Bankruptcy & Restructuring News Headlines for Thursday Sep 15, 2022

Here's what we are reading this morning:

Bed Bath & Beyond interim CEO to stay in post for at least a year - source | Reuters: Bed Bath & Beyond Inc's interim CEO Sue Gove will likely lead the financially struggling retailer for at least 12 months, a source familiar with the matter said, as the chain looks to bolster its business after seeing sales plummet.

Railroad Union Says Workers Voted Against Proposed Labor Deal as Strike Looms - WSJ: One of the labor unions representing U.S. railroad workers said its members rejected a tentative agreement, a setback in efforts to avoid a potential strike that would disrupt the movement of goods across the U.S.

Patreon lays off 17% of staff, affecting 80 employees | TechCrunch: Just last week, Patreon also let go of five members of its security team. Conte wrote that those layoffs "stemmed from a different set of reasons" from the layoffs today. 

Twilio to lay off 11% of workforce: Twilio will lay off 11% of its workforce as part of a major restructuring plan, according to a filing.

A Dubious Truck, a Whistleblower Army, and Inept Spies: Inside the Very Weird Nikola Saga - Bloomberg: Trevor Milton looked like the next Elon Musk—and may end up the next Elizabeth Holmes. As the first of his several trials gets under way, the people who exposed him reveal how it all went down.

City of Chester is considering filing for bankruptcy ahead of looming $46 million deficit: Chester Receiver Michael T. Doweary is considering bankruptcy as a way to steer the city toward solid financial footing in light of a looming $46.5 million deficit anticipated next year.

Henderson water company files bankruptcy as Lake Mead 'straw' runs dry: When Lake Mead dropped to “Failure Elevation” — 1,043 feet in July — Basic Water Company’s 40-inch-diameter pipe stopped sucking in water at Saddle Island.

Celsius presents creditors plan to revive business operations: "The debtors, as has been widely reported, met with the UCC," said Pesce. "They presented a concept. UCC does not support that concept. We don't support any end game here."

Infowars’ Parent Aims To Pay Creditors With Disposable Income: The parent company of Alex Jones’ Infowars website has begun preparing projections of its potential disposable income as a way to pay off creditors through a Chapter 11 reorganization plan, the company told a bankruptcy judge Wednesday.

Celsius Judge Approves Independent Probe of Lender’s Holdings: An independent examiner will probe the digital asset holdings of Celsius Network LLC, a further sign of the intense scrutiny the crypto lender is facing in bankruptcy.

Texas Co-op Brazos Advances Chapter 11 Settlement of Winter Storm Bill - WSJ: Brazos would pay power generators 76% up front or 100% over 30 years for electricity it bought during winter storm Uri.

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