Bankruptcy & Restructuring News Headlines for Friday Feb 23, 2024

Here's what we are reading this morning:

Texas factoring company files for bankruptcy liquidation - FreightWaves: Texas-based factoring company Genesis Network Telecom filed for bankruptcy liquidation on Wednesday.

Another private equity farming giant falls with Trinitas bankruptcy; 7,856 acres hitting the market - The Business Journal: Central Valley almond grower Trinitas Farming LLC filed for Chapter 11 bankruptcy protection Monday with around $188 million in debt. The “investment vehicle” was organized by Redwood City-based private equity firm Trinitas Partners in 2015

Crypto Tycoon Do Kwon Should Be Extradited to U.S., Montenegro Court Rules - WSJ: Kwon has been at the center of a tug of war between the U.S. and South Korea ever since he was arrested in March 2023 at the Podgorica airport while attempting to board a private jet to Dubai with a fake Costa Rican passport.

Judge approves FTX plan to sell $1B stake in AI startup Anthropic | The Block: A U.S. bankruptcy judge approved crypto exchange FTX's motion to begin selling its stake in AI startup Anthropic during a hearing on Thursday.

Longshore Union To Exit Bankruptcy With $20M Settlement - Law360: A California bankruptcy judge Thursday approved the International Longshore and Warehouse Union's request to dismiss its own bankruptcy after okaying the union's settlement of a long-running legal dispute with a shipping company that had driven it into insolvency

Carvana shares soar as it reports first-ever profit, forecasts strong Q1: CEO Ernie Garcia said that the company has a clear path towards its goals of "becoming the largest and most profitable automotive retailer."

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