Bankruptcy & Restructuring News Headlines for Tuesday Feb 14, 2023

Here's what we are reading this morning:

Starwood Faces Next Suburban Chicago Mall Challenge: Bed Bath & Beyond closure hits property owner with big new vacancy months before $77M loan maturity

Three Arrows Founders Start Crypto Bankruptcy Claims Exchange - WSJ: The founders of a failed hedge fund have resurfaced with a $25 million crypto-exchange venture that will let users trade bankruptcy claims from insolvent crypto platforms and funds, including their own.

Three Arrows Capital Founders Launch Exchange Where You Can Trade 3AC Bankruptcy Claims: Zhu Su and Kyle Davies, the founders of failed crypto hedge fund Three Arrows Capital (3AC), have teamed with the co-founders of crypto exchange CoinFlex on the creation of Open Exchange, touting it as the "world's first public market place for crypto claims trading and derivatives."

Restructuring Partner Geoffrey King Joins King & Spalding in Chicago: King joins the firm from Katten Muchin Rosenman LLP, where he was a partner.

Roman Catholic Diocese sends out letter from Bishop amid possibility of bankruptcy | The Roman Catholic Diocese of San Diego could be facing bankruptcy in the coming months, according to a letter signed by the Bishop of San Diego.

SEC Is Watching the $92 Billion Crypto Staking Industry Closely - Bloomberg: A lucrative corner of crypto that’s fast becoming the lifeblood of the way many networks operate got a shock to the system this week.

Circle (USDC) Alerted New York Over Binance-peg BUSD Issues - Bloomberg: Circle, which operates the USDC stablecoin and shares a regulator with Binance-branded stablecoin firm Paxos Trust Co., alerted the watchdog last autumn to issues its team had surfaced in blockchain data that showed Binance did not store enough crypto in reserve to support tokens it had issued, according to a person familiar with the matter who asked not to be named discussing private information

Brookfield defaults on $784M on loans connected to DTLA office towers: The firm defaulted on a $465 million loan package connected to the Gas Company Tower at 555 West 5th Street and $319 million in loans connected to 777 South Figueroa Street, according to an SEC filing on Friday.

Binance Withdrawals Surged to $828M Net Outflows After Paxos-BUSD Regulatory Crackdown: Binance has endured some $831 million of net outflows in the past 24 hours, Nansen data shows. Monday’s outflow is the largest in a day since November.

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