Bankruptcy & Restructuring News Headlines for Thursday Mar 23, 2023

Here's what we are reading this morning:

Commercial Property Debt Creates More Bank Worries - WSJ: Regulators and analysts are growing concerned about loans backed by office buildings, as many skyscrapers and other office properties have lost value during the pandemic era.

Bank Crisis Could Cast Pall Over Commercial Real Estate Market - The New York Times: The market hadn’t fully rebounded from the pandemic. Some worry that another slowdown could add to fears of a recession.

Carvana Co. Announces Private Exchange Offers Relating to Existing Notes | Business Wire: Carvana Co. announced today that it is offering noteholders the option to exchange their unsecured notes at a premium to current trading prices and receive new secured notes that would provide exchanging noteholders with collateral while reducing Carvana’s cash interest expense and maintaining significant flexibility for the Company.

Ford to break out EV business losses for the first time: Ford's reporting changes amount to the most detailed look yet by any legacy automaker into the finances behind the EV business.

PacWest falls 10% after regional bank discloses deposit outflows, additional liquidity: The bank said in a press release on Wednesday that it had $27.1 billion in deposits as of March 20, which is down from $33.9 billion at the end of December and from $33.2 billion on March 9. The change appears to have largely come from venture banking deposits, which accounted for a third of PacWest’s deposits at the end of December and now stand at just 24%.

Virgin Orbit nears deal for $200 million as soon as Thursday: Virgin Orbit and Brown began deal talks last week, around the same time the company announced it was pausing operations and furloughing most employees.

Major Carvana (CVNA) Bondholders Oppose Debt Exchange Plan - Bloomberg: A group of funds holding most of Carvana Co.’s more than $5 billion in bonds will oppose a restructuring plan that the online auto seller wants as a way to rein in its debt load, according to people with knowledge of the group’s position.

J&J Talc Unit Loses Bid to Reargue Bankruptcy Case Appeal (1): Johnson & Johnson’s talc liability unit failed to convince the Third Circuit to rehear a bid to revive its bankruptcy case, leaving a petition to the Supreme Court as the company’s last resort.

Oakland Diocese considers filing for bankruptcy with 330 abuse lawsuits pending: “I want to let you know the diocese is giving strong consideration to filing for Chapter 11 bankruptcy,” the bishop said.

Avaya Wins Court Approval of Plan to Hand Ownership to Lenders: Avaya Inc. won court approval of its plan to exit Chapter 11 protection, capping its second trip through bankruptcy court in recent years.

Bankrupt SVB Loan Deals Perused by Apollo, Carlyle - Bloomberg: Apollo Global Management Inc. and Carlyle Group Inc. are zeroing in on a book of loans up for grabs now that the former parent company of Silicon Valley Bank has filed for bankruptcy.

SVB Financial Group Chapter 11 Case – Issues with the FDIC May Be Front and Center | Cadwalader: Although the hearing revealed some progress among the parties with respect to the lines of communication, it remains to be seen whether the Debtor will be able to reach a consensual resolution of the Bankruptcy Code section 345(b) issue.

SEC investigating Coinbase for its Earn product, wallet service and exchange activity: The Wells Notice relates to aspects of the company’s exchange, its staking service Coinbase Earn and Coinbase Wallet, Coinbase said.

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