Bankruptcy & Restructuring News Headlines for Tuesday Apr 9, 2024

Here's what we are reading this morning:

99 Cents Only Stores Files for Voluntary Chapter 11 Protection to Facilitate Wind-Down of Business Operations and Pursue Value Maximizing Sale of its Real Estate and Other Assets: The Company has secured $60.8 million in senior secured super priority debtor-in-possession financing consisting of $35.5 million in new money to be provided by an entity affiliated with certain of the Company's existing stakeholders, subject to court approval, to facilitate the wind-down and pursue a value maximizing sale of its real estate and other assets.

Movie Theaters Have Weird Real Estate. It’s Saving Them. - WSJ: Landlords cut rents to keep the spaces occupied, rather than repurpose windowless rooms and sloped floors

Spirit Airlines Defers 2025 Airbus Aircraft Order to 2030 - WSJ: The company also intends to furlough about 260 pilots citing the deferrals and the recent grounding of aircraft

Do Kwon and Terraform Labs Found Liable for Fraud in SEC Trial - Bloomberg: Terraform Labs Pte. and co-founder Do Kwon were found liable for fraud in a US government lawsuit over the firm’s 2022 collapse, which wiped out $40 billion in investor assets and shook the cryptocurrency world.

Genesis Used GBTC Share Proceeds To Buy 32,041 Bitcoin - Law360: Cryptocurrency lender Genesis Global Holdco said it had fully monetized its Grayscale Bitcoin Trust shares and used the proceeds to purchase 32,041 bitcoin that will be distributed to its customers.

NY Regulators Agree To Skip BlockFi Distribution - Law360: BlockFi and the New York State Department of Finance Friday filed a stipulation with the New Jersey bankruptcy judge overseeing BlockFi's Chapter 11 case under which the department agreed to forgo any distributions from the BlockFi estate.

JLL finds signs of rebound in New York City retail real estate | Retail Dive: But some submarkets are doing better than others when it comes to asking rents and availability.

Petco faces downgrades amid sales, profit and share declines | Retail Dive: Analysts from S&P Global Ratings and Bank of America said the pet retailer’s struggles are likely to continue this year and possibly into 2025.

Cooley Adds 'Next-Gen' Restructuring Atty From O'Melveny - Law360 UK: Cooley LLP on Monday hired the co-chair of O'Melveny & Myers LLP's bankruptcy litigation practice as its newest business restructuring practice and global litigation partner.

Older Post Newer Post