Bankruptcy & Restructuring News Headlines for Wednesday Feb 1, 2023

Here's what we are reading this morning:

Exclusive: Bed Bath & Beyond preparing to file bankruptcy as soon as this week -sources | Reuters: Bed Bath & Beyond Inc is preparing to seek bankruptcy protection as soon as this week, and has lined up liquidators to close additional stores unless a last-minute buyer emerges, four people familiar with the matter said on Monday.

Crypto lender Celsius propped up its token, benefiting insiders - U.S. bankruptcy examiner | Reuters: Bankrupt crypto lender Celsius Network used investor money and customer deposits to prop up its own token, inflating its balance sheet while two of its founders cashed out millions, a U.S. court-ordered examiner report released on Tuesday showed.

The Block: Core Scientific reaches deal with B. Riley for $70 million replacement loan: The company has asked the court to approve the financing as a replacement for the $75 million debtor-in-possession (DIP) loan the miner got from convertible noteholders as part of its prearranged bankruptcy deal, according to a filing from Jan. 3o.

The Public and the Private of the FTX Bankruptcy – Harvard Law School Bankruptcy Roundtable: The recent bankruptcy of the third largest crypto exchange in the world, FTX, represents the kind of corporate restructuring for which the public interest is front and center

Celsius Used Customer Funds to Prop Up Token and Cover Shortfalls, Examiner Finds - WSJ: Celsius Network used customer funds to cover shortfalls in its obligations to pay lofty yields and to prop up the value of its CEL token while some company insiders were cashing out, according to an examiner’s probe into the crypto lender’s practices before its collapse.

Impossible Foods Plans to Lay Off About 20% of Employees - Bloomberg: Workforce reduction follows another round of cuts in October; buyouts were also offered to workers at end of last year

The Block: Celsius creditors contemplate next steps following examiner report: The Celsius Official Committee of Unsecured Creditors, which represents the interest of creditors, hosted a town hall on Twitter Tuesday

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