Bankruptcy & Restructuring News Headlines for Thursday Jan 12, 2023

Here's what we are reading this morning:

FTX Says It Has Located More Than $5 Billion in Cash, Liquid Assets: The bankrupt cryptocurrency exchange said it has located more than $5 billion in cash and other liquid assets and is hoping to sell additional assets with a book value of more than $4 billion.

FTX recovers 'over $5 billion' in assets as crypto giant's bankruptcy continues - MarketWatch: FTX was once valued at $32 billion, but filed for bankruptcy last November after struggling with liquidity issues.

FTX finds over $5 billion in liquid assets, argues customer names should stay secret: "I'm going to overrule the objections and allow [the names] to remain sealed at this point," Judge Dorsey said following arguments from several parties. "But I'm not going to leave it open for [six months]. I'm going to...approve an order that extended it for three months."

Voyager Nears Deal to Move Crypto Accounts to Binance.US: Bankrupt crypto firm Voyager Digital received preliminary court approval to sell its customer accounts to Binance.US, a proposal that had drawn objections from state and federal regulators.

Flexport to lay off 20% of its global workforce: Flexport, the supply chain software startup, is laying off 20% of its workforce, roughly 640 employees, as trade volumes weaken in a global economic downturn.

Sam Bankman-Fried’s Supersized Bet: $1 Billion for a Bitcoin Miner on the Kazakh Steppe - WSJ: Genesis Digital, rigged to consume a small city’s worth of electricity in Kazhakstan, is one of the largest assets in the FTX-Alameda wreckage. Extracting value from it could prove difficult.

World Bank Cuts 2023 Global Growth Projection as Inflation Persists - WSJ: Price pressures raise the risk of global recession at a time when China and Ukraine inject uncertainty into the world economy.

FTX Customer Names to Remain Sealed for Time Being: The identities of some nine million FTX account holders will remain under wraps pending more information about how valuable the customer list could be to potential buyers of the bankrupt cryptocurrency exchange’s assets.

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