Bankruptcy & Restructuring News Headlines for Thursday Jan 5, 2023

Here's what we are reading this morning:

Coinbase (COIN) Reaches $100 Million Settlement With NY Over Compliance - Bloomberg: Coinbase Global Inc., the largest US cryptocurrency exchange, said its US unit reached a $100 million settlement with New York regulators for letting customers open accounts with insufficient background checks.

Auto Sales Likely Fell in 2022 - The New York Times: Automakers began reporting their year-end sales totals on Wednesday, and if the dour forecasts are confirmed, last year’s sales total would rank as the lowest since 2011, when the industry had only just begun recovering from the financial crisis and sold 12.7 million new cars and trucks

Genesis CEO Asks For More Time to Solve Lending Crisis: Derar Islim, interim chief executive of crypto brokerage Genesis Global Trading, said the company needs more time to resolve the financial crisis brewing in its lending business.

Celsius Owns Coins Held in Interest-Bearing Accounts, Judge Says: Celsius Network LLC owns the coins that users placed in interest-bearing accounts with the crypto lender prior to its bankruptcy, a federal judge said in a written ruling Wednesday.

US Government Seizing $460 Million FTX-Linked Robinhood Stake - Bloomberg: The US government has seized — or is in the process of seizing — hundreds of millions of dollars worth of Robinhood Markets Inc. shares as part of the fraud case against Sam Bankman-Fried, founder of the failed crypto firm FTX, lawyers said in court Wednesday.

Cineworld Grapples With Box-Office Slump as It Seeks a Sale in Bankruptcy - WSJ: The British movie-theater chain blames a lack of blockbusters for missing restructuring milestones

Alameda Challenges Voyager Bankruptcy Plan Over $75 Million Loan: Bankrupt Alameda Research Ltd. asked a court to reject Voyager Digital Holdings Inc.'s bankruptcy turnaround proposal because it favors some unsecured creditors over its own multi-million dollar claims.

AMERICAS DISTRESSED WATCH: AMC, Finastra, Genesis, Oi, Unifin: Below are potentially significant dates of interest to distressed-debt investors in North and South America.

Amazon to Lay Off Over 17,000 Workers, More Than First Planned - WSJ: The new figure would be the largest number of cuts revealed by a major technology firm in the past year.

WeWork Taps Adviser A&G Real Estate for Help Assessing Leases: WeWork Inc. is working with advisory firm A&G Real Estate Partners to assess its leases and real estate as it seeks to cut expenses, according to people with knowledge of the situation who asked not to be identified because they aren’t authorized to speak about it.

U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX - WSJ: Federal authorities’ seizure of funds comes as the prospect of customers recovering some billions in cash and crypto assets remains in limbo.

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