Bankruptcy & Restructuring News Headlines for Monday May 1, 2023

Here's what we are reading this morning:

Short Sellers Bet Against Blackstone and Starwood REITs: Short sellers have ramped up bets against commercial mortgage REITs, wagering that more borrowers will default on office debt as interest costs increase and property values fall.

Wall Street’s New Trade: Covid-19 Insurance Claims - WSJ: Distressed-debt specialist Avenue Capital has snapped up part of Caesars’ pandemic-related insurance claim at a steep discount.

Jenny Craig layoffs: Company warns employees as it seeks a buyer: The private equity-owned company said it’s looking for a buyer and considering shifting toward e-commerce, urging employees to “anticipate that your employment may be impacted.”

Weight Loss Brand Jenny Craig Mulls Bankruptcy If Sale Fails - Bloomberg: Jenny Craig Inc., the weight-loss services provider backed by H.I.G. Capital, is considering a bankruptcy filing if efforts to find a buyer for its assets fail, according to people with knowledge of the situation. A filing could come as soon as next week, said the people, who asked not to be identified because the talks are private.

Fed Slams Its Own Oversight of Silicon Valley Bank in Post-Mortem - The New York Times: The Federal Reserve released hundreds of pages documenting how bank supervision and regulation failed to prevent the lender’s painful collapse.

Monitronics Considers Second Bankruptcy to Hand Over Control (1): Monitronics International Inc. is weighing a bankruptcy filing that would hand lenders control of the home security and alarm company, according to people with knowledge of the matter.

Pork Producer HyLife Places Units in Bankruptcy, Seeking Sale: International pork producer HyLife placed three subsidiaries into bankruptcy, intending to sell its hog raising and processing businesses through a “competitive bidding process.”

Rivian's legal woes continue ahead of economic development deadline. | Bond Buyer: The electric automaker was promised $15 billion of bond proceeds and other incentives to set up shop in Jasper County, Georgia. It can walk away from the state-backed deal up until Monday.

Bankrupt SVB Financial Seeks Approval to Sell Securities Unit: SVB Financial Group, the bankrupt parent of Silicon Valley Bank, is seeking to sell its non-bankrupt investment banking subsidiary in an auction, hoping to boost its value as it faces creditors’ payout demands.

Mattress Firm parent Steinhoff offers shareholders new deal: It's the latest attempt by the South Africa-based retailer to avoid bankruptcy.

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