News

PNC committed more than $50 million in charitable support for national and local work that will help eliminate systemic racism and more than $1 billion in community development financing and capital for neighborhood revitalization, consumers and small businesses.

According to the Wells Fargo Investment Institute’s 2020 midyear outlook, there will be a deep but short recession and a gradual U.S. economic recovery beginning in the second half of 2020.

iCapital Network entered into an agreement to acquire the alternative investments feeder fund platform from Wells Fargo’s global alternative investments division.

The U.S. Bankruptcy Court for the District of Delaware approved the first day motions related to 24 Hour Fitness’ voluntary Chapter 11 filing, including access to $250 million in debtor-in-possession financing.

Pagaya, a global financial technology company using artificial intelligence to reshape asset management and institutional investment, received a $102 million Series D funding round.

The PayNet Small Business Lending Index fell 14.4 points, or 11.8%, to 107.4 in April and is now 32% below its year-ago level, potentially suggesting that small businesses are substituting traditional lending with Paycheck Protection Program loans.

Bankruptcy judge Barbara Houser, president of the American Bankruptcy Institute, issued a statement on ABI’s commitment to diversity and inclusion, including an update on the work of ABI’s diversity and inclusion working group.

The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division approved Neiman Marcus Group to access debtor-in-possession financing, including the immediate availability of $250 million and an additional $150 million as needed after Sept. 4, 2020.

Gordon Brothers, Hilco Merchant Resources, Great American Group and Tiger Group commenced store closing sales at 137 J. C. Penney stores across the United States.

GA Global Partners, a B. Riley Financial company, will conduct an online public auction of the assets of Second Sight Medical Products on June 25. GA Global is conducting the auction of Second Sight’s assets in connection with the orderly...