Bankruptcy & Restructuring News Headlines for Tuesday Mar 1, 2022

Here's what we are reading this morning:

Citi Denied High Court Review of $343 Million Madoff Lawsuit: The trustee digging up money for Bernard Madoff’s victims sued the bank in 2010.

Williamsburg Hotel’s Owners Siphoned Off Cash, Bankruptcy Examiner Says: The Brooklyn hotel’s developers deny the allegations, saying the examiner spun a false narrative to run up fees

More parties want in on PREPA mediation | Bond Buyer: The governor wants the current deal revised and to be able to participate in any mediation talks. Bond insurers, the Unsecured Creditors Committee and authority’s fuel line lenders also want to be included.

Rockdale Marcellus Approved to Send Liquidation Plan for Vote: Rockdale Marcellus LLC received conditional approval to solicit creditor votes on its plan to liquidate in Chapter 11 and distribute about $21 million in cash that remains in the shale driller’s bankruptcy estate.

Canoo Inc. Announces Fourth Quarter and Fiscal Year 2021 Results: Cash and cash equivalents of $224.7 million as of December 31, 2021; GAAP net loss and comprehensive loss of $138.1 million and $346.8 million for the three and twelve months ended December 31, 2021; First Quarter 2022 Business Outlook: Operating Expenses (excluding stock-based compensation and depreciation) of: $95 million to $115 million; Capital Expenditures of: $60 million to $80 million

Traders Make Millions by Short-Selling Russian Exchange-Traded Funds: Traders looking to monetize the financial fallout from Russia’s invasion of Ukraine have racked up millions of dollars of wins over the past week by short-selling Russian exchange-traded funds. While Russia’s central bank last week made an order preventing the short-selling of individual Russian st

Occidental (OXY) to Buy Back $2.5 Billion of Debt as Oil Prices Soar - Bloomberg: Occidental Petroleum Corp. is buying back $2.5 billion of its bonds as the junk-rated company seeks to cut debt after reporting better-than-expected earnings with rising crude prices.

Credito Real Says Working With Creditors Following Default - Bloomberg: Credito Real said it was seeking to avoid a messy legal battle with creditors and would work to keep the company running following a default earlier this month

Lucid slashes 2022 vehicle production forecast: The company cited supply chain constraints for slashing production expectations to between 12,000 and 14,000 vehicles, down from 20,000 units.

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