Bankruptcy & Restructuring News Headlines for Friday May 19, 2023

Here's what we are reading this morning:

The Scramble to Take Over What Bed Bath & Beyond Left Behind - The New York Times: Couples are racing to find new wedding registries while suppliers seek other customers and competing retailers pledge to accept that big blue coupon.

Fed Officials Suggest June Rate Rise Will Be Close Call - WSJ: Federal Reserve officials indicated the decision to raise interest rates at their meeting next month was shaping up as a close call, with another policy maker Thursday hinting she would support an increase.

Credit Suisse AT1 Wipeout Doesn’t Trigger Payout, CDS Panel Rules - Bloomberg: The Credit Derivatives Determinations Committee ruled at a meeting on Wednesday that the controversial wipeout of the high-risk bonds won’t lead to a payout of the default swaps tied to the bank’s subordinated debt, according to a notice on its website.

Mallinckrodt Lenders Organize Ahead of Opioid Trust Payment - Bloomberg: The payment — due June 16 and earmarked for an opioid trust — is supposed to be Mallinckrodt’s first since exiting bankruptcy a year ago and some lenders want the company to skip the payment in order to safeguard its liquidity, said the people, who asked not to be identified because the matter is private.

Crypto Firm Bakkt Delists Tokens Amid Growing Regulatory Pressure: Crypto firm Bakkt is delisting 25 of the 36 tokens it offers via Apex Crypto, the company confirmed. Bakkt last month acquired custody and clearing firm Apex Crypto, which powers crypto trading for retail brokerage apps including Webull and

Jump Trading Did Secret Deal to Prop Up TerraUSD Stablecoin, SEC Says - WSJ: The Chicago trading firm made $1 billion through its dealings with crypto mogul Do Kwon’s company, according to the Securities and Exchange Commission.

As Consumers Pull Back Postpandemic, Troubled Retailers Lose a Lifeline: Troubled retailers that stayed alive thanks to heady consumer spending during the pandemic are now showing signs of distress, filing for bankruptcy at the highest rate since 2020 and closing hundreds of stores.

The Rise of FTX, and Sam Bankman-Fried, Was a Great Story. Its Implosion Is Even Better. - The New York Times: About a year after the author Michael Lewis began to shadow Bankman-Fried, the founder of the crypto exchange FTX, Bankman-Fried was arrested. As the story evolved, Lewis has had a front-row seat to the drama.

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