Bankruptcy & Restructuring News Headlines for Friday Mar 29, 2024

Here's what we are reading this morning:

The Crypto Reboot That Wasn’t: Why ‘FTX 2.0’ Floundered - WSJ: Creditors say FTX’s post-chapter 11 management team missed an opportunity to create a valuable business from the exchange’s ashes

Camden Diocese Insurers Demand Ch. 11 Plan Be Halted - Law360: Several insurers of the Roman Catholic Diocese of Camden told a New Jersey bankruptcy judge Wednesday that the approval of the debtor's third modified Chapter 11 plan stripped the insurers' rights and urged the court to implement a stay on the order.

AMC shares fall 13% as movie theater chain announces stock sale - MarketWatch: Movie theater chain and original meme stock AMC wants to boost liquidity “in light of the low first quarter box office”

How Sam Bankman-Fried’s Sentence Compares With Other White-Collar Cases - The New York Times: Here’s how the former crypto mogul’s 25-year sentence stacks up against the prosecutions of Michael Milken, Bernie Madoff and others.

Sam Bankman-Fried Sentenced to 25 Years in Prison for FTX Fraud - The New York Times: Mr. Bankman-Fried, who was convicted of stealing $8 billion from customers of his FTX cryptocurrency exchange, faced a maximum sentence of 110 years.

Lenders to Broadcaster Sinclair Sign Cooperation Pact - Bloomberg: Senior lenders to broadcaster Sinclair Inc. reached a cooperation agreement that went into effect Wednesday night, according to people with knowledge of the matter.

Retailer 99 Cents Is Mulling a Potential Bankruptcy Filing - Bloomberg: 99 Cents Only Store LLC is considering a bankruptcy filing as the discount retailer faces a liquidity shortfall, according to people familiar with the situation.

Cumulus, Creditors in Discussions Over Proposed Debt Exchange: Cumulus Media Inc. and some of its creditors have entered into discussions regarding the company’s proposed distressed exchange, according to people with knowledge of the situation.

Sam Bankman-Fried’s 25-Year Sentence a Harbinger of Crypto Trials to Come - Bloomberg: The decision sets the tone for others accused of crimes involving digital assets, including former Celsius Network Ltd. Chief Executive Officer Alex Mashinsky, Terraform Labs Pte co-founder Do Kwon and Binance Holdings Ltd. founder Changpeng Zhao.

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