Bankruptcy & Restructuring News Headlines for Tuesday Apr 11, 2023

Here's what we are reading this morning:

Tupperware Brands Takes Action to Improve Capital Structure and Liquidity Position: Due to the challenging internal and external business economics, coupled with the increased levels and cost of borrowings under its Credit Facility, the Company currently forecasts that, if it is unable to obtain adequate capital resources or amendments to its Credit Agreement, it may not have adequate liquidity in the near term.

FTX's Alameda Lost Track of $50 Million at a Time: 'Such is Life': FTX’s rapid November collapse was the result of “hubris, incompetence and greed,” FTX’s chief executive, John J. Ray III, said in a report Sunday that added new details to the problems that led to the crypto exchange’s failure.

Priming Transactions Update: New Serta Developments | O'Melveny: Serta, along with Incora and Mitel, serve as the latest reminder of the importance of explicit drafting and the undesired outcomes that can flow from leaving provisions open to interpretation.

Ahead of Ethereum Blockchain's Shanghai Upgrade, Regulatory Turf War Heats Up - Bloomberg: Upgrade will free billions of dollars worth of Ether to trade, but SEC, CFTC can’t agree if Ether’s a security or commodity

Casper to sell Canadian operations for $20.6M | Retail Dive: The disruptor is handing over its Canadian business to traditional retailer Sleep Country, which operates 290 corporate-owned stores and 20 warehouses.

FTX’s lack of financial controls complicates bankruptcy asset recovery, says legal filing: Former executives of the bankrupt cryptocurrency exchange FTX failed to install appropriate financial controls in the company, which is complicating the asset recovery process, the restructuring team of the failed exchange said in a court filing dated on Sunday.

BofA sees 'meaningful risks' of Q2 U.S. economic contraction: The U.S. economy is at risk of shrinking in the second quarter, BofA Global Research wrote in a client note, following recent economic data that hinted that the Federal Reserve's aggressive interest rate hikes were cooling the economy.

ANALYSIS: Chapter 11 Megacases Mount as Delaware Stays Dominant: Chapter 11 megacase filings got off to a fast start in US federal bankruptcy courts this year, with Delaware remaining the leading venue for megacase petitions.

J&J Talc Claimants Seek Dismissal of Latest Subsidiary Bankruptcy: People suing Johnson & Johnson over its talc products are urging a court to dismiss the company’s latest attempt to use bankruptcy to address the litigation

Property Owners Face $1.5 Trillion Wall of Debt: Credit Weekly: Almost $1.5 trillion of US commercial real estate debt comes due for repayment before the end of 2025. The big question facing those borrowers is who’s going to lend to them?

EV Maker Arrival Strikes Another SPAC Deal in Effort to Stave Off Bankruptcy: Money-losing operations, a business plagued with delays and a choppy economic environment forced Arrival SA to strike a second blank-check merger after roughly two years as a public company.

MilkRun shuts down: Delivery start-up closes doors, all staff made redundant: In an email to staff, founder Dany Milham said the start-up had made the “difficult decision” to wind down the business, with all 400 employees made redundant.

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