Bankruptcy & Restructuring News Headlines for Friday Dec 16, 2022

Here's what we are reading this morning:

Retail sales November 2022: Sales fall 0.6% as consumers feel pressure from inflation: Consumers pulled back on spending in November, failing to keep up with even a muted level of inflation.

Binance CEO brushes off $2.1 billion FTX clawback concerns: Binance CEO Changpeng "CZ" Zhao brushed off questions about whether the exchange would be able to handle a potential $2.1 billion clawback of FTX funds.

Bankruptcy Lawyers Are Bootstrapping Their Way Into Crypto Cases: Few bankruptcies involve huge groups of “Regular Joe” creditors the way the failures of FTX, Celsius, BlockFi and Voyager do. That’s given bankruptcy lawyers a chance to scour social media to find clients.

What Did SBF and FTX Lose in Real Money? - Bloomberg: That’s a question the SEC will have to deal with as they prosecute Bankman-Fried and his moribund enterprise

Latam Owes Bondholders No Bond Interest Payment in Reorg Plan: Latam Airlines Group SA won an appellate court’s affirmation that the bankrupt Chilean airline’s reorganization plan doesn’t have to include $150 million interest payments tied to its subsidiary’s bonds.

Sam Bankman-Fried’s Arrest Offers Cold Comfort to FTX Customers - WSJ: Prosecutors and regulators alleged this week that the crypto exchange’s founder stole billions of dollars from customers.

FTX Moves to Sell LedgerX, Foreign Businesses in Bankruptcy: FTX Trading has moved to put several of its businesses on the auction block, including LedgerX, its Japanese and Singaporean cryptocurrency exchanges, and its European digital assets and derivatives business.

Avaya Veers Toward Bankruptcy Filing - WSJ: Avaya Holdings is nearing a chapter 11 bankruptcy filing to restructure its balance sheet as it looks to turn around its business and move past problems surrounding the company’s accounting, people familiar with the matter said.

Party City and Bondholders Hire Restructuring Advisers - WSJ: Party City has engaged law firm Paul Weiss Rifkind Wharton & Garrison LLP as restructuring counsel. Meanwhile, investors with interests in Party City’s bonds have engaged the law firm Davis Polk & Wardwell LLP as well as financial adviser Lazard Ltd. , people familiar with the matter said.

Older Post Newer Post