Bankruptcy & Restructuring News Headlines for Tuesday May 17, 2022

Here's what we are reading this morning:

Bel Air mansion flops at auction after being listed at $87.8 million: "Horrible, Horrible, Horrible!" was how the seller, who filed for Chapter 11 last year, characterized the auction results to CNBC.

$3 billion in bitcoin was sold in a last-ditch attempt to save UST stablecoin from collapse: Luna Foundation Guard said it spent almost all of the bitcoin in its reserve last week in a futile attempt to save UST.

GameStop poaches former Belk CEO as its new COO | Retail Dive: Nir Patel is the retailer's second operations chief in a little over a year. 

Work-From-Home Threatens Loans on Offices with Near-Term Lease Rollovers: As work-from-home has become more commonplace among office-using companies, risk in the office property sector has increased.

ProMedica's COVID wounds claim one investment-grade rating, with 2 on brink | Bond Buyer: Ohio-based ProMedica Health System lost one of its investment-grade ratings and remains at risk of losing its other two as the COVID-19 pandemic’s wounds run deep, especially in its senior living division.

Extreme Endurance Brand Spartan Race Faces Cash Crunch: Spartan Race, the extreme obstacle-race organization founded and led by entrepreneur and TV personality Joe De Sena, has been laying off senior employees and stopped paying some vendors, according to people familiar with the matter.

Rivian Warns Dispute With Seat Supplier Threatens Production of Amazon Delivery Vans - WSJ: The electric-vehicle startup said the pricing dispute could impact production of an electric van ordered by Amazon.

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