California Economy Is on Edge After Tech Layoffs and Studio Cutbacks - The New York Times: As recession fears persist, the troubles in major industries have hurt tax revenues, turning the state’s $100 billion surplus into a deficit.
Houston Apartment Owner Loses 3,200 Units to Foreclosure as Multifamily Feels the Heat - WSJ: The U.S. multifamily housing sector is feeling the heat as interest rates rise and rent growth slows.
SEC Is Adding Attorneys to Crypto Enforcement Unit: The hiring is a sign of the Securities and Exchange Commission's increased regulation of digital assets
AmeriMark, a Catalog and Online Retailer, Files for Bankruptcy: Owner of Dr. Leonard’s Healthcare, LTD Commodities and other direct-sale brands will seek a buyer for its assets in chapter 11.
Arizona Sports Complex Hires Financial Adviser: Legacy Cares, the developer of Bell Bank Park, will explore options after defaulting on its municipal bonds.
Arrival Advances U.S. Commercialization Plans Through Business Combination with Kensington Capital Acquisition Corp. V | Arrival SA: Based on 2022 financial data and an assumed post-transaction share price of $0.13 per ordinary share, the business combination values the combined business at an implied pro forma enterprise value of $524 million. This assumes no redemptions by Kensington shareholders in connection with closing and the payment of estimated transaction expenses. It also excludes warrants, ordinary shares subject to share awards and options, and Arrival’s ongoing financing activities since December 31, 2022.
In-theater advertiser National CineMedia files for Chapter 11 bankruptcy - MarketWatch: Earlier in the day, CineMedia stock shot more than 50% higher after movie-theater operator AMC Entertainment Holdings Inc. disclosed that it owned a large chunk of the company.
National CineMedia To Strengthen Its Financial Position and Drive Long-Term Growth Through Pre-Arranged Restructuring: To facilitate its debt restructuring, the Company has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the Southern District of Texas and has entered into a comprehensive Restructuring Support Agreement (RSA) with the support of its secured lenders, through which all of the Company’s debt will be converted into equity of the reorganized Company.