Bankruptcy & Restructuring News Headlines for Tuesday Jul 11, 2023

Here's what we are reading this morning:

Gemini Brings Fraud Suit Against DCG Over Earn Program - Law360: Crypto exchange Gemini Trust Co. filed a fraud suit Friday against Digital Currency Group and its CEO Barry Silbert after the parties failed to resolve $1.4 billion in claims owed to customers of Gemini's Earn program, which halted withdrawals amid the collapse of DCG subsidiary Genesis Global Holdco.

Margaritaville Resort Times Square Owner Files for Bankruptcy to Stave Off Foreclosure: The chapter 11 filing stops an imminent foreclosure sale as the hotelier searches for refinancing.

Tuesday Morning moves to convert its bankruptcy to Chapter 7 | Retail Dive: The half-century-old off-pricer, which exited a Chapter 11 process just two years before filing again this year, had already moved to liquidate.

Office Buildings Aren't Selling, Not Even As Distressed Assets: Even though office building owners have increasingly acknowledged the widespread loss in value for the asset class, not even distressed-asset buyers are biting.

Trucker Yellow Wins Reprieve from Lenders, Including U.S. Government - WSJ: Agreements give troubled carrier more time to negotiate with International Brotherhood of Teamsters and streamline operations.

Tupperware stock tanks after waiver agreement, payment warning - MarketWatch: Shares of Tupperware Brands Corp. TUP fell more than 10% in afterhours Friday after the maker of iconic containers and other plasticware and kitchen implements said in a filing that it entered a waiver agreement with some of its creditors but warned it may not have money for an interest payment this month. The filing repeated going-concern warnings, with Tupperware saying that despite the waiver, it forecasts being out of compliance with certain aspects of its credit agreement and having “insufficient liquidity” to make the payment.

Radio Broadcaster Audacy to Begin Financial Restructuring Negotiations: Audacy has said that it might not satisfy debt obligations as it faces a weak radio advertising market.

Department Store Chain Belk Warns of Lower Sales, Rising Debt Costs: Sycamore Partners-backed department store chain Belk Inc. told creditors it’s looking to cut costs and expects weaker earnings in 2023, according to people with knowledge of the matter

Thomas Braziel Sets Up Investment, Advisory Firm 117 Partners to Expand Beyond Distressed Crypto: The company, 117 Partners, will be a hybrid between advisory and investment, said Braziel.

Crypto exchange AAX’s Cayman liquidators and Singaporean JM secure US recognition - Global Restructuring Review: A cryptocurrency exchange’s Cayman provisional liquidation and its Singaporean interim judicial management process have both been recognised as foreign main proceedings in a single decision in Florida.

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