Gold Prices Hold Steady as Investors Monitor U.S.-Iran Tensions and Trump-Xi Summit 
Wall Street Futures Rise Ahead of Trump-Xi Summit as Tech Stocks Lead Market Rally 
US-China Trade Talks Sideline Chip Export Controls as Nvidia China Sales Draw Attention 
Honda Shares Jump as Automaker Forecasts Profit Recovery Despite Historic Loss 
Rubio Discusses Iran Crisis and Strait of Hormuz Disruptions With UK and Australia 
US Stock Futures Slip as Iran Tensions and Hot Inflation Data Pressure Wall Street 
Trump, Xi Begin High-Stakes China Summit Focused on Trade, Taiwan and Global Tensions 
U.S. Urges China to Help Curb Iran’s Actions in Gulf, Rubio Says 
Trump Pushes China Market Access During High-Stakes Xi Summit 
US, Japan Reaffirm Strong Currency Coordination Amid Yen Volatility 
Anthropic to Brief Financial Stability Board on AI-Driven Cyber Risks 
Amazon Faces Class-Action Lawsuit Over Trump Tariff Price Hikes 
Oil Prices Slip as Strait of Hormuz Disruptions and U.S. Inventory Data Keep Markets on Edge 
Dollar Surges as Inflation Data Fuels Fed Rate Hike Expectations 
OECD Sees Bank of Japan Raising Interest Rates to 2% by 2027 
Gold Prices Steady Ahead of Trump-Xi Meeting as Inflation and Oil Concerns Persist 
Trump Faces Uphill Battle Seeking China’s Help on Iran Conflict 
The Rockport Group, an established American footwear brand, has filed for Chapter 11 bankruptcy protection in Delaware for the second time in half a decade. Despite posting $203 million in revenue in 2022, the company is entering a voluntary restructuring process and has initiated negotiations with a potential buyer.
Founded in Massachusetts in 1971, Rockport has 30 distributor partners in over 60 countries and 1,100 points of sale. The filing for bankruptcy occurred despite reporting 2022 revenue of over $203 million last year.
Rockport is entering a voluntary restructuring process and has already negotiated with a potential purchaser. During the Chapter 11 proceedings, legal advice comes from Potter Anderson & Corroon LLP. Stifel, Nicolaus & Co., Inc. and its affiliate Miller Buckfire & Co., LLC serve as Rockport's investment banker, and PKF Clear Thinking as its restructuring advisor.
Despite the difficult circumstances, Rockport's chief restructuring officer, Joseph Marchese of PKF Clear Thinking, has emphasized the company's valuable assets, which can be effectively administered in an organized joint process to maximize value recoveries for all stakeholders.
Marchese said Chapter 11 was "appropriate to provide the company the opportunity to maximize value recoveries for all stakeholders." Chapter 11 provides an opportunity to assess the situation. The company's assets are valuable, and we plan to maximize value recoveries for all stakeholders by conducting a diligent, thorough and transparent effort, Marchese said.
CEO Gregg Ribatt has resigned while negotiations are ongoing with a potential buyer. Despite the Chapter 11 process, Rockport will continue operating "business as usual" with the expected service and product quality.
The company will use debtor-in-possession financing to secure liquidity and maintain operations, subject to court approval. Also, negotiations are ongoing with an experienced industry purchaser to serve as a stalking horse bidder during the Chapter 11 sales process.
