Musk's unpredictable management and a declining advertising market. The banks are preparing to sell the debt, but a possible junk-bond rating could increase losses. Twitter, now renamed X, has cut costs and jobs to manage debt interest payments, with the CEO anticipating profitability next year. The unsold debt is a concern for regulators, especially following recent bank failures.

The German-speaking community in Belgium, previously known as 'Deutschsprachige Gemeinschaft Belgiens', has officially changed its name to 'Ostbelgien' (East Belgium). This move has sparked controversy in Belgium, where language and names are politically sensitive. The change reflects the region's historical ties to Belgium and its distinct identity. Some fear this could lead to further fragmentation of Belgium, which has been undergoing decentralization since the 1970s. Ostbelgien's residents feel a stronger connection to the EU than to Wallonia, with which it shares autonomy. The region benefits from EU policies like open borders, facilitating cultural and business ties with neighboring German-speaking areas. Despite the change, regional politician Karl-Heinz Lambertz emphasizes Ostbelgien's contentment within Belgium and the practicality of a common German name for its citizens.

The article discusses the personal struggle of Maria Andreeva, whose husband has been fighting in Ukraine. She is actively trying to bring him back to Moscow, indicating that she is among many others facing similar challenges. The story highlights the human aspect of the ongoing conflict in Ukraine, particularly the impact on families of those who are involved in the fighting.

The article discusses the political landscape in Germany with the rise of Martin Schulz as the new leader of the Social Democratic Party (SPD). Despite a recent surge in popularity, the SPD still trails behind Chancellor Angela Merkel's Christian Democratic Union (CDU), as evidenced by regional election results in Saarland. The article explores the SPD's history, Schulz's political career, and his vision for Germany, which includes a focus on social justice, workers' rights, and a pro-European stance. Schulz's lack of national political experience is contrasted with Merkel's extensive background, and the challenges he faces in the upcoming federal elections are examined. The article also touches on the broader context of European politics, including the EU's challenges and the state of center-left parties in Europe.

The article discusses a conflict between the European Parliament and the European Commission over the regulation of packaged retail investment and insurance products (PRIIPs). MEPs have rejected the commission's regulatory standards for key information documents (KIDs), which are essential for informing consumers about the risks and costs of investment products. The standoff could jeopardize the entire PRIIPs regulatory package aimed at protecting consumers from exploitation in the financial industry. The commission is determined to proceed with the regulation, while MEPs and member states are pushing for a delay. The insurance industry has criticized the KIDs for portraying insurance-based investment products as riskier and more expensive than they are. The commission is ready to cooperate and plans to submit new standards before the year-end deadline.

Brussels faced a citywide lockdown following terrorist attacks on Tuesday, which resulted in at least 34 deaths and numerous injuries. The attacks, claimed by the Islamic State group, targeted Zaventem airport and the Maelbeek metro station, disrupting the European Union's central district. The city's public transport authority, STIB, closed all services, while citizens and local groups mobilized to offer support and transportation via social media. European institutions instructed staff to stay indoors, and makeshift refuges like Maison Antoine provided comfort. Political figures, including members of the UK Independence Party and Germany's AfD, linked the attacks to EU policies. The day ended with lowered flags and a vigil, but also with heightened political rhetoric.

Germany's far-right Alternative für Deutschland (AfD) party is gaining traction by focusing on anti-immigration sentiments, challenging the traditional political landscape dominated by the Christian Democratic Union (CDU) and the Social Democrats. The party's rise is attributed to dissatisfaction with Chancellor Angela Merkel's migration policies and the broader European Union's handling of the refugee crisis. AfD's controversial rhetoric and actions have sparked protests and concern among established political entities, highlighting a significant shift in German politics and societal attitudes towards immigration.

The European Union is taking measures to combat terrorism by targeting financial instruments used by terrorists, including a ban on the 500-euro banknote, known as 'Bin Ladens'. The European Central Bank is set to withdraw the bill, which is associated with illegal activities. The EU's action plan also aims to regulate prepaid credit cards and virtual currencies, and enhance financial intelligence sharing among member states. Disagreements persist on intelligence sharing, with national security agencies reluctant to pool information. The EU is also grappling with migration issues, which are linked to security concerns. The effectiveness of these measures depends on member states' willingness to implement harmonized directives and maintain citizens' privacy rights.