Bankruptcy & Restructuring News Headlines for Thursday Sep 1, 2022

Here's what we are reading this morning:

Bed Bath & Beyond to Sell Stock, Shut 150 Stores in Survival Bid: (Bloomberg) -- Bed Bath & Beyond Inc. said it’s close to securing financing and is putting in place a new business strategy to reduce costs as the troubled retailer tries to convince investors, vendors and customers that it has a credible survival plan.

Sam Bankman-Fried Says His Crypto Bailouts Had ‘Mixed Results’: Sam Bankman-Fried, chief executive of digital asset exchange FTX, said his efforts to bail out companies during the crypto market downturn have had “mixed” results.

Sears’ $175 Million Bankruptcy Deal with Ex-CEO Lampert Approved: The bankrupt estate of Sears Holding Corp. won court approval to settle complex litigation against former CEO Eddie Lampert and other investors for $175 million, helping bring the retail chain’s four-year-old Chapter 11 case to a close.

Peachtree Center faces foreclosure sale - Atlanta Business Chronicle: Multiple buildings in Peachtree Center are scheduled for a foreclosure sale on Sept. 6.

The Wing Is Closing Its Locations After Years of Turmoil - WSJ: The once-buzzy company offered lavish co-working spaces aimed at women but was hobbled in recent years by the pandemic and internal turmoil

Bed Bath & Beyond Missed the Memes - Bloomberg: Matt Levine: "My basic view is that if you are a company that has become a meme stock, you should do an at-the-money offering to sell as much stock as you can to retail investors at irrational prices..."

Electric Vehicle Startups Seek $9.5 Billion After Burning Through SPAC Cash - Bloomberg: Lucid, Nikola, Arrival and others are low on funds and looking for more

Bed Bath & Beyond Business & Strategy Update: Presentation dated August 31, 2022 as filed with the SEC

Adversary Case 22-01142: Ad Hoc Group of Custodial Account Holders v. Celsius Network LLC et al: An ad hoc group of Celsius Custody account holders have filed an adversary complaint with the bankruptcy court seeking a declaratory judgment that the assets held in Custody accounts are not property of the estate under section 541

Interjet Formally Enters Into Mexican Bankruptcy Process: The former Mexican airline Interjet has been formally accepted into a domestic bankruptcy process by a district judge. Interjet will now be able to negotiate up to 40 billion pesos in debt (nearly US$2 billion) with its creditors.

Audacy Head Forced To Refute Chapter 11 Report | Radio & Television Business Report: Field disputed Del Colliano’s claim that he confirmed “Audacy’s bankruptcy,” writing, “That statement is categorically and unequivocally untrue.”

Older Post Newer Post