Bankruptcy & Restructuring News Headlines for Wednesday Apr 26, 2023

Here's what we are reading this morning:

Celsius, Voyager Creditors Battle Bankruptcy Bureaucracy - Bloomberg: Angry retail investors are speaking up in complex legal brawls over the remains of Voyager, Celsius and BlockFi.

Binance.US Terminates Deal to Buy Bankrupt Crypto Firm Voyager: Voyager Digital Ltd said Binance.US had terminated an agreement to purchase the bankrupt crypto broker.

The Block: Binance.US backs out of deal to buy Voyager Digital assets: "Binance.US has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager," the firm said in a statement to The Block. "While our hope throughout this process was to help Voyager's customers access their crypto in kind, the hostile and uncertain regulatory climate in the U.S. has introduced an unpredictable operating environment impacting the entire American business community."

Bed Bath & Beyond Shoppers Rush to Use All Those Coupons - The New York Times: The retailer is closing its stores, leaving many longtime customers scrambling to make sure they get their goods — at a discount.

Notice of Termination of the Asset Purchase Agreement from Binance.US: "The Debtors will provide further information regarding the Liquidation Transaction and the timing thereof, including filing the Liquidation Procedures as set forth in Article IV.D.1 of the Plan, in the near term."

First Republic falls more than 40% to record low after reporting massive deposit drop: The decline comes after the bank's first quarter earnings report, which showed that First Republic's deposits shrank by 40.8% during the quarter.

The Block: FTX debtors sell LedgerX for $50 million: An affiliate of Miami International Holdings bought LedgerX from FTX debtors.

FTX Debtors Announce Agreement with an Affiliate of Miami International Holdings for the Sale of LedgerX: Will Seek U.S. Bankruptcy Court Approval of Transaction at Hearing Scheduled for May 4, 2023

FTX Poised for $250 Million Loss on LedgerX Sale: FTX proposes selling its U.S. derivatives unit for $50 million after paying almost $300 million for it in 2021, according to the bankrupt exchange’s financial documents.

Bang Energy Founder Deletes Instagram Comments to Avoid Fines - Bloomberg: The founder of Bang Energy deleted Instagram comments disparaging advisers trying to sell the bankrupt energy drink maker after a judge said he would be fined $25,000 a day until he removed the posts.

3M to Cut Thousands More Jobs as Sales Struggle - WSJ: The company also reported lower income and sales for the first quarter. 

Crypto Lender Genesis Seeks Mediator in Bankruptcy Dispute With Parent DCG - Bloomberg: Bankrupt crypto lender Genesis Global Holdco LLC asked the judge overseeing its reorganization to appoint a mediator in order to save the outline of a deal with its parent, Digital Currency Group.

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