Bankruptcy & Restructuring News Headlines for Tuesday Aug 16, 2022

Here's what we are reading this morning:

SEC deal could end ex-Dewey & LeBoeuf CFO's long-running legal trouble | Reuters: The U.S. Securities and Exchange Commission said it is poised to settle an eight-year-old civil case against the former chief financial officer of defunct international law firm Dewey & LeBoeuf, marking a possible end to the legal fallout of the firm's collapse for its ex-leaders.

SoulCycle is closing 25% of its studios | CNN Business: It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations.

Citi Sues Revlon Over Lender Status After $900 Million Mistake (C, REV) - Bloomberg: Citigroup Inc. has sued Revlon Inc. in a bid to resolve a nagging legal question that emerged after the bank mistakenly wired $900 million to the cosmetics giant’s lenders and intensified after Revlon filed for bankruptcy.

Bitcoin miner Greenidge Generation 'pauses' Texas expansion plans, reports $107.9 million in second-quarter net losses: Bitcoin miner Greenidge Generation announced Monday that it is scaling back expansion in Texas as a result of a “sudden change in mining economics.”

Crypto Reddit mobilizes after being pummeled by bankruptcies| Fortune: Pulling the group together was quite straightforward as Celsius had already put in the hard work of nurturing its community.

Celsius report shows $2.8 billion in crypto liabilities, dwindling cash flow | The Block: The firm reported significant gaps between assets held and liabilities in the filing, amounting to a $2.8 billion hole in crypto liabilities. The firm currently has $348 million in BTC on hand, with $2.5 billion in BTC liabilities. There's about a $1 billion spread between ETH liabilities and ETH on hand, and a little less than $700 million gap in USDC liabilities.

Celsius Second Day Hearing Presentation: Celsius provides an update on its progress since filing for bankruptcy, including that the company is seeking proposals for a DIP financing facility and that it is working on a business plan for a standalone reorganization "that provides optionality for customer recovery"

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