Bankruptcy & Restructuring News Headlines for Monday Jul 11, 2022

Here's what we are reading this morning:

Jobs Report: Growth Remains Solid in June - The New York Times: The hotter-than-expected labor market eases worries of an economic slowdown but complicates efforts to fight inflation.

Not-so-fantastic Voyage for customers; SAS bankruptcy not quite off the ground; Crypto consolidation; and LTL on appeal.: Seward & Kissel: "Looking at Voyager’s terms of use, it is pretty clear that customers will not have a good legal argument for the return of their crypto. Under the terms of use, crypto loaned to Voyager is expressly not the property of the customer, and can be loaned to third parties by Voyager. So that would make Voyager customers unsecured lenders in the bankruptcy world."

Fed's Brainard says crypto needs regulation now before it becomes so big that it threatens financial system: Fed Vice Chair Lael Brainard is the latest regulator to call for regulation of the crypto industry.

Voyager Judge Gets a Lesson in Crypto as Bankruptcy Case Kicks Off (VOYG) - Bloomberg: Judge Michael Wiles, who said he’s relatively new to crypto, received a real-time primer on concepts like staking and stablecoins from a lawyer for Voyager.

Elon Musk notifies Twitter he is terminating deal: "Twitter has not complied with its contractual obligations," an attorney for Musk wrote.

Crypto lender Voyager addresses customer anger in first bankruptcy hearing | Reuters: Bankrupt crypto lender Voyager Digital described a rocky relationship with its customers at an initial bankruptcy hearing on Friday, saying it had received threats after freezing customers' crypto accounts.

Central America hoped bitcoin would attract tourists. It hasn’t worked. - The Washington Post: El Salvador is trying to use cryptocurrency to attract tourists and reduce poverty.

Troubled Crypto Lender Celsius Hires New Restructuring Lawyers - WSJ: The company has been exploring a possible restructuring or bankruptcy filing since markets slid and it froze user accounts.

Car Repos Are Exploding. That’s a Bad Omen. | Barron's: A surge in repossessed autos reflects broader economic problems. The question: How might a bursting of an auto bubble affect the broader U.S. economy?

ERCOT issues call for voluntary conservation Monday: The Electric Reliability Council of Texas issued a call for voluntary conservation as low power reserves are projected.

Q&A: Restructuring Expert Talks Voyager Bankruptcy - Blockworks: Blockworks spoke with Ryan Dahl, business restructuring partner at Ropes & Gray, about what investors can expect as Voyager begins the bankruptcy process.

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