Bankruptcy & Restructuring News Headlines for Thursday Dec 22, 2022

Here's what we are reading this morning:

Brooklyn Ice Cream Darling Scrounges for Cash: Cult favorite Brooklyn-based ice cream chain Ample Hills Creamery is in trouble again, and is furloughing workers and temporarily shutting down operations as it seeks to raise cash.

Goli Gummy Supplier Better Nutritionals Files for Bankruptcy: Better Nutritionals, a gummy supplement manufacturer, filed for Chapter 11 bankruptcy Tuesday amid a dispute with gummy retailer and major customer Goli Nutrition.

Bitcoin Miner Core Scientific Files for Chapter 11 - WSJ: The declining price of bitcoin and rising costs for electricity pushed the company into bankruptcy.

AMC Held Talks About Acquiring Theaters From Bankrupt Cineworld - WSJ: A decline in the price of AMC’s APE units has made the deal uneconomical for now, a person familiar with the matter says.

Wireless Company Ligado Nears $70 Million Lender Reprieve - WSJ: Ligado Networks is nearing a new financing round to keep the satellite communications venture afloat and avert a near-term bankruptcy filing as it tries to monetize its wireless spectrum holdings, according to people familiar with the matter.

Sam Bankman-Fried Is Set for Extradition to U.S. - The New York Times: The FTX founder agreed to be transferred from the Bahamas to face federal charges of fraud.

Finastra Lenders Tap Advisers as $4 Billion Debt Wall Looms: A group of lenders to Vista Equity Partners’ Finastra Group Holdings Ltd. have retained financial and legal advisers as the company faces more than $4 billion of debt maturities in 2024.

SEC Charges Caroline Ellison and Gary Wang with Defrauding Investors in Crypto Asset Trading Platform FTX: The Securities and Exchange Commission today charged Caroline Ellison, the former CEO of Alameda Research, and Zixiao (Gary) Wang, the former Chief Technology Officer of FTX Trading Ltd. (FTX), for their roles in a multiyear scheme to defraud equity investors in FTX, the crypto trading platform co-founded by Samuel Bankman-Fried and Wang. Investigations into other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.

Caroline Ellison and FTX Co-Founder Gary Wang Plead Guilty to Fraud - The New York Times: Caroline Ellison, the former chief executive of Alameda Research, and Gary Wang, a founder of FTX, are cooperating in the federal criminal case against Mr. Bankman-Fried.

FTX Creditors Committee Taps Paul Hastings to Lead Legal Work: Law firm Paul Hastings won the competition to represent the creditors committee in the FTX bankruptcy, a lucrative position that gives the firm’s lawyers a prominent role in the closely watched proceeding.

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