Bankruptcy & Restructuring News Headlines for Tuesday May 16, 2023

Here's what we are reading this morning:

TPG to Acquire Angelo Gordon: Strategic Transaction Furthers TPG’s Position as a Diversified Global Alternative Asset Management Platform – Across Private Equity, Credit, Real Estate, and Market Solutions – and Unlocks New Avenues for Growth, Product Innovation, and Limited Partner Engagement

Credit Crunch Fuels Weekend Bankruptcy Rush With Seven Filings - Bloomberg: The wave of bankruptcies comes as companies struggle to re-negotiate burdensome debtloads accumulated during the era of ultra-low interest rates.

Chicago’s Empty Office Towers Threaten Its Future as a Major Financial Hub: In the heart of Chicago’s financial center, a seven-story building occupying much of a city block was once home to the world’s largest options exchange. Now, it’s collecting dust.

BlockFi Moves to Liquidate Its Crypto Lending Platform: The bankrupt cryptocurrency lender plans to liquidate its cryptocurrency lending platform after concluding that selling the business wouldn’t generate enough value for its creditors.

Carrier-Owned Fire Business Files Bankruptcy to Weather ‘Forever Chemical’ Lawsuits: Kidde-Fenwal seeks protection from creditors to deal with more than 4,000 lawsuits ahead of planned sale process.

Schrödinger’s swap: the audacious plan to trigger Credit Suisse’s CDS | Financial Times: Can a bond that no longer exists trigger a default? This is the quasi-metaphysical question facing the panel of experts who have to determine whether Credit Suisse’s credit-default swap contracts will pay out. Call it Schrödinger’s swap.

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