Bankruptcy & Restructuring News Headlines for Thursday Dec 8, 2022

Here's what we are reading this morning:

Carvana Is Talking to Kirkland, Moelis About Restructuring Debt: Carvana Co. is consulting with lawyers and investment bankers about options for managing its debt load as plunging used car prices and the company’s swift cash burn threaten its future solvency.

The Block: Genesis says plan to resolve lending unit's woes could take 'weeks': Genesis said in a client letter Wednesday that work on a plan to address issues in its lending unit will take weeks rather than days to complete. 

Let's Debate: Crypto, Crypto, Crypto - Creditor Rights Coalition: Let’s Debate is our interactive feature where Experts delve deeper into timely financial and restructuring topics. We’re joined by Tom Braziel, Founder of 507 Capital, Jason New, Managing Partner of Novawulf Digital Management, Mo Meghji, Managing Partner of M3 Partners, Vlad Jelisavcic, Manager at Cherokee Acquisition.

Coinbase CEO Armstrong Sees 2022 Revenue Down 50% or More (COIN) - Bloomberg: Coinbase Global Inc. Chief Executive Officer Brian Armstrong said the cryptocurrency exchange’s revenue is set to be cut by half or more this year as declining prices and the collapse of rival FTX rattle investors’ confidence.

FTX Hires Forensic Team to Probe Money Trail: FTX’s new management has hired a team of forensic investigators from advisory firm AlixPartners to help track the billions of dollars that have gone missing from the failed cryptocurrency exchange.

Celsius Judge Orders Return of User Crypto Worth $50 Million: US Bankruptcy Judge Martin Glenn ordered Celsius Network LLC to return cryptocurrency that never touched the lender’s interest-bearing accounts to its customers.

Ex-FTX boss Sam Bankman-Fried admits he should've done more stress testing before crypto firm's collapse: Sam Bankman-Fried made yet another public appearance on Tuesday in an effort to explain his side of the collapse of FTX, the cryptocurrency exchange he led, and the reported transfer of billions of dollars in customers' funds from FTX to Alameda Research, the now-bankrupt hedge fund he founded.

FTX Founder Sam Bankman-Fried Faces Market Manipulation Inquiry - The New York Times: Federal prosecutors are investigating whether Sam Bankman-Fried and his hedge fund orchestrated trades in a way that led to the collapse of two cryptocurrencies in May.

Crypto Miner Marathon Taps Advisers as It Weighs Compute North Bid (MARA) - Bloomberg: The crypto mining firm is getting advice from Guggenheim, Weil; depressed Bitcoin prices, high energy costs hurt mining sector

Quantifying Cryptocurrency Claims in Bankruptcy: Does the Dollar Still Reign Supreme? | Cadwalader: Crypto-watchers and bankruptcy lawyers alike have speculated how customer claims based on digital assets such as cryptocurrencies should be valued and measured under bankruptcy law. Given the volatility of cryptocurrency prices, this determination may have a significant effect on recoveries, as well as the viability of the “payment-in-kind” distribution mechanics proposed in Voyager, Celsius, and BlockFi.

Montana Tunnels mine seeks bankruptcy protection: The bankruptcy filing in the U.S. Bankruptcy Court District of Montana again heightens concerns about whether Montana Tunnels will pay for the reclamation at its dormant open-pit mine near Jefferson City in Jefferson County.

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