Bankruptcy & Restructuring News Headlines for Tuesday Jun 14, 2022

Here's what we are reading this morning:

Bankruptcy and Restructuring Veteran Ken Coleman Joins Kasowitz Benson Torres LLP: Kasowitz Benson Torres is pleased to announce that bankruptcy and restructuring veteran Kenneth P. Coleman has joined Kasowitz as Senior Counsel in the firm’s New York office.

Jason Torf Joins Tucker Ellis as Partner in Bankruptcy Practice: Tucker Ellis LLP is pleased to announce that Jason Torf has joined the firm’s Business Litigation Group as part of its bankruptcy practice. Mr. Torf is resident in the firm’s Chicago office.

Crypto lender Celsius pauses withdrawals; bitcoin slides: The firm had more than $8 billion lent out to clients and almost $12 billion in assets under management as of May.

Some European Factories, Long Dependent on Cheap Russian Energy, Are Shutting Down - WSJ: Industrial energy costs are soaring in the wake of Russia’s war on Ukraine, hobbling European manufacturers’ ability to compete in the global marketplace.

Warehousing Giants Are Consolidating in a Shifting Real-Estate Market - WSJ: Prologis is expanding its considerable reach in industrial real-estate as enthusiasm in the market is starting to recede and the tight capacity that has driven up leasing prices shows signs of opening up.

Fed Likely to Consider 0.75-Percentage-Point Rate Rise This Week - WSJ: A string of troubling inflation reports is likely to lead Federal Reserve officials to consider surprising markets with a larger-than-expected interest rate increase at their meeting this week.

Bitcoin (BTC) falls as market focuses on Celsius issue, Fed rate hike: Bitcoin tumbled below $23,000 on Monday, hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets. Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market.

Crypto lender Celsius is 'risking insolvency' after it pauses withdrawals: According to its terms of use, customer funds deposited in Celsius’ Earn and Borrow services aren’t recoverable in the event of bankruptcy or otherwise if the company cannot repay its obligations.

Celsius Exchange Halts Withdrawals: What Went Wrong?: An in-depth look at the Celsius platform and breakdown the design of the business/ecosystem to understand what went wrong; review of the events that have transpired over the recent weeks with Celsius “yield generation” strategies.

MicroStrategy's (MSTR) Bitcoin (BTC) Losses Near $1 Billion - Bloomberg: MicroStrategy Inc. founder and Chief Executive Officer Michael Saylor’s big bet on Bitcoin has backfired in a major way as the paper loss for his firm’s holdings of the largest digital asset has reached roughly $1 billion.

Mallinckrodt Announces Anticipated Chapter 11 Emergence and Provides Update on Trading of New Ordinary Shares: On the effective date of emergence, all of Mallinckrodt's existing ordinary shares will be cancelled pursuant to the Company's Plan of Reorganization and the Irish Scheme of Arrangement. Mallinckrodt expects to issue at emergence 13,170,932 new ordinary shares to its guaranteed unsecured noteholders in accordance with the provisions of the Plan and the Scheme.

Older Post Newer Post