Bankruptcy & Restructuring News Headlines for Thursday Mar 30, 2023

Here's what we are reading this morning:

FDIC Seeks Signet Sale, Wants Signature Bank’s Crypto Clients Out by April 5 - Bloomberg: The Federal Deposit Insurance Corp. is seeking to sell Signet, the real-time payments network for crypto companies operated by the now failed Signature Bank.

Ryan Cohen’s Grand Plans for GameStop Keep Shrinking - WSJ: Videogame retailer, the original meme stock, hits brakes on e-commerce push to refocus on its 4,400 bricks-and-mortar locations.

GWG Has Too Little Info In Ch. 11 Plan Disclosure, Judge Says - Law360: A Texas bankruptcy judge told life-insurance-backed bond seller GWG Holdings Inc. Tuesday that it needs to provide bondholders more information about their potential recoveries before he can approve sending its Chapter 11 plan out for a vote.

Official Committee of Unsecured Creditors Files Motion to Dismiss The Roman Catholic Diocese of Rockville Centre's Bankruptcy Case: The Committee's motion states that DRC cannot confirm the plan it has proposed and will not propose a plan it can confirm. The Committee is represented by Pachulski Stang Ziehl & Jones LLP.

Bankrupt Morphe Owner Acquired by Lenders for $690 Million: Forma Brands, the bankrupt owner of the Morphe makeup brand, reached an agreement with lenders Jefferies Finance LLC and Cerberus Capital Management to be acquired in exchange for $690 million in debt relief, according to a court filing.

Lucid Group, Inc. Current Report: On March 28, 2023, Lucid Group, Inc. announced a restructuring plan intended to reduce the Company’s operating expenses in response to evolving business needs and productivity improvements through a reduction of the Company’s current employee workforce by approximately 1,300 employees, or approximately 18%. The Company expects to substantially complete the Plan by the end of the second quarter of 2023, subject to local law and consultation requirements.

A Closer Look at the Proposed UK Cryptoassets Regulatory Regime | Insights | Skadden, Arps, Slate, Meagher & Flom LLP: The UK Treasury is seeking input on proposals for a cryptoasset regulatory regime — a long-awaited step in creating an environment in the UK that encourages innovation, but with stability and restored confidence.

CA, NY bankruptcies reveal tension between civil canon law: Recent and potential bankruptcy filings by California and New York dioceses, made in response to clerical sexual abuse claims, highlight the complex tensions between civil and canon law regarding church assets -- including those at parishes -- and their availability for settling lawsuits.

Liability Management Litigation Update: Bankruptcy Court Holds That 2020 Serta Transaction Is an 'Open Market Purchase' | Akin Gump Strauss Hauer & Feld LLP: At the conclusion of the hearing, the excluded lenders requested an order permitting immediate appeal of the decision, but it is not yet known whether they will seek to appeal directly to the Fifth Circuit or instead first seek review from the District Court.

Banyan Cay Resort developer files Chapter 11 bankruptcy, seeks sale of West Palm Beach property - South Florida Business Journal: The new Chapter 11 filing stays the foreclosure case and halts the auction of the 200-acre property.

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