Bankruptcy & Restructuring News Headlines for Tuesday Jan 24, 2023

Here's what we are reading this morning:

FTT Order Flow Fairly Balanced After 150% Rally, but Liquidity Remains Thin: The market for FTT, the native cryptocurrency of the now-bankrupt FTX exchange, appears to have found an equilibrium after the recent bullish price action. However, the market's ability to absorb large offers at stable prices remains weak, indicating scope for a sudden reversal of recent price gains.

Pachulski Stang Ziehl & Jones Elevates Steven Golden to Partner: He has worked on numerous important firm matters including serving as counsel to Watsonville Hospital Corporation and CarbonLite in their chapter 11 proceedings and as creditors’ committee counsel in Borrego Community Health Foundation, Neiman Marcus, Studio Movie Grill, and Payless Shoes.

Bed Bath & Beyond weighs bankruptcy filing in NJ, beefs up legal team: The company has hired law firm Cole Schotz to assist in a potential filing in the U.S. Bankruptcy Court in the District of New Jersey, according to the people who weren’t authorized to speak publicly on the matter. The situation remains fluid, however, and plans may change, the people added.

SEC, FTX and the Future of Crypto Regulation - WSJ: Is it true the SEC was simply ‘late to the game’?

Oak Hill-Backed Checkers Starts Talks as Debt Walls Close In: Checkers and Rally’s Restaurants is negotiating a plan to deal with upcoming debt maturities, according to people with knowledge of the situation.

Alexander Woolverton Joins Kramer Levin as Partner in the Bankruptcy and Restructuring Department | Kramer Levin: Alexander Woolverton has joined Kramer Levin’s New York office as a partner in the Bankruptcy and Restructuring department.

Crypto Firm Genesis Aims for Creditor Deal in Days, or Mediator: Crypto lender Genesis Global Holdco LLC will either have a deal in days with creditors owed about $3 billion, or it will ask the judge overseeing its bankruptcy to appoint a mediator to lead negotiations, the company said in court Monday.

Is There an Easter Egg in the Celsius Earn Accounts Opinion? | Perkins Coie : Did Judge Glenn place an Easter egg in the opinion that could be argued in the future?

Coinstar, Creditor Group Tap Advisers as Payments Fast Approach - Bloomberg: The company is getting advice from Guggenheim Partners and PJT Partners, while a group of asset-backed noteholders is working with Houlihan Lokey Inc. and law firm King & Spalding, said the people, who asked not to be identified because the matter is private.

Serta Simmons Bedding Takes Decisive Actions to Strengthen Financial Position and Drive Long-Term Growth | Business Wire: SSB has entered into a Restructuring Support Agreement with key financial stakeholders that will significantly reduce the company’s debt and enable the company to continue making critical investments in its business and brands. To implement the restructuring contemplated by the agreement, most of SSB’s U.S. corporate entities have initiated a voluntary pre-arranged court-supervised process under Chapter 11 of the U.S. Bankruptcy Code.

Ex-SPAC Rockley Photonics Files for Chapter 11 Bankruptcy: Rockley Photonics Holdings filed for Chapter 11 bankruptcy in New York on Monday, less than two years after going public via a merger with a blank-check company.

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