Bankruptcy & Restructuring News Headlines for Tuesday Jun 13, 2023

Here's what we are reading this morning:

Lordstown Intends To Sue Foxconn Over Investment Battle - Law360: Electric-car maker Lordstown Motors said on Friday that it plans to take legal action against Foxconn Ventures Pte Ltd. if it does not pay the remaining $47.3 million that it promised Lordstown in exchange for a 10% stake in the company, as the businesses haggle over a reverse stock split.

Binance US Hires Ex-SEC Enforcement Co-Director Canellos as It Fights Charges - Bloomberg: Binance.US added four lawyers from Milbank LLP, including a former co-director of the Securities and Exchange Commission’s enforcement division, George Canellos, as the beleaguered crypto platform prepares its defense against US allegations of operating an illegal securities exchange.

Blackstone-Owned Autism Treatment Provider Files for Bankruptcy: Center for Autism and Related Disorders reached a deal to sell itself to founder Doreen Granpeesheh, who holds a minority stake.

Instant Pot’s Slower Sales Tip Gadget Maker Into Bankruptcy: Kitchenware manufacturer Instant Brands will seek to fix its balance sheet in chapter 11.

The Block: BlockFi says customer withdrawals could start this summer: BlockFi said that it expected to finish work and necessary testing to allow for some customers to start getting their money back this summer. "At that time, we will be in a position to begin allowing clients to withdraw digital assets held in BlockFi Wallet accounts that are not subject to potential preference claims," the company said in an email to clients on Monday.

WeWork Faces More Turmoil After Its CEO Departs - The New York Times: The company’s top boss, a real estate industry veteran, abruptly left in May after growing frustrated with SoftBank, its largest shareholder and lender.

SoftBank prepares new round of layoffs at Vision Fund, Reuters reports: The layoffs, which could be announced in the next two weeks, may impact up to 30% of its staff at the unit, including employees in U.S., one of the people added.

Older Post Newer Post