What We’re Reading This Week [June 9, 2021]
Business Insider reports that the U.S. economy added 559,000 new jobs in May, a rate of job creation that, if maintained, will take another 15 months for U.S. jobs to surpass the pre-pandemic peak. While labor shortages have emerged as an issue, economists predict that such shortages are likely to fade away as new school year starts, unemployment benefits expire, and vaccination efforts continue. [Business Insider; June 4, 2021]
CNBC reports that the National Rifle Association intends to defend itself against New York Attorney General Letitia James’ attempts to shut the organization down in a state court, dropping its own federal lawsuit seeking to block her efforts. The move comes after the NRA’s bankruptcy case was dismissed for being based on improper effort to avoid regulatory oversight and gain an unfair litigation advantage. [CNBC; June 4, 2021]
Bloomberg reports that eight municipal borrowers entered distressed territory last week, lifting Bloomberg’s total tally for such borrowers in 2021 to 76. While the numbers indicate that the wave of U.S. municipal-bond distress set off by the pandemic is still spreading, analysts have indicated that municipal credit health has strengthened compared to last year. [Bloomberg; June 3, 2021]
The Wall Street Journal reports that Avadim Health, a seller of topical products, filed for Chapter 11 bankruptcy protection in Delaware, with the aim of selling itself to its secured lenders led by Hayfin Capital Management LLP in exchange for roughly $70 million in debt forgiveness. [WSJ; June 1, 2021]
