Bankruptcy & Restructuring News Headlines for Thursday Jun 8, 2023

Here's what we are reading this morning:

GameStop Shares Fall as It Terminates CEO and Ryan Cohen Becomes Executive Chairman - WSJ: Chief Executive Matt Furlong is out at the videogame and consumer-electronics retailer.

Mystery Bet Before SEC Crypto Crackdown May Mint Trader Millions - Bloomberg: Block of Coinbase put options traded minutes before SEC filing; trade could have minted a windfall of $2.6 million in 24 hours

Shell Unit Must Face Entrust’s Winter Storm Claims, Judge Says: A liquidating trustee for former Texas energy retailer Entrust Energy Inc. can advance its claims that a Shell unit owes it at least $175 million for allegedly breaching their energy supply contracts amid Winter Storm Uri, a bankruptcy judge ruled.

Binance Moved Billions Through Two U.S. Banks, Regulators Say - The New York Times: The S.E.C. shared new details about how Binance’s accounts at Signature Bank and Silvergate Bank were used to move customer funds quickly through a web of foreign companies.

Blackstone’s TeamHealth Weighs Debt Proposals, With $1 Billion in Loans Coming Due: TeamHealth has received a pair of competing offers from two of its biggest creditors that are giving the struggling physician-staffing company starkly different options to repay over $1 billion in debt due next year.

Serta Simmons Defeats Holdout Lenders to Seal Chapter 11 Restructuring: A bankruptcy judge upholds the bedding maker’s disputed 2020 debt deal, handing control to majority lenders.

Binance US Sees Customer Outflows After SEC Lawsuit - Bloomberg: Binance.US plans to delist certain pairs, halt OTC trading; Bitcoin, Ether are little changed; Binance Coin extends drop

Los Angeles Times to Cut More Than 10% of Newsroom - The New York Times: “The restructuring stems from the same persistent economic headwinds facing news media across the country,” the executive editor said in an email to the staff.

U.S. REIT Sector Outlook Lowered to Deteriorating Amid Tighter Lending: Fitch Ratings has reduced its 2023 U.S. REIT sector outlook to Deteriorating from Neutral, reflecting further tightening of commercial real estate (CRE) lending conditions stemming from the U.S. banking sector stress, as well as ongoing pressure on valuations and fundamentals from higher interest rates and macroeconomic headwinds, respectively

World Trade Now Slowing Sharply: Global trade is now slowing sharply after a rapid post-pandemic recovery in 2021 and 2022, Fitch Ratings says in a new report. Monetary tightening, fading fiscal support and service sector reopening are now weighing on global goods demand, which leapt extraordinarily during the pandemic. World industrial production is also decelerating rapidly. Services trade is rising, but services production is less globally specialised.

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