Bankruptcy & Restructuring News Headlines for Friday Jul 29, 2022

Here's what we are reading this morning:

An $18 Billion Distressed Fund Bets on Fresh Aviation Disruption: One of the biggest names in distressed investing is poised to expand its bet on the aviation industry as fresh chaos hits airlines around the world.

Is 3M earplug bankruptcy the beginning of the end of mass tort MDLs? | Reuters: MDL detractors have been lobbying for years for changes in the federal rules in order to assure early and rigorous vetting of plaintiffs’ claims and to allow defendants to seek interlocutory review of crucial pre-trial rulings.

U.S. Senate Committee Holds Hearing on Protecting Crypto Investors - YouTube: The Committee on Banking, Housing and Urban Affairs is holding a hearing on "Protecting Investors and Savers: Understanding Scams and Risks in Crypto and Securities Markets."

Evergrande Creditors Demand Further Explanation for Billions in Seized Cash - WSJ: Offshore creditors want additional information about the seizure of nearly $2 billion by local banks that could explain how Evergrande pledged the funds without investors’ knowledge, according to people familiar with the matter.

Zipmex Files for Bankruptcy Protection in Singapore: The company's lawyers filed five applications on behalf of the firm's different entities seeking moratoriums on legal proceedings for up to six months.

U.S. GDP Fell at 0.9% Annual Rate Second Quarter; Recession Fears Loom Over Economy - WSJ: The U.S. economy shrank at a 0.9% annual rate last quarter, marking a second straight quarterly decline in gross domestic product–a common definition of recession.

Three Arrows Liquidators May Try to Force Founders to Cooperate: Liquidators overseeing the wind-down of Three Arrows Capital may soon try to force founders Kyle Davies and Su Zhu to help clean up the mess left behind by the crypto hedge fund’s collapse.

FDIC and Federal Reserve Board issue letter regarding Voyager Digital : The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter demanding that the crypto brokerage firm Voyager Digital cease and desist from making false and misleading statements regarding its FDIC deposit insurance status and take immediate action to correct any such prior statements.

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