Here's what we are reading this morning:
Drugmaker Endo Says Bankruptcy Likely Imminent - WSJ: The drugmaker has been in talks with lenders, but also faces thousands of lawsuits from government and private plaintiffs alleging it fueled opioid addiction
Avaya Taps Legal Advisers After Earnings Miss - WSJ: Avaya Holdings Corp. tapped law firm Kirkland & Ellis LLP to advise the company on its options following an earnings miss that tanked prices of a $600 million debt deal completed in June, according to people familiar with the matter.
Wall Street Pros Offer Crypto Holders a Backdoor Bankruptcy Exit: Niche credit traders have a pitch for crypto holders locked out of their accounts at Voyager Digital Ltd. and Celsius Network LLC: Sell the rights to your coins at something like a 75% discount and let Wall Street worry about the rest.
Casa Bonita renovation is a "Kitchen Nightmares" scenario, South Park creators say: It’s been nearly a year since “South Park” creators Trey Parker and Matt Stone purchased Lakewood’s iconic restaurant Casa Bonita out of bankruptcy, but they’re no closer to figuring out when it may open.
Revlon Shareholders Seek Bankruptcy Committee, Cite Stock Surge: A trio of Revlon Inc. minority shareholders are seeking an official committee to represent common equity interests in the cosmetics giant’s Chapter 11 proceedings, saying the stock price “has more than quadrupled in value” since the case began in June.
German fintech Nuri files for insolvency amid market downturn: The company filed for insolvency to “stay ahead of a lasting strain on the liquidity of [the] business,” Nuri wrote in a blog post. While citing macroeconomic issues caused by the pandemic and Russia's invasion to Ukraine as factors leading to the decision, the firm mentioned the Terra/Luna collapse and crypto lending firm Celsius’ insolvency as reasons behind the filing.
Avaya debt plunges on going concern warning, 10-Q filing delay | S&P Global Market Intelligence: The company's 6.125% first-lien notes due 2028 plunged 8.25 points on the latest developments, to trade as low as 48.
Crypto Exchange CoinFlex Files for Restructuring in Seychelles - Bloomberg: The CoinFlex cryptocurrency exchange said it filed for restructuring in a Seychelles court, as it seeks to resolve a shortfall due to a counterparty failing to satisfy a margin call
Coinbase shares drop on billion-dollar loss in second quarter and revenue miss: Coinbase’s revenue declined nearly 64% as investors exited the crypto market after last year’s dramatic run. Retail transaction revenue came in at $616.2 million, down 66% and below the $667.1 million consensus among analysts polled by StreetAccount.