Bankruptcy & Restructuring News Headlines for Tuesday Nov 29, 2022

Here's what we are reading this morning:

The Block: FTX's demise part 4: Bankruptcy experts weigh in on next steps for FTX: The fourth installment of The Scoop’s continued coverage of FTX’s demise examines the legal underpinnings of FTX’s bankruptcy and restructuring process with attorneys Dan Besikof and Mark Shapiro.

Business Travel’s Rebound Is Being Hit by a Slowing Economy - The New York Times: By the early fall, domestic business travel was back up to nearly two-thirds of its prepandemic level. But companies have now begun to cut back.

BlockFi Commences Restructuring Proceeding to Stabilize Business and Maximize Value for all Clients and Stakeholders | Business Wire: Platform activity continues to be paused at this time. BlockFi has US$256.9 million in cash on hand, which is expected to provide sufficient liquidity to support certain operations during the restructuring process.

BlockFi Files for Bankruptcy as Latest Crypto Casualty - WSJ: Cryptocurrency lender BlockFi filed for bankruptcy, making it the latest major digital assets company to fail since FTX, with which BlockFi is financially intertwined. 

Monster, Other Creditors of Bang Seek More Say in Bankruptcy Case: Some large creditors of bankrupt Bang Energy are seeking to form their own committee to represent them in the energy company’s Chapter 11 case, frustrated that their claims aren’t sufficiently being addressed.

Elon Musk’s Boring Company Ghosts Cities Across America - WSJ: The tunnel venture has repeatedly teased local officials with a pledge to ‘solve soul-destroying traffic,’ and then backed out when confronted with the realities of building public infrastructure.

Distressed Crypto Investing: Buying Claims for Cents on the Dollar | Thomas Braziel - Empire | Podcast on Spotify: In this episode of Empire, Thomas Braziel joins us to discuss the highly lucrative yet misunderstood world of distressed crypto investing. We start with the basics of how distressed asset investing works; then, we explore the Mt. Gox bankruptcy, how to value bankruptcy claims, what's next for FTX, the tokenization of bankruptcy claims and more!

The Block: Bankman-Fried Robinhood shares are the target of a BlockFi lawsuit: Sam Bankman-Fried is named in a lawsuit filed by BlockFi, as the lender seeks Robinhood shares Bankman-Fried allegedly pledged as collateral.

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