Bankruptcy & Restructuring News Headlines for Thursday May 25, 2023

Here's what we are reading this morning:

The Unique Case of Bittrex | Patterson Belknap Webb & Tyler LLP : Bittrex’s first day filings emphasize that, unlike many other crypto filings over the past year, this case is not a “free fall” bankruptcy. In fact, a plan has already been filed, and the first day declaration said the debtors “took extensive action pre-petition to ensure full customer recovery, and plan to swiftly bring these chapter 11 cases to a responsible conclusion.”

Downtown LA’s Office Distress Shows the Pain Coming for Cities: Brookfield has defaulted on three towers, while other landlords have sold for a loss or face foreclosure.

Retirement of Judge David Robert Duncan | District of South Carolina | United States Bankruptcy Court: Judge Duncan was appointed United States Bankruptcy Judge for the District of South Carolina on May 26, 2006, and reappointed to a second term in 2020. He served as the District’s Chief Judge from 2013 to 2020.

Healthcare District declares Chapter 9 bankruptcy | BenitoLink: On May 22, the San Benito Health Care District unanimously approved two measures: the first to file for Chapter 9 bankruptcy in a further attempt to keep the doors open at Hazel Hawkins Memorial Hospital, which has been facing closure since first announcing the possibility of bankruptcy last November. The second measure would set in motion a “pendency plan” that will “serve as the district’s budget, and guide financial decision-making and policy during the Chapter 9,” according to the meeting agenda.

Rural California Hospital’s Bankruptcy Highlights Industry Strains - Bloomberg: Nine rural hospitals in state closed since 2005, report says

WeWork CFO Andre Fernandez to resign: "The resignation is not the result of any disagreement with the company with respect to any matter relating to financial controls, financial statements or any other operations, policies or practices of the company," WeWork said in a filing.

Fitch Places United States' 'AAA' on Rating Watch Negative: Fitch Ratings has placed the United States' 'AAA' Long-Term Foreign-Currency Issuer Default Rating (IDR) on Rating Watch Negative.

Corporate bankruptcies are on the rise — and the pain won't end for a while | CNN Business: Companies with weaker balance sheets may continue to feel the pain all the way into next year. The corporate default rate for companies with lower credit quality will peak in early 2024, said Moody’s Investors Service, before falling as economic growth re-accelerates.

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