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ARTICLE · 09 SEPTEMBER 2022

What We're Reading This Week [September 8, 2022]

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Bed Bath & Beyond announced a series of measures to address declining sale performance, as announced by press release and reported by Yahoo! Finance.

United StatesInsolvency/Bankruptcy/Re-Structuring
Lisa A. Holl Chang
Lisa A. Holl Chang
Aaron Gavant
Aaron Gavant
Sean Scott
Sean Scott
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Bed Bath & Beyond announced a series of measures to address declining sale performance, as announced by press release and reported by Yahoo! Finance. The company has received commitments for $500 million in additional financing. It also plans to sell up to 12 million additional shares of common stock, close 150 underperforming stores and lay off 20% of its corporate and supply chain staff. The company's stock, which had surged from $4 a share to north of $28 from "meme trading," sank following the news, trading at $8-9 a share.

Defaults on leveraged loans hit $6 billion in August, the highest monthly total in almost two years, as reported by the Wall Street Journal. Borrowers in the $1.7 trillion market may be facing the "double whammy" of weaker earning and rising interest rates. One-month LIBOR is predicted to reach 4.07% in May 2023, with similar expectations for SOFR. Barclays predicts that loan defaults, which are about 1% now, could rise to 3.25% or more a year

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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