Bankruptcy & Restructuring News Headlines for Thursday Mar 2, 2023

Here's what we are reading this morning:

A Possible, But Narrow, Path for Cannabis in Bankruptcy Court | Brownstein Hyatt Farber Schreck: A recent U.S. bankruptcy court opinion out of the Central District of California may have cracked the door open for companies formerly tied to the cannabis industry to pursue legal strategies using bankruptcy.

Kohl’s mulls pricing changes in turnaround reboot | Retail Dive: Kohl’s on Wednesday reported that Q4 net sales fell 7.2% year over year to $5.8 billion, with comparable sales down 6.6%. Net loss narrowed to $273 million from $299 million a year ago.

Car Debt Is Piling Up as More Americans Owe Thousands More Than Vehicles Are Worth - Bloomberg: Dealers worry record prices leading to negative-equity surge; more consumers could be left without vehicle-financing options

Mortgage demand falls as interest rates rise: Mortgage applications to purchase a home dropped 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 44% lower than the same week one year ago, and is now sitting at a 28-year low.

Silvergate Stock Plunges as Bank Says It May Face DOJ, Congressional and Bank Regulator Inquiries: The impact of these events could affect the ability for the company to "continue as a going concern," Silvergate added.

Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source: Some employees are still in place and the firm’s operations are ready to launch, but money is a problem, said a person familiar with the situation

MLB sets up local media group, could broadcast 17 teams: Major League Baseball added three executives to its new local media department as it prepares for a possible takeover of local broadcasts for 17 teams amid the financial deterioration of the Bally and AT&T SportsNet regional sports networks.

NYC Ferry Operator Hornblower to Get $70 Million Liquidity Line: The operator of the New York City ferry system told lenders it is getting a liquidity lifeline from its owner Crestview Partners, according to people familiar with the situation.

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