Bankruptcy & Restructuring News Headlines for Thursday Feb 23, 2023

Here's what we are reading this morning:

Special Feature: Cliff White Speaks Up "Where Have All The Examiners Gone?" - Creditor Rights Coalition: Cliff White is the former Director of the Justice Department’s United States Trustee Program. He is currently Managing Director for Bankruptcy Compliance at AIS, a financial technology company.

Lender Cerberus Calls Bankruptcy of Auto-Parts Maker Stanadyne ‘Unnecessary’: The company’s top creditor said it was surprised by the chapter 11 filing because an out-of-court restructuring was in the works.

Australian Coal Miner Allegiance’s U.S. Subsidiaries File for Bankruptcy: The chapter 11 filing includes the New Elk and Black Warrior coal mines located in Colorado and Alabama, respectively.

Creator of NBA Moments NFT Must Face Suit on Status as Security - Bloomberg: Ruling seems to be first on nonfungible tokens as securities; judge says it doesn’t mean all NFTs are; each must be assessed

How Are Bankruptcy Courts Shaping Crypto Law? - Bloomberg: Regulators have sharpened both their rhetoric and their actions against crypto companies and individuals in the market. How are these bankruptcies informing their thinking? What precedents are they setting and what are the potential consequences for crypto?

Lenders to Tom Gores-Backed Sewing Machine Maker Tap Counsel: Some lenders to SVP Worldwide, a sewing machine maker backed by Tom Gores’s Platinum Equity, have hired legal counsel as the company faces liquidity constraints, according to people with knowledge of the situation.

Office Landlord Defaults Are Escalating as Lenders Brace for More Distress - WSJ: The growing number of distressed office buildings reflects a recognition by owners and lenders that the robust return to office they had hoped for isn’t likely ever to materialize.

Covid Test Maker Lucira (LHDX) Goes Bankrupt as Demand for Kits Wanes - Bloomberg: Publicly traded company makes at-home test kits for Covid-19

Cineworld shares dive on reports of no bidders for UK, U.S. assets: Shares of Cineworld slumped as much as 22% on Wednesday after media reports said the world's second-largest cinema operator had received 40 non-binding bids, but none for its UK and U.S. assets or nearing its $6 billion secured debt load.

Pimco-Owned Office Landlord Defaults on $1.7 Billion Mortgage - Bloomberg: An office landlord controlled by Pacific Investment Management Co. has defaulted on about $1.7 billion of mortgage notes on seven buildings, a sign of widening pain for the industry as property values fall and rising interest rates squeeze borrowers.

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