Bankruptcy & Restructuring News Headlines for Thursday Nov 2, 2023

Here's what we are reading this morning:

KCK Mayor warns Wyandotte County on path to bankruptcy if spending plans don’t change: The Mayor of Kansas City, Kansas, criticized his colleagues at the Unified Government and pleaded for their cooperation with him to prevent financial hardship for Wyandotte County

Bittrex bankruptcy may pay some customers in full, thanks to KYC-phobic exchange customers - CoinGeek: The abandoned sums mean Bittrex will likely emerge from bankruptcy with funds remaining, even after accounting for bankruptcy costs. Tomasco told the court that some of these remaining funds would be used to pay off the “significant” regulatory penalties levied against Bittrex by U.S. authorities.

Ex-Skadden Restructuring Head Teams With UBS Finance Veteran to Form Advisory Firm - WSJ: Pioneering bankruptcy lawyer Jay Goffman is starting a new advisory firm with Steve Smith, a former head of restructuring and leveraged finance at investment bank UBS, that will offer merchant-banking services and restructuring advice for business owners.

Holiday reprieve for distressed retailers may be short-lived: "We should be concerned about the number of companies that are overextended and have shortening fuse lines," says RapidRatings CEO James Gellert, who suspects 2024 could be a robust year for bankruptcies.

Padres recently took out $50 million loan to help cover payroll: sources - The Athletic: Despite selling more tickets this season than all but one Major League Baseball team, the San Diego Padres took out a loan for about $50 million in September to address short-term cash flow issues and meet their obligations, including player payroll, people briefed on the team’s finances told The Athletic.

Fed Holds Interest Rates Steady and Pledges to Proceed Carefully - The New York Times: The Federal Reserve left interest rates at 5.25 to 5.5 percent, but its chair, Jerome Powell, said policymakers could still raise rates again.

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