Bankruptcy & Restructuring News Headlines for Friday Mar 24, 2023

Here's what we are reading this morning:

FTX to Sell Mysten Labs Stake Back to Company for $95 Million: Mysten Labs Inc., a crypto startup founded by ex-Meta Platforms Inc. employees, has agreed to buy back a stake in the company held by FTX Group for about $95 million.

Evergrande Strikes Deal for $19 Billion Bond Restructuring - WSJ: The restructuring has been agreed to by a group that holds more than a fifth of the property developer’s international bonds. Other bondholders have until March 31 to approve the restructuring.

Bankrupt Burger King Franchisee Sells Most Locations in Auction: Toms King Holdings LLC, a bankrupt Burger King franchisee in Illinois, landed winning auction bids for 82 of its 90 locations, concluding a proceeding crucial to wrapping up its Chapter 11 case.

Bed Bath & Beyond Investor Preserves Fundraising Deal Even as Stock Dips Below $1: Bed Bath & Beyond secured a short-term agreement from key equity investor Hudson Bay Capital Management to keep their fundraising agreement intact despite a possible price failure that may have occurred because the stock dropped below $1 this week.

Three Arrows Co-Founder Risks Contempt, Bankruptcy Judge Says: A Three Arrows Capital Ltd. co-founder accused of avoiding liquidators’ investigation into the collapse of the cryptocurrency hedge fund risks being held in contempt of court if he continues sitting out the proceeding, a New York bankruptcy judge said.

Appointment of Thomas M. Horan | District of Delaware | United States Bankruptcy Court: On March 22, 2023, Thomas M. Horan was sworn in as a United States Bankruptcy Judge for the District of Delaware. Prior to his appointment, Judge Horan practiced in Wilmington, Delaware for 18 years. Most recently, he was a member in the Bankruptcy, Insolvency and Restructuring group at Cozen O’Connor.

Long Island Retirement Home Harborside Files Third Chapter 11: The Amsterdam at Harborside retirement community on Long Island has filed for bankruptcy again after emerging from chapter 11 about a year and half ago, attributing the failure to continued falling occupancy rates and rising costs. 

Pocket Full of Crypto-Volatility: Stakeholders in Bankrupt Crypto Firms Must be Flexible, Agile & Educated | ArentFox Schiff: Valuation is a key element in bankruptcies. Generally, a higher valuation of a bankrupt firm means larger creditor recoveries, and a higher valuation of pre-petition collateral means a smaller “adequate protection” package for prepetition secured lenders.

Accenture slashes 19,000 jobs worldwide | CNN Business: The Irish-American professional services company said in a Thursday filing that it would spend $1.2 billion in severance to cut 2.5% of its workforce over the next 18 months, and another $300 million to consolidate its office space.

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