Bankruptcy & Restructuring News Headlines for Monday Mar 13, 2023

Here's what we are reading this morning:

SVB Financial Pulls Capital Raise, Explores Alternatives Including Possible Sale - WSJ: The Silicon Valley lender is seeking a buyer after scrapping a plan to shore up its finances through a capital raise.

The Way Americans Watch Local Sports Is About to Change - WSJ: The once-thriving regional-sports TV industry is suffering, and the financial unraveling could hasten a shift to a direct-to-consumer model for live sports.

Loyalty Ventures Declares Bankruptcy: The provider of consumer loyalty solutions and certain of its subsidiaries filed voluntary petitions for relief under chapter 11.

First Republic, PacWest Plunge Amid Wider Bank-Stock Selloff: Shares of First Republic tumbled 51% to $47.25 at 9:49 a.m. in New York, while PacWest dropped 37%, triggering trading halts for both.

Crypto bank Signature falls on Friday amid troubles at Silicon Valley Bank, Silvergate: Signature Bank shares dropped as much as 32% on Friday and were halted amid a sell-off in bank stocks that continued for a second day.

E-commerce braces for impact after Silicon Valley Bank's demise: “Even if you’re not with Silicon Valley Bank, this can impact consumer startups,” Michael Duda, managing partner at Bullish, told Modern Retail.

Silicon Valley Bank Receivership | Polsinelli PC: The order of preference for payment of claims with the FDIC as receiver is as follows: (1) secured creditors, (2) uninsured deposits, and (3) general creditors.

Roku Had One-Fourth Of Its Cash In Failed Silicon Valley Bank, Most Of It Uninsured; Streaming Giant Says It Can Still Meet Expenses – Deadline: In an SEC filing Friday, the company disclosed that 26% of its cash was held at Silicon Valley Bank, and the funds were “largely uninsured.”

An Update on USDC and Silicon Valley Bank: "In a time of heightened uncertainty for the USDC economy, we remain committed to clear and transparent communication. As a regulated payment token, USDC will remain redeemable 1 for 1 with the U.S. Dollar."

What Could Go Wrong When a DIP Maintains a Large, Uninsured Deposit Account at Silicon Valley Bank? - Credit Slips: You gotta feel for BlockFi customers. First, they find themselves creditors in BlockFi's bankruptcy. And now they've found out that BlockFi had a large, uninsured Silicon Valley Bank.

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