Bankruptcy & Restructuring News Headlines for Monday Sep 12, 2022

Here's what we are reading this morning:

Cineworld Gets Approval to Immediately Access Up to About $785m: Court has granted the Group immediate access to up to ~$785 million of an about $1.94 billion debtor-in-possession financing facility, Cineworld says in statement.

States’ Probe of Celsius Network Alleges ‘Massive Losses’ as Far Back as 2021: Bankruptcy-court papers filed this week cite a multistate review of internal financial records.

Fed Official Supports ‘Another Significant Increase’ In Interest Rates This Month - WSJ: Christopher Waller appeared to support raising rates by another 0.75 percentage point later this month to combat inflation, the latest Fed official to firm up expectations of a third consecutive increase of that size.

Ballard Spahr Launches Team Focused on Distressed Assets and Opportunities: Ballard Spahr has launched a Distressed Assets and Opportunities initiative to serve clients navigating the potential setbacks and opportunities that can emerge in a turbulent economy.

Apollo Cleared to Lend $700 Million to Bankrupt Airline SAS in ‘Unusual’ Deal - Bloomberg: US Bankruptcy Judge Michael Wiles on Friday approved a $700 million financing package for SAS AB from Apollo Global Management, though he said features of the deal concern him.

3M, Chemours Win Sixth Circuit Review of Ohio PFAS Class Dispute: The Sixth Circuit will consider a lower court’s decision to certify a class of millions of Ohio residents who may have forever chemicals known as PFAS in their blood, it said Friday in a small win for 3M Co., Chemours Co., and others that want to avoid paying for monitoring such exposures.

China Evergrande lenders appoint receiver to seize Hong Kong headquarters - sources | Reuters: Lenders of struggling Chinese developer Evergrande Group have appointed a receiver this week to seize its Hong Kong headquarters, two sources said, as the world's most indebted developer struggles to emerge from its debt crisis.

Stressed Miners Strategize to Survive Crypto Downturn - Bloomberg: As crypto prices hover well below their all-time highs, the companies that mine Bitcoin are starting to show signs of financial strain. Second quarter earnings reports show that some of the largest U.S. publicly traded Bitcoin mining companies have over $1 billion in losses.

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