Here's what we are reading this morning:
Binance Lays Off Over 1,000 Employees - WSJ: The crypto exchange is cutting a big chunk of its workforce as it grapples with federal investigations and regulatory crackdowns in the U.S. and abroad.
David’s Bridal Sale Approved, Keeping Roughly 200 Stores Open: A bankruptcy judge on Friday approved the sale of nearly 200 David’s Bridal stores out of bankruptcy to Cion Investment Corp.
Paramount’s Parent Company in Talks With Creditors After Disclosing Financial Risks - WSJ: National Amusements said that lower cash flows created uncertainty for the company, triggering discussions to renegotiate debt.
BlockFi Management Ignored Warnings About FTX and Alameda, Creditors Allege - Bloomberg: BlockFi Inc. executives dismissed repeated warnings from its risk management team about not issuing substantial loans to Sam Bankman-Fried’s Alameda Research that were collateralized with digital tokens created by FTX, BlockFi creditors allege in a newly unsealed report.
SF Westfield’s ‘dome level’ was once a crown jewel. Now it's empty: The Westfield San Francisco Centre’s fourth-floor atrium was once its crown jewel
Barnes & Noble Education Warns About Its Liquidity: The school-bookstore operator also said it would delay its annual financial report as it discusses restructuring options with creditors.
Elon Musk says Twitter's cash flow still negative as ad revenue drops 50% | Reuters: Twitter's cash flow remains negative because of a nearly 50% drop in advertising revenue and a heavy debt load, Elon Musk said on Saturday, falling short of his expectation in March that Twitter could reach cash flow positive by June.