Bankruptcy & Restructuring News Headlines for Friday Feb 10, 2023

Here's what we are reading this morning:

Binance.US CFO Says Customer Funds Are Safe - WSJ: “We do not touch, we do not trade, we do not lend out customer assets,” said Jasmine Lee, contrasting her company with crypto exchange FTX.

Major Vancouver developer seeks creditor protection over $700M debt | Vancouver Sun: Coromandel Properties Ltd., which has a former longtime Vancouver city councillor among its principals, filed a petition in B.C. Supreme Court this week

The Year In Bankruptcy: 2022 | Jones Day: In the corporate bankruptcy world, 2022 will be remembered for the "crypto winter" that descended in November with the spectacular collapse of FTX Trading Ltd., Alameda Research and approximately 130 other affiliated companies.

The Unusual Crew Behind Tether, Crypto’s Pre-Eminent Stablecoin - WSJ: A group of four men has controlled 86% of Tether Holdings, a company that operates a stablecoin at the heart of crypto’s alternative financial universe. | Kraken to Discontinue Unregistered Offer and Sale of Crypto Asset Staking-As-A-Service Program and Pay $30 Million to Settle SEC Charges: In addition to ceasing the staking program and the monetary relief, Payward Ventures, Inc. and Payward Trading, Ltd, without admitting or denying the allegations in the SEC’s complaint, consented to the entry of a final judgment, subject to court approval, that would permanently enjoin each of them from violating Section 5 of the Securities Act of 1933 and permanently enjoin them and any entity they control from, directly or indirectly, offering or selling securities through crypto asset staking services or staking programs.

Binance's Stablecoin Partner Paxos Probed by New York Regulator - Bloomberg: The New York State Department of Financial Services has recently begun probing Paxos, a person familiar with the matter said, asking not be identified discussing private information. The exact scope of the investigation is unclear.

Weight Loss Brand Jenny Craig Seeks Help as Debt Maturity Nears: Jenny Craig Inc. is working with restructuring adviser Miller Buckfire & Co to help the weight-loss company deal with looming debt maturities that are clouding its performance, according to people with knowledge of the situation.

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