Bankruptcy & Restructuring News Headlines for Wednesday Dec 7, 2022

Here's what we are reading this morning:

Crypto CEOs Fearing Worst Is Yet to Come Are Cutting More Jobs - Bloomberg: Bybit, Swyftx announce headcount cuts of at least 30%

The Block: GameStop begins a 'big' round of layoffs: Video game distributor GameStop is cutting employees in e-commerce product, engineering and blockchain efforts. 

U.S. Supreme Court's Gorsuch calls for clearer rules on bankruptcy sale appeals | Reuters: U.S. Supreme Court Justice Neil Gorsuch on Monday signaled a desire for clearer rules on when appeals courts can hear disputes stemming from bankruptcy sales, in a case involving a cheap lease Sears had at the Mall of America that was transferred following its bankruptcy.

Statement from the Orthogonal Credit Team — December 5th 2022: Over the weekend, the Orthogonal Credit Team was notified of new information pertaining to Orthogonal Trading’s exposure to FTX and its inability to repay an outstanding loan in the M11 Credit pool maturing December 4th 2022.

The world's largest stablecoin looks shaky | Semafor: Investors are growing concerned that Tether, a digital token that plays a major role in linking the crypto economy to the dollar, could be the next piece of crypto Kryptonite.

Investors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values - WSJ: Big and small investors are queuing up to pull money out of real-estate funds, the latest sign that the surge in interest rates is threatening to upend the commercial-property sector.

Ruby Pipeline Banker Expects Multiple Bids in Bankruptcy Sale: A banker for Ruby Pipeline expects to receive at least one more bid for the insolvent natural gas pipeline, which has already received an offer from existing part-owner Kinder Morgan Inc. for more than $230 million cash.

Apollo, Pimco Sign Pact to Prevent Creditor Brawl Over Carvana - Bloomberg: Some of Carvana Co.’s largest creditors including Apollo Global Management Inc. and Pacific Investment Management Co. have signed a pact that binds them to act together in negotiations with the company, a move meant to prevent the kind of nasty creditor fights that have complicated other debt restructurings in recent years.

Clovis defaults on loan, expects to file Chapter 11 – BizWest: Clovis Oncology Inc. (Nasdaq: CLVS) has defaulted on a loan agreement and expects to file for Chapter 11 bankruptcy protection soon.

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