Here's what we are reading this morning:
Drugmaker Endo Skips Interest Payment Amid Debt Talks: The drug producer is in discussions with creditors as it faces an earnings drop and thousands of opioid-related lawsuits.
Fitch flags Bed Bath & Beyond as higher default risk: The next six months will be critical for the home goods retailer as it moves to preserve cash.
SPAC Led by Former Apple Executive Goes Bankrupt Less Than a Year After Going Public - Bloomberg: Enjoy Technology Inc., a retail startup founded by former Apple Inc. executive Ron Johnson, filed for bankruptcy on Thursday -- less than a year after going public through a merger with a blank-check company.
Texas College Housing Complex With Rooftop Pool Set to Default: Park West, a 3,400-bed student housing complex near the Texas A&M University campus with a resort-style rooftop pool, will default on its July debt payment, according to Moody’s Investors Service.
Bed Bath & Beyond Inc. Announces Executive Leadership Changes: To support its work, the Board has retained Berkeley Research Group (BRG), a leading retail advisory firm, to focus on cash, inventory and balance sheet optimization.
Abuse Suits Push Madison Square Boys & Girls Club to Bankruptcy: The organization has been named in lawsuits involving 149 plaintiffs since 2019, most of them tied to alleged abuse of children carried out by a now-deceased doctor who volunteered for the group decades ago, according to a statement. The non-profit listed assets of as much as $100 million and liabilities of as much as $500 million in its bankruptcy petition.
First Guaranty Mortgage Corp. Files for Chapter 11 Bankruptcy Protection: The chapter 11 filing was necessitated by significant operating losses and cash flow challenges experienced by the Company due to unforeseen historical adverse market conditions for the mortgage lending industry, including unanticipated market volatility.
FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale, source says: FTX is expected to pay roughly $25 million, one source said, 99% below BlockFi’s last private valuation. Jersey City, New Jersey-based BlockFi was last valued at $4.8 billion, according to PitchBook.
Euro Pacific Bank Operations Suspended by Puerto Rico Regulator - The New York Times: An international group of tax authorities had moved two years ago to stop the boutique online bank from serving as a vehicle for suspected tax evasion and money laundering.
British Columbia reaches $116 mln settlement with Purdue Pharma over opioid crisis: Canada's British Columbia province said on Wednesday it reached a C$150 million ($116.50 million) settlement with OxyContin maker Purdue Pharma Canada over healthcare costs related to the opioid crisis.
CoinFlex CEO: Unlikely to resume withdrawals Thursday: But CoinFlex CEO Mark Lamb said the exchange is in talks with several funds interested in buying the $47 million debt it claims that investor Roger Ver owes.
Kohl's terminates sale talks with Vitamin Shoppe owner Franchise Group: Sources: This decision from Kohl's comes as its stock price slumps and its sales decline.