Retailer Express Huddles With Lenders Over Restructuring Options - Bloomberg: Express Inc., the chain retailer known for its moderately priced officewear and weekend basics, has been holding regular huddles with lenders to discuss its restructuring options, according to people with knowledge of the talks.
FTX Expects to Fully Repay Customers But Can't Find Buyer to Restart Exchange: Lawyers shepherding FTX through bankruptcy said that they expect to repay customers in full but that they could not find a buyer to restart the defunct exchange.
FTX’s Missing Funds Were Stolen in SIM-Swapping Hack, DOJ Says - Bloomberg: Three people have been charged with orchestrating a SIM-swapping scam that siphoned more than $400 million from FTX as the cryptocurrency exchange spiraled into bankruptcy.
FTX Hack Mystery Possibly Solved: U.S. Charges Trio With Theft, Including Infamous Attack on Crypto Exchange: In an 18-page indictment filed in D.C. court, prosecutors accused Robert Powell, Carter Rohn and Emily Hernandez with conspiracy to commit wire fraud and identity theft in their operation of a SIM swapping ring that targeted fifty victims between March 2021 and April 2023.
How a Commitment Rule Would Improve the Choice of Cross-Border Insolvency Forum | CLS Blue Sky Blog: Currently, the Model Law on Cross-Border Insolvency, promulgated by the United Nations Commission on International Trade Law (“UNCITRAL”), looks to a debtor’s center of main interest (“COMI”) to determine the proper forum for a foreign main-insolvency proceeding. This rule is flawed. It is both inflexible and manipulable. It is also indeterminate and neither requires nor allows advance commitment by debtors. As a result, it leads to uncertainty, increases litigation costs, and opens the door to opportunistic manipulation by debtors. These costs, in turn, raise the cost of credit for all companies.
Bankrupt Genesis settles SEC lawsuit over Gemini Earn program | The Block: Genesis, which is a subsidiary of the Digital Currency Group, agreed to pay $21 million to the SEC, according to a filing in the U.S. Bankruptcy Court in the Southern District of New York.
Crypto derivatives exchange OPNX to shut down in February | The Block: OPNX was previously known as Coinflex but rebranded in March 2023. The exchange is associated with Kyle Davies and Su Zhu, the co-founders of the bankrupt crypto lender Three Arrows Capital.
Byju’s Financing Unit Alpha Files for Chapter 11 Bankruptcy in Delaware - Bloomberg: A unit of Byju’s, once one of India’s hottest tech startups, was put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt.
Celsius Emerges from Chapter 11 and Commences Distributions of Over $3 Billion of Cryptocurrency to Creditors | Business Wire: The Plan includes the distribution of over $3 billion of cryptocurrency and fiat to Celsius’ creditors, and the creation of a new Bitcoin mining company—Ionic Digital, Inc.—which will be owned by Celsius’ creditors and will have its mining operations managed by Hut 8 Corp.
