Bankruptcy & Restructuring News Headlines for Friday Mar 17, 2023

Here's what we are reading this morning:

Jobless Claims Fell Last Week, Showing Still Strong Labor Market - WSJ: Applications for unemployment benefits fell last week, showing the U.S. labor market remains strong as other signs point to a cooling economy.

California Gig Worker Ruling Extends Costly, Fierce Legal Fight: A long-running bid by Uber Technologies Inc., Lyft Inc., and other gig companies to treat their California drivers as independent contractors likely will be ultimately decided by the state’s Supreme Court despite a recent significant legal win at a state appeals court.

The SVB Tremors Will Shake SoftBank - WSJ: Silicon Valley Bank’s collapse could force a reckoning on valuations of unlisted startups—of which SoftBank is a major backer

Bed Bath & Beyond Paying No Severance in Recent Store Closings: Bed Bath & Beyond Inc. isn’t paying severance to employees at stores across the US that it has recently said will close, according to current and former staff members, a sign the retailer is trying to save cash to stabilize its floundering business.

Theater Advertiser National CineMedia Plans to Cede Control to Lenders: The largest movie-theater advertising business in North America is negotiating to hand control to senior lenders as part of a planned bankruptcy filing.

Retailers see a tough year ahead, so they’re rolling out the recession playbook: Retailers including Target, Macy's and Kroger previewed their strategies for a slowdown in recent earnings reports.

Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to make uninsured deposits totaling $30 billion into First Republic Bank: Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.

Owners of 15 Central Park West Retail Space Facing Foreclosure: The investors paid $116 million for the space in 2012, according to The Real Deal, and it’s currently only valued at $79 million.

Maker of Bang Energy Drinks Sues to Seize Ousted CEO’s Social-Media Accounts: Bankrupt company that fired founder Jack Owoc as CEO wants access to TikTok, Instagram and Twitter accounts he controls.

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