Bankruptcy & Restructuring News Headlines for Tuesday May 9, 2023

Here's what we are reading this morning:

Tupperware Delays Quarterly Report, Reveals More Material Weakness: Tupperware Brands Corp. won’t make the deadline to issue its first-quarter financial statement as it works on wrapping up its also delayed 10-K and deals with additional material weaknesses in its financial reporting, it disclosed Monday.

Oakland Diocese Latest to File Bankruptcy to Settle Abuse Suits: The Catholic diocese in Oakland filed bankruptcy to try and settle hundreds of lawsuits made possible by a California law that let survivors of childhood sexual abuse, for the first time, seek compensation in court for harm that occurred decades ago.

Diet Brand Jenny Craig Files for Bankruptcy, Shuts Down: Weight loss brand Jenny Craig has begun liquidating its operations in the US after efforts to ease a cash crunch fell short.

Kentucky Cattle Scheme Unravels as 78,000 "Ghost Cattle" are Discovered | The scheme, which involved falsifying cattle ownership documents and inflating the value of the cattle, has raised concerns about the vulnerability of the livestock industry to fraud and financial crimes.

Map of downtown San Francisco shows every empty office space: Some of San Francisco’s emptiest buildings can be tied to cutbacks by tech giants...

Lucid posts widening losses as demand concerns linger, says it has enough cash to last into 2024: Lucid ended the first quarter with about $3.4 billion in cash and about $700 million in available credit lines. CFO Sherry House said that cash should be sufficient to fund the company at least until the second quarter of 2024.

Crypto Platform Bittrex Files Chapter 11 Bankruptcy in Delaware: Bittrex Inc. went bankrupt in Delaware on Monday, less than a month after the US Securities and Exchange Commission accused the crypto platform of flouting securities rules for years.

Bittrex, Inc. Statement on Chapter 11 Bankruptcy | Business Wire: "While the Bankruptcy Court will ultimately decide the method by which those funds can be claimed by and distributed to our customers, we intend to ask the court to activate those accounts as soon as possible so that customers meeting the necessary regulatory requirements will be able to withdraw them."

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