Bankruptcy & Restructuring News Headlines for Monday Oct 23, 2023

Here's what we are reading this morning:

Tattered Cover parent company files for Chapter 11 | Retail Dive: As part of the reorganization, Tattered Cover plans to close three of its seven stores by next month and lay off about 27 of its 103 employees.

Akumin Inc. Reaches Agreement with Stonepeak to Become a Private Company: To effect the transaction in a timely and efficient manner, the Company and certain of its subsidiaries will commence prepackaged chapter 11 cases in the Southern District of Texas

Sam Bankman-Fried’s Trial Reveals New Details of How FTX Died - The New York Times: Prosecutors in the criminal fraud case have built the most intricate account to date of the cryptocurrency exchange’s frantic final days.

Dropbox hands over 25% of San Francisco headquarters back to landlord: San Francisco is seeing its highest office vacancy rate since at least 2007 as Dropbox and other companies allow employees to work from home

Breweries In Crisis: From Bud Light's Decline To Metropolitan Brewing's Bankruptcy - Benzinga: Metropolitan Brewing, a Chicago-based craft brewery, filed for Chapter 11 bankruptcy due to rent challenges. There is nationwide decline in brewery sales, with changing consumer preferences toward wine and spirits.

Some FTX creditor claims rise above 50¢ in over-the-counter deals | The Block: Thomas Braziel, a partner at 117 Partners, said that a $20m+ claim sold for around 52¢ on the dollar on Friday at auction, but that only the “largest and cleanest claims” can expect to fetch that price.

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