Notable: (Community Health Systems, Fairway Market, Nordstrom, etc.)

Airlines. Another European airline jumps into administration (the third this year). 

Community Health Systems. This just keeps getting better and better. 

EFH. The Judge continues to perplex people. Sempra Energy jumping through hoops to get the Oncor deal done.

Fairway Market. Perhaps it will avoid its (inevitable) Chapter 22 thanks to John Catsimatidis. 

Family Offices. Long them.

Hedge Funds. Short them. Or...uh, maybe not? Wethinks the hedge fund PR machine is in overdrive. 

Nordstrom. Struggling with its attempts to go private.

Offshore Drilling. Not much of a US focus, but some are bullish. We were surprised by this. 

Payday Lenders. Peace out...if this happens.

Toys R Us. Thanks to advisory fees, perhaps the private equity sponsors didn't fare as poorly as many think.

Professionals Fees (bill baby bill)

That didn't take long. Usually a case needs to be in bankruptcy for months before the inevitable fee-related backlash that comes with a Bloomberg article or a WSJ front-page report (see EFH & Lehman). But, we reckon, all things Puerto Rico are extraordinary.

Interesting Restructuring News

• Financial Services. Ocwen Financial Corp. got pummeled this week with fresh allegations.

• Healthcare. Suddenly the space is looking increasingly distressed - and this doesn't even take into account Adeptus Health Inc. or Halt Medical Inc. (see case summaries in "Cases"). 

• Investing. Looks like Intelsat jacked up distressed debt returns. Too bad, for some, that EFH jerked em' right back down.

• Manufacturing/3D-Printing. Holy sh*t. Is there anything Amazon doesn't touch?

• Oil & Gas. Sort of telling when Saudi Arabia is making a $50b push towards renewables. And also telling that new owners are already looking to shop assets post-BK (Stone Energy). At least some are already worried about another wave of distressed E&P based on revolver drawdowns. But US-based shale-focused private equity doesn't appear to have gotten the memo.

• Pharma/Hedge Fund Hotels. We enjoyed this summary of Bill Ackman's involvement in Valeant. And this piece discussing Marc Cohodes' short-strategy vis-a-vis Concordia International.

• Private Equity. These guys are making bigger and bolder moves into tech - though there is a "mixed record" there (citing Avaya, for instance)(firewall).

---

• Fast Forward. With Agent Provocateur (amusing write-up below, if we do say so ourselves) going bankrupt and L Brands (Victoria's Secret) reporting dogsh*t numbers last quarter, we figured we'd look at the lingerie space for a hot second and we found a lot of action. And it ain't good for the incumbents. It'll be interesting to see if Aerie's omnichannel strategy pays off - bold move to double down on physical stores these days - when Amazon looms right around the corner.

• Rewind I: Groupon. As we foreshadowed might happen, Groupon dropped this bomb on Good Friday while markets were closed - a banal and cynical PR trick to try and avoid a bad news cycle. 

• Rewind II: Sun Capital Partners. We have been beating up on Sun Capital Partners as its retail portfolio just gets uglier and uglier (see now Marsh Supermarkets, which has apparently hired Hilco to explore strategic options, and Vince, which got itself a recent downgrade). Perhaps CVC Capital Partners and Leonard Green & Partners have gotten the memo; the two PE firms appear to be exploring a sale of BJ's Wholesale Club which, in turn, probably means that any plans of an IPO are on hold. 

• Rewind III. We previously noted the increasing power of platforms in retail. Rue21, expected by many to file for bankruptcy in the near-term, announced a visual virtual stylist on Facebook Messenger this past week, allegedly leveraging AI in the process.