Here's what we are reading this morning:
Evergrande’s Foreign Bondholders Push Back as Hearing Looms - WSJ: The property developer is struggling to reach a deal with international bondholders, raising the possibility that a court will tell Evergrande to wind down.
2023 US recession now expected to start later than predicted | AP News: A majority of the nation’s business economists expect a U.S. recession to begin later this year than they had previously forecast, after a series of reports have pointed to a surprisingly resilient economy despite steadily higher interest rates.
Cineworld Says Equity Holders Likely To Get Nothing In Ch. 11 - Law360: Movie theater chain Cineworld told its investors Friday that it has received no purchase offers in Chapter 11 sufficient to cover its debts and leave any money for shareholders, and that any nonsale bankruptcy plan is also unlikely to provide for equity recovery.
Toronto-Dominion To Pay $1.2 Billion To Settle R. Allen Stanford Ponzi Litigation: Other banks including Societe Generale, Trustmark, Independent Bank, and HSBC have also agreed to pay roughly $400 million.
Crypto Conglomerate Digital Currency Group Reports Loss of $1.1B in ‘Challenging’ 2022: DCG held cash and cash equivalents of just $262 million at the end of 2022, while investment assets amounted to $670 million.