Bankruptcy & Restructuring News Headlines for Friday Oct 28, 2022

Here's what we are reading this morning:

Bitcoin Miner Core Scientific May File For Bankruptcy - Bloomberg: Core Scientific Inc., one of the world’s largest miners of Bitcoin, warned that it may run out of cash by the end of the year and could seek relief through bankruptcy protection.

Bitcoin Miner Core Scientific's Shares Plummet After Bankruptcy Warning: The miner is exploring a number of strategic alternatives for raising additional capital. It has hire engaged Weil, Gotshal & Manges LLP, as legal advisers, and PJT Partners LP, as financial advisers.

U.S. GDP accelerated at 2.6% pace in Q3, better than expected as growth turns positive: Gross domestic product was expected to grow at a 2.3% annualized pace in the third quarter, according to Dow Jones.

Bed Bath & Beyond’s CEO Sue Gove Hosts Suppliers in Plea for Support - WSJ: The company’s CEO says the retailer has enough money to turn around its business: “We don’t think there is bankruptcy on our horizon.”

Global Processing loses licenses; files for bankruptcy | Food Business News: Global Processing didn’t have funds to cover grain purchases.

Heritage Power Contemplate a Prepack Chapter 11 Restructuring: Heritage Power, lenders including PGIM are working toward a prepackaged chapter 11 restructuring to equitize debt.

Revlon Kicks Off Sale Process as Key Bankruptcy Deadlines Near: Revlon Inc., the bankrupt cosmetics giant, is beginning the process of soliciting bids for its assets as key deadlines in its restructuring quickly approach.

CD&R-Backed Artera Services Taps Kirkland for Debt Advice (1): Artera Services LLC is working with lawyers at Kirkland & Ellis to explore options for its more than $2.5 billion debt pile, according to people with knowledge of the situation, who asked not to be identified because the matter is private.

US Trustee Says First Guaranty Ch. 11 Plan Won't Work - Law360: The U.S. Trustee's Office is calling for a Delaware bankruptcy judge to reject First Guaranty Mortgage Corp.'s Chapter 11 liquidation plan, saying that, among other faults, it fails to account for a possible judgment of more than $7 million against the company for its prebankruptcy layoffs.

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