Bankruptcy & Restructuring News Headlines for Thursday May 12, 2022

Here's what we are reading this morning:

J&J Unit Creditors’ Appeals of Bankruptcy Taken by Third Circuit: A federal appeals court has agreed to hear appeals by asbestos victims who are trying to end a Johnson & Johnson spinoff’s bankruptcy that was filed to limit the healthcare giant’s tort liability from its talc products.

Key Developments in Canadian Insolvency Case Law | Blake, Cassels & Graydon LLP : This comprehensive report summarizes the key facts and core issues of importance in each case and provides status updates on the cases reported on in our February 2021 bulletin, Key Developments in Canadian Insolvency Case Law in 2020.

Coinbase new disclosure does not mean firm faces bankruptcy risk, says CEO | Reuters: Coinbase chief executive said a disclosure in its latest quarterly filing did not indicate the largest U.S. cryptocurrency exchange faced a bankruptcy risk, and it had been made to meet a regulatory requirement.

Coinbase CEO Says No Risk of Bankruptcy for the Largest U.S . Crypto Exchange - Bloomberg: Coinbase Global Inc. Chief Executive Officer Brian Armstrong said there is “no risk of bankruptcy” for the largest U.S. cryptocurrency exchange, even amid a “black swan” event.

UST’s Do Kwon Was Behind Failed Stablecoin Basis Cash: UST’s depegging has shocked crypto markets and regulators alike as the once-$15 billion stablecoin has continued its downward spiral. While BAC’s $54.5 million footprint was far smaller in impact, it offers a historical data point for observers grappling with the feasibility of algorithmic stablecoins.

CPI April 2022: Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs: Inflation as gauged by the consumer price index was expected to rise 8.1% year over year in April, according to Dow Jones estimates.

Peloton took $182 million impairment charge last quarter as inventories piled up: Peloton's took a $182 million hit in its previous fiscal quarter as inventory levels ballooned and consumer demand for its bikes and treadmills waned.

Briefing: AI Startup DataRobot Lays Off 7% in Cost-Cutting Move — The Information: DataRobot, a 10-year-old artificial intelligence startup backed by New Enterprise Associates, Tiger Global Management and Altimeter Capital Management, is laying off 7% of its 1,000-strong workforce, CEO Dan Wright told employees in a virtual all-hands meeting earlier today, according to two people who attended it. The layoffs, which affect multiple teams across the company, are the latest

Surfside Victims Reach $997M In Settlements - Law360: Attorneys representing the victims of the Champlain Towers South condominium collapse in Surfside, Florida, announced Wednesday that they had secured $997 million in proposed settlements, ending the consolidated claims against all but one defendant.

Just 8% of Manhattan Office Workers Are Back Full Time - The New York Times: The Partnership for New York City found a wider embrace of hybrid workplaces, with 78 percent of businesses adopting the model.

Fear and Loathing Return to Tech Start-Ups: Workers are dumping their stock, companies are cutting costs, and layoffs abound as troubling economic forces hit tech start-ups.

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