Trane Technologies Subsidiaries to Remain in Texas Two-Step Bankruptcies - WSJ: A bankruptcy judge is allowing U.S. affiliates of Irish air conditioning manufacturer Trane Technologies to remain in bankruptcy, denying a request from asbestos-injury claimants to dismiss the cases created through a controversial strategy known as the Texas Two-Step.
SPAC Mania’s Ugly End Yields $46 Billion of Investor Losses - Bloomberg: Wall Street’s affair with blank-check firms, the finance fad that pushed companies onto the stock market during the Covid-19 pandemic, ended this year with a string of big bankruptcies and even bigger losses for shareholders.
Parts ID Becomes Latest SPAC Merger Player to Seek Bankruptcy Protection - WSJ: E-commerce company Parts ID, which went public in 2020 through a merger with a special-purpose acquisition company, has filed for chapter 11 bankruptcy protection, largely blaming macroeconomic headwinds that have hurt its finances.
Online Retailer Zulily Liquidating in California State Proceedings - WSJ: The private equity-backed seller of clothing, footwear and home goods is shutting down due to a “challenging business environment.”
Sam Bankman-Fried will not face a second trial | Reuters: U.S. prosecutors said they do not plan to conduct a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange.
