Bankruptcy & Restructuring News Headlines for Tuesday Jul 19, 2022

Here's what we are reading this morning:

Another Retail Bankruptcy Wave May Be On Its Way - Law360: Despite the low number of retail bankruptcy filings over the last year, record high inflation, heightened inventory levels and a potential recession have begun to trigger an uptick in distress across the retail sector, which could lead to a rise in bankruptcies, say George Angelich and Brett Goodman at ArentFox Schiff.

Modsy quietly shut down while some customers were still awaiting refunds: In late June, Modsy, on online interior design services startup, abruptly ceased offering design services, laid off its designers, and left customers with unfinished renovations and project orders in process.

Stroock Adds Restructuring and Bankruptcy Group in New York: Stroock is expanding its Restructuring and Bankruptcy practice with a team from Luskin, Stern & Eisler, a Chambers-ranked boutique firm focused on restructuring and bankruptcy. The attorneys will be based in Stroock's New York office.

U.S. Opposes Chapter 11 Suspension for Boys & Girls Club Chapter: The Justice Department said a New York City chapter of the Boys & Girls Club shouldn’t get to pause its chapter 11 bankruptcy case to dedicate its dwindling cash toward efforts to settle sex abuse claims.

Celsius May Offer Creditors a Loss Now, or a Long Crypto Bet: Cryptocurrency lender Celsius Network LLC may use its bankruptcy case to give creditors a choice between taking less than they are owed in cash, or making a bet on the long-term value of the cryptocurrencies at the heart of the company’s failure.

The Other Side of The Coin: Cryptocurrency Assets in Bankruptcy | Proskauer Rose LLP : Voyager’s and Celsius’ chapter 11 bankruptcy filings highlight the question of whether crypto assets held by an exchange, or similar platform, may be considered property of a bankruptcy estate and, therefore, not recoverable by the customer, who would then likely be an unsecured claimholder of the debtor

Celsius Defends Decision to Halt Withdrawals at Debut Bankruptcy Hearing - WSJ: Celsius Network tried to ease customers’ anger over its freeze on account withdrawals, but indicated it doesn’t intend to quickly release their funds as the cryptocurrency lender aims to weather the downturn in digital currencies and craft a repayment plan.

SAS says deal reached with pilots' unions, ending 15-day strike | Reuters: SAS and pilot unions have reached a wage deal, the Scandinavian airline said on Tuesday, ending a 15-day strike over a new collective bargaining agreement that had grounded 3,700 flights and thrown the carrier's future into doubt.

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