Bankruptcy & Restructuring News Headlines for Friday May 13, 2022

Here's what we are reading this morning:

Wholesale inflation rose 11% in April as producer prices keep accelerating: Producer prices were expected to increase 0.5% in April, according to economists surveyed by Dow Jones.

Cryptocurrency luna now almost worthless after UST falls below peg: TerraUSD, or UST, has been dragged into the spotlight after the stablecoin, which is supposed to be pegged one-to-one with the U.S. dollar, fell below the $1 mark. Its peg has been lost and now investors are rushing to dump the associated luna token. Luna’s price has plunged from around $85 a week ago to trade at around 3 cents on Thursday.

How did UST collapse? | Jordi Alexander & Mika Honkasalo: Jordi Alexander and Mika Honkasalo discuss the UST meltdown and the future of decentralized stablecoins.

Not Your Keys, Not Your Coins: Unpriced Credit Risk in Cryptocurrency by Adam J. Levitin :: SSRN: This Article considers what would happen to customers’ custodial holdings if a cryptocurrency exchange in the United States were to fail.

Chinese Dollar-Bond Defaults Mount as Another Large Developer Fails to Pay - WSJ: Sunac China has missed an interest payment and is seeking state-owned strategic investors.

US Mortgage Rates Rise to 5.3%, Highest Level Since July 2009 - Bloomberg: US mortgage rates jumped again this week, extending a steep climb that is shutting some would-be homebuyers out of the market.

Exiled Chinese Businessman Guo Wengui Abandons Bankruptcy Case: Exiled Chinese businessman Guo Wengui abandoned his personal bankruptcy case, saying he can’t afford the mounting costs of using chapter 11 to fight litigation from his largest creditor.

Tether Stablecoin Collapse Would Be Crypto's 'Lehman Brothers Moment': Crypto can avoid its "Lehman Brothers moment" as long as Tether doesn't go down the same path as Terra, according to GlobalBlock analyst Marcus Sotiriou.

Troubled Student Housing Firm Would Pay Tens of Millions to Investors - The New York Times: A $50 million agreement by Nelson Partners over a high-rise near the University of Texas may force it to sell interests in other properties.

Gerard Butler Film Bankruptcy Dismissed After Rights Transfer: FSO Jones LLC’s bankruptcy case was dismissed after the company’s distributions rights for a Gerard Butler disaster movie sequel were sold, allowing all creditors to be paid in full.

U.S. airline bookings dropped 17% in April, flights got even pricier: Domestic fares continued to surpass 2019 levels due to a rebound in demand and more expensive fuel this year.

SoftBank's View Is Short on Cash and Is at Risk of Being Delisted: View is running low on cash and it's looking to raise more. The embattled glassmaker is also coming against Nasdaq's deadline to file missing financials.

AT&T tower in St. Louis sells for fraction of previous $200M sale price - Kansas City Business Journal: A developer active in the Kansas City area bought the largest office building in Missouri for less than 2% of the sale price recorded the last time the downtown skyscraper traded in 2006.

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