In a first-of-its kind ruling, a bankruptcy court ordered a 2021 whole-business securitization from Hooters Restaurant Group to be cancelled and essentially re-issued.

The DOJ has filed charges against four former Tricolor executives for defrauding finance providers and ABS investors by double-pledging collateral and manipulating collateral characteristics.

Issuers of utility recovery bonds want the SEC to treat the asset as corporate bonds. They raised concerns about a recent flip by the SEC to treat URBs as ABS, though the SEC notes that it has considered some URBs to be ABS for years.