Bankruptcy & Restructuring News Headlines for Tuesday Nov 21, 2023

Here's what we are reading this morning:

US DOJ Seeks More than $4B From Binance to End Criminal Case - Bloomberg: Resolution could come as soon as the end of this month; Binance and founder Changpeng Zhao would face charges in US

After months in limbo, some products from bankrupt Mitchell Gold may finally reach customers | Supply Chain Dive: Ryder Last Mile won approval to ship the furniture company’s stored merchandise. End customers would again pay for delivery, but Ryder plans to waive storage fees.

Celsius (CEL) Revamp Plan Hits Speed Bump With SEC: Source: The U.S. Securities and Exchange Commission wants more information about the assets of the former crypto lender, which is reorganizing through bankruptcy, a person familiar with the matter said.

Distressed-Debt Manager Invictus Loses Control of Flagship Fund After Battle With Top Investors - WSJ: Invictus Global Management lost control of its flagship fund after top investors ousted it for business tactics they considered too aggressive, according to people familiar with the matter.

Amazon Aggregator Thrasio Prepares for Bankruptcy - WSJ: Thrasio, a startup that raised billions of dollars to buy up consumer brands sold on Amazon, is preparing to file for bankruptcy as it contends with a postpandemic slump in online spending.

Office Landlords Can’t Get a Loan Anymore - WSJ: The credit crunch is intensifying for office-building owners, who are scrambling to pay off lenders, throw in more cash or face default.

Bittrex Global to wind down operations, urges customers to withdraw funds | The Block: Following its U.S. arm filing for bankruptcy protection earlier this year, Bittrex Global announced it is closing down and said customers should withdraw their funds as soon as possible.

SEC Charges Kraken for Operating as an Unregistered Securities Exchange, Broker, Dealer, and Clearing Agency: According to the SEC’s complaint, since at least September 2018, Kraken has made hundreds of millions of dollars unlawfully facilitating the buying and selling of crypto asset securities. The SEC alleges that Kraken intertwines the traditional services of an exchange, broker, dealer, and clearing agency without having registered any of those functions with the Commission as required by law.

Celsius to Transition to Mining-Only NewCo following Bankruptcy Court’s Confirmation of Plan: Based on the SEC’s feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors, have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius’s estates to be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors.

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