Bankruptcy & Restructuring News Headlines for Friday Jun 16, 2023

Here's what we are reading this morning:

Mallinckrodt Misses Bond Interest Payments as Financial Woes Worsen: Mallinckrodt, the generic drugmaker that has struggled financially since exiting from bankruptcy last year, said it has decided not to make $56 million of interest payments due this week to holders of its secured bonds.

Celsius opens door to swap altcoins for bitcoin and ether | The Block: Celsius debtors said they may convert all altcoins — except in Withhold and Custody accounts – to bitcoin and ether.

How Are Stablecoins Faring? These Charts Will Tell You - WSJ: Trading is down but market cap is stabilizing in the world dominated by tether, USD Coin and Binance USD.

Shoe company Rockport files for bankruptcy for second time in 5 years | Retail Dive: The company says high overhead costs and weakened demand for its core products due to the COVID-19 pandemic contributed to an untenable financial situation.

Delio Follows Haru in Pausing Withdrawals on High Yield Crypto Platform - Bloomberg: Two crypto lenders with links to South Korea halted withdrawals in quick succession, a reminder of lingering risks even after regulators around the world tightened oversight of the industry.

Maker of Instant Pot and Pyrex, Instant Brands, Files for Bankruptcy - The New York Times: Since sales surged during the pandemic, Instant Brands has struggled to find new fans for its beloved Instant Pot and other products.

Crypto BTC Trading Volumes Drop in Q2 to Yearly Lows: Bitcoin, the world’s largest cryptocurrency, lost the most market share of trading volume in the second quarter of this year.

Bed Bath & Beyond’s Top Lender Weighs Bidding for Assets in Bankruptcy: Sixth Street Partners is planning to use more than $500 million of its debt in the company to bid, the lender’s lawyer David Hillman said in a bankruptcy-court hearing Wednesday. Sixth Street plans to bid in the form of debt forgiveness in the event that other offers for Bed Bath & Beyond’s assets come up less than what it considers satisfactory, according to people with knowledge of the matter.

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