Bankruptcy & Restructuring News Headlines for Monday Aug 22, 2022

Here's what we are reading this morning:

Wayfair lays off 10% of corporate workforce | Retail Dive: Citing a slowdown in e-commerce, Wayfair on Friday announced it is laying off 870 employees, representing 5% of its global workforce and about 10% of its corporate staff, according to a filing with the Securities and Exchange Commission.

Regal Cinemas Owner Cineworld Prepares for Bankruptcy Filing - WSJ: Theater admissions aren’t recovering fast enough for the world’s second-largest cinema chain to avert insolvency.

FDIC Issues Cease and Desist Letters to Five Companies For Making Crypto-Related Representations about Deposit Insurance: The Federal Deposit Insurance Act (FDI Act) prohibits any person from representing or implying that an uninsured product is FDIC–insured or from knowingly misrepresenting the extent and manner of deposit insurance.

Endo Bondholders Want to Offer Rival Bankruptcy Plan for Drugmaker: Drug manufacturer Endo International Plc should not be allowed to sell itself in bankruptcy unless lower-ranking creditors have a chance to propose a reorganization alternative, a lawyer for bondholders told the judge overseeing the company’s restructuring case.

Some Bed Bath & Beyond (BBBY) Suppliers Halt Shipments on Unpaid Bills - Bloomberg: Some Bed Bath & Beyond Inc. suppliers are restricting or halting shipments altogether after the home-goods retailer fell behind on payments, according to people familiar with the matter, complicating the company’s scramble for liquidity.

Celsius Spent $40 Million on Crypto Mining in First Two Weeks of Bankruptcy - WSJ: But the cryptocurrency lending platform expects the mining facility to turn a profit by January, CFO says.

Knotel Founder Amol Sarva Launches a Longevity-Focused VC Fund: Knotel went from a $1.6 billion valuation to bankruptcy last year. Now, its founder Amol Sarva. has reemerged with the launch of a $100 million fund.

Hodlnaut reports $193 million financial shortfall as it seeks court protection: The affidavit shows that Hodlnaut has an outstanding liability of SGD 391 million (around $281 million), compared with assets of SGD 122 million ($88 million), resulting in a shortfall of around $193 million.

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