Bankruptcy & Restructuring News Headlines for Friday Aug 19, 2022

Here's what we are reading this morning:

They Lost Crypto in the Crash. They’re Trying to Get It Back. - The New York Times: In a frenzied effort, investors are trying to recover lost funds from Celsius Network, a crypto firm that imploded this summer.

Hedge Funds, Distressed Debt Buyers Bet on ‘Busted Converts’: The latest risk-on sentiment is leading some distressed debt buyers and hedge funds to bet on convertible bonds of companies whose shares have fallen far below the price at which the securities can be exchanged for stock.

Kleinberg Kaplan & 507 Capital - BK Safe Harbors for Crypto Transactions : laid off 260 employees — then quietly let go of hundreds more - The Verge: Sources say the company is under greater financial stress than publicly known.

U.S. Home Sales Fell 5.9% in July Amid High Mortgage Rates - The New York Times: Sales of existing homes dropped 5.9 percent last month from June, a slowdown that is expected to drag on the market for the rest of the year.

Motion for the entry of an order directing the appointment of an examiner pursuant to 11 U.S.C. § 1104(c): The United States Trustee has requested appointment of an examiner in the Celsius bankruptcy case. The Creditors' Committee expressed concern regarding the cost of such an appointment:

Investor Ryan Cohen completes planned sale of Bed Bath & Beyond stake, stock falls 30%: Cohen said in a filing earlier this week that he intended to sell his holdings of the meme stock.

Bed Bath & Beyond Taps Kirkland & Ellis for Help Addressing Debt Load (BBBY) - Bloomberg: Bed Bath & Beyond Inc. hired law firm Kirkland & Ellis to help it address a debt load that’s become unmanageable amid a sales slump, according to a person with knowledge of the decision.

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