Bankruptcy & Restructuring News Headlines for Wednesday Feb 21, 2024

Here's what we are reading this morning:

Boston Market owner Jay Pandya files for bankruptcy again | Nation's Restaurant News: Pandya filed for bankruptcy again one week after Boston Market was ordered to pay $11.9 million to US Foods in default court decision

An Easy Financing Source Pushes Some Small Businesses Into Bankruptcy - WSJ: A U.S. Consumer Financial Protection Bureau report said the use of merchant cash advances more than doubled in five years, with regulators stepping up oversight

Bad property debt exceeds reserves at largest US banks – The Irish Times: Loan loss provisions have thinned even as regulators highlight risks in commercial real estate market

Senior Living Firm Petersen Health Care Plans Bankruptcy Filing - Bloomberg: Petersen Health Care Inc., which runs around 100 nursing homes and assisted living facilities in the US Midwest, is preparing to file for Chapter 11 bankruptcy in the coming weeks, according to people with knowledge of the matter who asked not to be identified because the matter is private.

Tupperware Signs Forbearance Agreement As it Looks Into Strategic Alternatives - WSJ: “With the financial flexibility provided by the forbearance agreement, the company is both continuing to execute on its global business strategy transformation plan, and working closely with financial advisors to run a process to explore strategic alternatives,” Tupperware said without providing further details on its plan.

Inside the Funding Frenzy at Anthropic, One of A.I.’s Hottest Start-Ups - The New York Times: The company raised $7.3 billion over the last year, as the lure of artificial intelligence changes Silicon Valley deal-making.

Ex-Celsius CEO Alex Mashinsky Wants the Same Lawyers as Sam Bankman-Fried - Bloomberg: Former Celsius Network Ltd. Chief Executive Officer Alex Mashinsky said he was comfortable using the same lawyers as FTX founder Samuel Bankman-Fried to defend him against charges that he pumped up the price of his firm’s cryptocurrency.

Kelley Cornish, Leading Bankruptcy Lawyer, Joining Selendy Gay | Selendy Gay PLLC: Kelley Cornish, whose practice features many of the nation’s largest and most sophisticated restructurings, will join Selendy Gay as a partner on February 26, 2024. Her move to the firm expands its complex commercial litigation capabilities in high-stakes restructuring and insolvency disputes, bankruptcy-related investigations, and litigation involving breaches of fiduciary duty, fraudulent transfers, preferences, and equitable subordination.

Bankrupt Harbor Custom Development to Liquidate All Assets: Sell-off in four states by Tacoma multifamily developer won’t likely yield any return to shareholders.

Audacy reorganization plan approved by bankruptcy court judge - Philadelphia Business Journal: Existing Audacy shareholders are expected to be left with nothing to show for their investments, while larger creditors would be repaid with stock in the restructured company.

3AC, FTX Creditors Get Some Relief From Sam Altman’s Worldcoin ($WLD) Rally - Bloomberg: It’s been a testing year for creditors of bankrupt investment firms Three Arrows Capital and Alameda Research, but a recent surge in the price of crypto token Worldcoin is giving them some solace.

Hornblower Group to Be Acquired and Receive Significant New Equity Investment: To efficiently implement the agreement and ensure an orderly sale or wind-down of AQV, Hornblower and certain of its affiliates have initiated a voluntary court-supervised and pre-arranged process under Chapter 11 of the U.S. Bankruptcy Code. Due to the overwhelming support of its investors, Hornblower expects to move through this process on an accelerated basis and emerge from Chapter 11 in approximately four months.

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