KPMG to Cut Manhattan Office Space in Move to New U.S. Headquarters at Hudson Yards - WSJ: Global audit and consulting firm KPMG is shrinking its New York office space by more than 40% in a move to the Manhattan West development.
Coinbase CEO says crypto exchange has ongoing plans to cut costs and is actively engaged with regulators: Coinbase is taking a close look at where it can cut costs as industry and economic challenges continue, CEO Brian Armstrong said.
Bed Bath & Beyond downgraded at S&P | Retail Dive: Analysts slapped a CCC grade on the company, citing “very poor sales performance, deteriorating liquidity, and looming maturities.”
MoviePass Is Relaunching Next Month After Failing in 2019 - The New York Times: The company was driven out of business three years ago after offering customers a too-good-to-be-true subscription model.
ExpressJet Airlines Files for Bankruptcy After Loss of United Contract: The regional air carrier has ceased operations and will liquidate its remaining assets.
AMC’s preferred stock deal is being closely watched - The New York Times: The company billed the arrangement as a new way to raise money. Corporate governance experts and finance pros are keen to see if it catches on.
Former Kodak X-Ray Unit Files for Bankruptcy as Private Backer Cedes Control: Carestream Health, now owned by private-equity firm Onex, plans to eliminate nearly half of its $1 billion in debt.
You Can’t Subordinate Me, I Am a Senior Secured Creditor, Right?: Chapman and Cutler LLP: Highly leveraged companies, in default under their existing credit agreements, are constantly looking for new, creative ways to raise badly needed liquidity. Lenders are also often looking to protect their existing loans and, if possible, improve their existing lending positions while putting additional capital to work.
US New-Home Sales Plummet to Slowest Pace Since Early 2016 - Bloomberg: Purchases dropped 12.6% in July, sixth decline this year; Homes available for sale rose to highest level since 2008
China developer Shimao looks to repay $11.8 bln debt over 3-8 years -sources | Reuters: Cash-strapped Chinese developer Shimao Group has proposed a two-class restructuring plan to offshore creditors to repay $11.8 billion over a period of three to eight years, according to two sources with direct knowledge of the matter and a document seen by Reuters.
Top Amazon seller Packable begins liquidating and announces job cuts after failed SPAC attempt: Packable, the parent company of top-ranking Amazon seller Pharmapacks, is laying off employees and ceasing operations, according to documents viewed by CNBC
Bed Bath & Beyond Clinches Loan Deal - WSJ: Bed Bath & Beyond has found a financing source to shore up its liquidity as it tries to weather recent missteps, according to people familiar with the matter.
(4) Impact of Crypto Winter on Bitcoin Miners - Bloomberg Technology: Iris Energy and Eaglebrook Advisors Board Member Mike Alfred joins Kailey Leinz to discuss the state of the bitcoin mining industry in the face of low market performance and rising power costs