Bankruptcy & Restructuring News Headlines for Tuesday Jun 6, 2023

Here's what we are reading this morning:

Twitter’s U.S. Ad Sales Plunge 59% as Woes Continue - The New York Times: In internal forecasts, the company projected that ad sales would keep declining, handing a tough challenge to its new chief executive.

SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao: Charges include operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance.US platform; and the unregistered offer and sale of securities.

Park Hotels & Resorts Inc. Announces Cessation of Payment on $725 Million Non-Recourse CMBS Loan Secured By Two of Its San Francisco Hotels: Starting in June, it ceased making payments toward the $725 million non-recourse CMBS loan which is scheduled to mature in November 2023, and is secured by two of its San Francisco hotels—the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco.

WeQuit: WeWork bonds sink after top executives resign from cash-burning company - MarketWatch: WeWork bonds are sinking deeper into distressed territory after its CEO and CFO left the cash-burning company in recent weeks.

Bed Bath & Beyond in Talks to Sell Buybuy Baby to Owner of Janie and Jack - WSJ: Bed Bath & Beyond is in talks to keep its Buybuy Baby chain open through a possible sale to the private-equity owner of children’s apparel retailer Janie and Jack, according to people familiar with the matter.

Older Post Newer Post