Bankruptcy & Restructuring News Headlines for Wednesday Dec 14, 2022

Here's what we are reading this morning:

SEC vs SBF Complaint: United States District Court for the Southern District of New York, Case No. 22-10501

CFTC vs. SBF Complaint: United States District Court for the Southern District of New York, Case No. 22-10503

United States of America vs SBF Indictment: United States District Court for the Southern District of New York, Case No. 22-00673

Price Gains Slow More Than Expected - The New York Times: Markets shoot higher as a report showed inflation eased last month, the last major economic news ahead of Federal Reserve’s meeting on Wednesday.

Ex-SPAC Quanergy Files for Bankruptcy Less Than a Year After Going Public - Bloomberg: Quanergy Systems Inc., a maker of high-tech sensors and related software, filed for bankruptcy about 10 months after going public through a merger with a blank-check company.

John Ray Testimony on FTX US Solvency: "As we sit here today, [FTX US] is NOT solvent. . . . Right now, we have a few hundred million dollars of value missing. We haven't found the keys to all of the wallets. As we find them and open the wallets, we'll find more assets. If we can attribute those to the US silo, there's a pathway to recovery there. Really the case isn't closed yet on the US, it is just premature to make a determination."

John Ray comparing Enron and FTX: Enron: "highly orchestrated financial machinations by highly sophisticated people"; FTX: "This is really old-fashioned embezzlement. . . . Not sophisticated at all."

FTX chief executive John Ray now testifying before the House Financial Services committee: Video of the hearing via YouTube

Inside Sam Bankman-Fried's First Bahamas Court Hearing After His Arrest: Former FTX CEO Sam Bankman-Fried told a Bahamas judge on Tuesday that he was not waiving his right to fight extradition to the U.S.

Serta Simmons Plans Bankruptcy Filing as Soon as January - Bloomberg: Serta Simmons Bedding is preparing to seek bankruptcy protection as soon as January, according to people with knowledge of the situation.

John Ray's Amazing, But Sadly Not Shocking, Congressional Testimony Regarding FTX : John J. Ray III - the newly-appointed CEO of FTX - appeared before the House Financial Services Committee. Below are some of the highlights (more likely lowlights for FTX customers, creditors and investors) that I gleaned from the overall hearing.

FTX’s LedgerX Up for Sale as Restructuring Process Picks Up: LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s crumbled FTX empire, is for sale and attracting interest from would-be buyers including crypto giants and Gemini, according to people familiar with the matter.

The Block: Bitcoin mining report: Argo Blockchain tumbles 38% after bankruptcy gaffe: Argo Blockchain's shares plunged 38% in the UK and 37% in the U.S. in its first day of trading after the miner accidentally published a document saying that it had filed for Chapter 11 bankruptcy.

Binance withdrawals hit $1.9 bln in 24 hours, data firm says | Reuters: Binance registered $1.9 billion of withdrawals in a 24 hour period, blockchain data firm Nansen said on Tuesday.

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