Bankruptcy & Restructuring News Headlines for Friday Jul 8, 2022

Here's what we are reading this morning:

Ohio Bankruptcy Court To Divvy Up Cases After Judge Retires - Law360: As the number of bankruptcy cases in northern Ohio dwindles, the court there is preparing for the likelihood that a soon-to-be-vacated judicial seat will not be immediately filed, and that the other judges will have to take on more cases.

FDIC Scrutinizing Voyager’s Marketing on Safety of Customer Deposit Accounts - WSJ: Voyager Digital had said customer dollar deposit accounts were FDIC insured

COVID-19 and Lease Obligations: Does a Force Majeure Clause Override the Frustration of Purpose Doctrine?: One issue that has arisen in many of the commercial lease cases asserting defenses to the payment of rent was the question of whether a “force majeure” clause had the effect of supplanting the common law doctrines in determining whether the COVID-19 pandemic or the governmental shutdowns in response to that pandemic excused a party’s rental obligations. A recent Delaware Superior Court decision, Simon Property Group, L.P. v. Regal Entertainment Group, 2022 WL 2304048 (Del. Supr. June 27, 2022), provides Delaware’s take on that issue and suggests that more attention to these clauses may be warranted.

Retailers scale back hiring as worry about a slowdown grows | AP News: After going on a frenzied hiring spree for a year and a half to meet surging shopper demand, America's retailers are starting to temper their recruiting. The changing mindset comes as companies confront a pullback in consumer spending, the prospect of an economic downturn and surging labor costs.

Celsius Network Shakes Up Board as Crypto Withdrawals Remain Frozen: The troubled crypto lending platform has appointed new directors to its board, including a person with experience on the boards of bankrupt companies

Fed’s Christopher Waller Supports Another 0.75-Point Rate Rise in July - WSJ: The central bank could debate whether to shift to more traditional quarter-point rate rises in November, the Fed governor said.

GameStop fires its CFO and announces layoffs as part of aggressive turnaround plan: The company is making staff cuts across departments as part of an effort to turn around the videogame retailer and drive growth.

Odd Lots Podcast from April 2022: Sam Bankman-Fried Described Yield Farming and Left Matt Levine Stunned - Bloomberg: This episode of the Odd Lots podcast reunited FTX Chief Executive Officer and crypto billionaire Sam Bankman-Fried with Bloomberg Opinion columnist Matt Levine to talk about how people are making money in crypto right now. Matt asked Sam exactly how yield farming actually works.

Jobless claims edge up to highest since January; planned layoffs soar; trade deficit hits 2022 low: A report indicated that companies announced 32,517 layoffs in June, a 57% jump from a month ago and the highest total since February 2021.

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