Bankruptcy & Restructuring News Headlines for Monday Aug 7, 2023

Here's what we are reading this morning:

Tupperware, Lenders Agree to Restructure Debt Obligations Amid Turnaround Efforts: Tupperware Brands finalized an agreement with its lenders to restructure its existing debt obligations as it works to continue its turnaround efforts.

Crypto Hedge Funds Hit by Shutdowns, Lagging Returns in 2023 - Bloomberg: About 13% of crypto hedge funds shut this year: 21e6 estimates

Purdue Urges Justices to Reject DOJ Push to Halt Bankruptcy Plan: Purdue Pharma LP urged the US Supreme Court to reject the Justice Department’s request to block the opioid manufacturer’s bankruptcy plan from taking effect, calling it a “baseless stay application” that would delay funding to help address the opioid crisis.

Lumen Technologies Hires Guggenheim and Wachtell for Debt Advice: Lumen Technologies Inc. is working with Guggenheim Securities LLC and Wachtell Lipton Rosen & Katz as it prepares for potential discussions with creditors, according to people familiar with the situation, who asked not to be identified because the matter is private.

Las Vegas Suffers as Nevada Economy Droops, Costing Jobs - The New York Times: Nevada has the highest unemployment rate in the country at 5.4 percent as officials insist the economy must move away from its focus on gambling.

Nikola tumbles after naming fourth CEO in as many years | Reuters: Nikola on Friday named its fourth CEO in as many years as the electric truck maker navigates a host of challenges including dwindling cash reserves, lingering supply chain snags and a pivot to hydrogen fuel cell technology.

Bankrupt Christmas Tree Shops announce last day of business: Beloved bargain retailer Christmas Tree Shops announced that its shuddering all of its stores for good on Aug. 12 after it failed to find a buyer and defaulted on a bankruptcy loan.

Silbert’s Crypto Empire DCG Faces NY Attorney General Probe Over Genesis Ties - Bloomberg: Letitia James’s office joins crowded field investigating DCG; Federal prosecutors and SEC also probing DCG, Genesis ties

U.S. Adds 187,000 Jobs in July as Economy Cools - The New York Times: Employers added 187,000 workers in July, a slower pace than the recent norm, but “more sustainable,” one economist said.

San Francisco Catholic archdiocese may declare bankruptcy over child abuse lawsuits, archbishop says: The Catholic archbishop of San Francisco says the Archdiocese may seek bankruptcy protection because of claims for child sexual abuse filed against it.

Trucker Yellow Files for Bankruptcy, Will Liquidate - WSJ: The bankruptcy follows years of struggles as it tried to address the debt it accumulated through a series of mergers and a $700 million federal Covid-19 relief loan.

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