Here's what we are reading this morning:
Online Wine Club Winc Files Bankruptcy a Year After Going Public - Bloomberg: The subscription service listed $50.3 million of assets and $36.8 million in liabilities in its bankruptcy petition, which was filed Wednesday in Delaware. The company is arranging a buyer for its assets and has hired Canaccord Genuity Group Inc. as its investment banker, according to court papers.
Party City Restarts Talks With Creditors as Cash Pile Dwindles - Bloomberg: Party City Holdco Inc. is renewing talks with creditors over liquidity needs with help from longstanding advisers, according to people with knowledge of the situation.
Rising Tether Loans Add Risk to Stablecoin, Crypto World - WSJ: Tether reports hadn’t disclosed that loans it issues are denominated and payable in the token. The rise in Tether’s lending add risk to the crypto world.
FTX Implosion Sparks Call for Independent Probe From DOJ Arm: The US Justice Department’s bankruptcy watchdog is calling for an independent probe into the collapse of FTX Group, saying a neutral party should investigate the cryptocurrency empire’s downfall.