Bankruptcy & Restructuring News Headlines for Friday Aug 11, 2023

Here's what we are reading this morning:

BlockFi Claims Collateral Sale Violated Ch. 11 Stay - Law360: Cryptocurrency exchange BlockFi Inc. is asking a New Jersey bankruptcy judge to find a Chinese investment firm in contempt for selling off millions of dollars in crypto collateral days after BlockFi's Chapter 11 filing was supposed to shut down attempts to take its assets.

Unprecedented levels of damage from storms this year is upending US towns and the insurance industry | AP News: Waves of severe thunderstorms in the U.S. during the first half of this year led to $34 billion in insured losses, an unprecedented level of financial damage in such a short time as climate change contributes to the frequency and severity of violent meteorological events.

Babylon to exit US, seeks lifeline to avoid bankruptcy: London-based digital-first healthcare platform Babylon is undergoing a business overhaul, including closing U.S. operations and selling Meritage Medical Network

Supreme Court Halts Purdue’s $6B Opioid Pact, Will Hear Appeal: The US Supreme Court agreed to consider scuttling Purdue Pharma LP’s $6 billion opioid settlement, taking up a Biden administration appeal that contends the accord improperly shields the Sackler family members who own the company.

Schnader Harrison Approves Closure Plan After 89-Year Run: Schnader Harrison Segal & Lewis partners voted Wednesday to finalize the Philadelphia-founded law firm’s closure after 89 years in business.

Big Banks Are Trying to Dump Commercial Real Estate Debt As Pressure Mounts: A slew of big banks are trying to shed commercial property debt as troubles brew in the sector, Bloomberg reported.

Crypto Asset Trading Platform Bittrex and Former CEO to Settle SEC Charges for Operating an Unregistered Exchange, Broker, and Clearing Agency: As part of the settlement, which is subject to court approval, the defendants consented to entry of final judgments that permanently enjoin Bittrex and Shihara from violating Sections 5, 15(a), and 17A of the Securities Exchange Act of 1934 and enjoin Bittrex Global from violating Section 5 of the same Act.

Cano Health sinks on raising going concern doubts; announces job cuts | Reuters: Cano Health said on Thursday there is substantial doubt about the company's ability to continue as a going concern within one year, sending shares down about 48% after the bell.

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