Bankruptcy & Restructuring News Headlines for Monday Oct 30, 2023

Here's what we are reading this morning:

A Startup Extinction Wave Is Beginning to Wash Over the Cloud Industry: A startup mass extinction event started earlier this year. It's resulted in a wave of startup bankruptcies and shutdowns. This is beginning to impact the cloud industry.

Gemini Sues Crypto Lender Genesis Over $1.6B of Bitcoin Trust Shares - Bloomberg: Crypto platform Gemini Trust Co. is suing bankrupt crypto lender Genesis Global Holdco LLC in an attempt to determine who rightfully owns a slug of shares in the Grayscale Bitcoin Trust now worth nearly $1.6 billion.

Bad loans are becoming a real problem for regional banks: Of 18 regional banks analyzed by Yahoo Finance with assets ranging from $50 billion to $250 billion, 15 reported jumps in nonperforming loans when compared to the same year-ago period. The average rise was 80% more than the third quarter of 2022, and up 8% when compared to the second quarter of this year.

Archdiocese of New Orleans to close, consolidate several parishes by next July: β€œThe impact of the Chapter 11 reorganization on Parish Pastoral Planning is limited to the fact that the administrative offices of the archdiocese, because of its own financial situation and its need to maintain a balanced budget, can no longer supplement parishes and ministries that are struggling financially,” the statement said.

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