Bankruptcy & Restructuring News Headlines for Friday Feb 9, 2024

Here's what we are reading this morning:

Spirit Airlines Taps Advisers Davis Polk, Perella Weinberg to Address Debt Maturity - WSJ: Spirit Airlines is working with advisers to address its debt maturities after a proposed acquisition by JetBlue Airways was blocked last month, according to people with knowledge of the matter.

Report: 80 Percent of CMBS Office Loans At Risk of Default or Workout in 2024 – Commercial Observer: Moody’s Analytics study finds $5.6B of CMBS office maturities failed to pay off in 2023 and more are on the way in ’24.

After Three Arrows Collapsed, Its Founders Started a Crypto Exchange. It Didn’t Last a Year.: A fledgling crypto venture established by the controversial founders of failed crypto hedge-fund manager Three Arrows Capital will be shut this month.

The Spectacular Crash of a $30 Billion Property Empire - WSJ: René Benko was a high school dropout and convicted criminal. But by 2018, he was at the pinnacle of global real estate.

CMBS Loan Loss Report – Part 2: What Were the Five Largest Loan Losses in January 2024?: The largest loan to resolve for a loss in January was the $447.6 million Veritas Multifamily Portfolio Pool loan. The loan is collateralized by over sixty multifamily properties in the San Francisco area.

Genesis Wins Dispute With Gemini Over Ownership of Grayscale Bitcoin Trust Shares - WSJ: A judge ruled that Genesis owns 31.2 million shares of the fund that are now worth more than $1.2 billion

Some Boy Scouts Victims Turn to Supreme Court, Seeking Bankruptcy Plan Suspension - WSJ: One group of plaintiffs wants the court to stop distribution of $2.4 billion settlement fund

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