Bankruptcy & Restructuring News Headlines for Tuesday Dec 20, 2022

Here's what we are reading this morning:

Voyager Announces Agreement for Binance.US to Acquire Its Assets: The Binance.US bid, which sets a clear path forward for Voyager customer funds to be unlocked as soon as possible, is valued at approximately $1.022 billion and is comprised of (i) the fair market value of Voyager's cryptocurrency portfolio at a to-be-determined date in the future, which at current market prices is estimated to be $1.002 billion, plus (ii) additional consideration equal to $20 million of incremental value.

Few stores closed in 2022. UBS says that will change in 2023: Challenging store traffic trends, weak sales and pressured margins will be the catalysts for store closures to rise once again, UBS said.

Homebuilder sentiment falls again, but bottom may be near: Homebuilder sentiment hit the lowest level since 2012 in December.

The Block: More crypto exchanges likely to 'blow up' like FTX, Wave Financial CEO says: Wave Financial’s David Siemer is waiting on more top 10 exchanges to fail and looking to secure acquisition deals for near zero.

What Comes Next for San Francisco’s Emptied Downtown - The New York Times: Tech workers are still at home. The $17 salad place is expanding into the suburbs. So what is left in San Francisco?

One-Time Meme Stock Revlon Expects To Wipe Out Shareholders In Bankruptcy: Revlon Inc., a meme-stock favorite after it filed for bankruptcy in June, said it will likely wipe out shareholders in its chapter 11 restructuring, but that didn’t stop the beauty supplier’s stock from rallying Monday.  

The Busiest Lawyer in Crypto is Turning His Attention to FTX: It all started in mid-June when Joshua Sussberg got a phone call from David Brosgol, general counsel for cryptocurrency exchange Voyager Digital.

What AMC’s Streaming Troubles Say About the Greater TV Industry - The New York Times: The company has struggled to earn enough from streaming to make up for losses from its traditional cable business. It is a story widespread in the industry.

FTX Debtors Announce Process for Voluntary Return of Avoidable Payments: To the extent such payments are not returned voluntarily, the FTX Debtors intend to commence actions before the Bankruptcy Court to require the return of such payments, with interest accruing from the date any action is commenced.

The Block: Auros bankruptcy protection filings show funds tied up on FTX: Auros filed an application for bankruptcy protection in the British Virgin Islands after approximately $20 million of company assets became frozen on FTX, court documents show.

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