Bankruptcy & Restructuring News Headlines for Monday Aug 1, 2022

Here's what we are reading this morning:

Olympia Sports to Close All Remaining Locations, Liquidation Sales Underway – Footwear News: Olympia currently operates stores primarily in the Northeast U.S. and will close its remaining stores in New York, Vermont, New Hampshire, Maine, Pennsylvania, Massachusetts and Rhode Island.

Masten, SpaceX Partner For Moon Mission, Files for Bankruptcy: Masten Space Systems Inc., a Mojave, Calif.-based space company that’s been working with NASA and SpaceX to deliver science and technology payloads to the moon’s south pole in 2023, has filed for Chapter 11 protection.

The Supposed Hierarchy of “Efforts” Clauses - Weil Restructuring: A recent Delaware Court of Chancery decision, Menn v. ConMed Corp, 2022 WL 2387802 (Del. Ch. June 30, 2022), addressed the meaning of an unusual variant of the traditional hierarchy of efforts clauses: “commercially best efforts.”

Judge Accepts Most of Boy Scouts Bankruptcy Plan to End Biggest Sex-Abuse Case - WSJ: The bankruptcy judge shot down some insurer objections and requested more plan information from the youth group.

Alex Jones Puts Company Behind Infowars Empire Into Bankruptcy - The New York Times: The move came as he faces a judgment of as much as $150 million for defaming Sandy Hook families.

Alex Jones Puts Infowars’ Parent Company Into Bankruptcy During Texas Defamation Trial - WSJ: Free Speech Systems filed for chapter 11, the second time Infowars has turned to bankruptcy to try to resolve Sandy Hook families’ defamation lawsuits.

Creditors take hostile action as crypto firm Vauld seeks bankruptcy protection: Crypto lender Vauld, which halted withdrawals earlier this month, is facing hostile action from multiple creditors, according to a new affidavit reviewed by Moneycontrol.

Evergrande offers sweetener for debt revamp as China property crisis worsens: China Evergrande Group will offer its offshore creditors asset packages that may include shares in two overseas-listed units as a sweetener, the developer said on Friday, as a stifling liquidity crisis in the property sector continues.

Babel Finance lost over $280 million in proprietary trading with customer funds: The Block: Babel Finance lost 8,000 BTC and 56,000 ETH in proprietary trading with customer funds, according to a restructuring proposal deck obtained by The Block. The troubled firm now seeks to convert hundreds of millions of dollars of debt into equity and raise more funds in a revolving credit facility, per the deck.

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