Bankruptcy & Restructuring News Headlines for Tuesday Nov 8, 2022

Here's what we are reading this morning:

Bankrupt PhaseBio to Open Auction With Chiesi $100 Million Bid: PhaseBio Pharmaceuticals Inc. plans to start a bankruptcy auction sale of its antibody drug bentracimab with Italy-based Chiesi Farmaceutici SpA’s offer that could be as high as $100 million.

The Block: Iris Energy receives default notice on $103 million: Bitcoin mining group Iris Energy Limited said in an SEC filing it had received a loan default notice on $103 million after miners struggle to make monthly payments.

The Block: 'FTX is fine,' Bankman-Fried insists as he appeals for Binance to work together: FTX CEO Sam Bankman-Fried insisted his crypto exchange is “fine” after rival Binance announced it would start selling its holdings of FTX’s FTT token.

Lenders to Hornblower, a Cruise and Ferry Operator, Hire Adviser for Debt Talks: A group of lenders to cruise and ferry operator Hornblower Group have hired a legal adviser to help negotiate with the company about reworking its debt load, according to people with knowledge of the matter.

Foxconn Plans to Invest $170 Million in EV Truck Maker Lordstown Motors - WSJ: The Ohio-based startup plans to use the funds to hire engineers, and will jointly develop a new electric vehicle with the Taipei-based contract manufacturer known for its work with Apple.

In Chicago, A Feeding Frenzy Looms for Distressed Hotels: Auction sales on several distressed Chicago-area hotels are set to take place by the end of the year, and the competition is just beginning.

FTX Token Plummets as Market Fears Possible Alameda Contagion: FTT declined nearly 20% over the course of an hour, with Solana's SOL down 17% and Serum's SRM off 10%

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