Bankruptcy & Restructuring News Headlines for Wednesday Feb 22, 2023

Here's what we are reading this morning:

L Catterton Plans New Lifeline for Boating Retailer West Marine: The company, which operates boating supply and fishing focused stores, has been exploring options to help it address cash strains amid inflationary pressures, supply chain woes, and rising interest rates.

Bankrupt Party City Needs Halloween Costumes. Some Vendors Want a Hedge. - Bloomberg: As Party City Holdco Inc. wades through bankruptcy, some of its most important vendors are banding together to negotiate better trade terms for a holiday the company relies on: Halloween.

New York Department of Financial Services Issues Guidance on Virtual Currency Custodial Services | Jones Day: Following a string of bankruptcies among virtual currency firms, the New York Department of Financial Services has issued guidance on the practices and procedures it expects from certain state-regulated entities providing virtual currency custodial services.

Internet Startup Starry Files for Bankruptcy After Tepid SPAC Deal: The discount internet service provider said a liquidity crunch, mounting debts and the high costs of supporting infrastructure made it necessary to resort to chapter 11.

Cano Health’s Lender Group Taps Adviser as Its Cash Dwindles: A group of lenders to Cano Health Inc., the healthcare provider backed by billionaire Barry Sternlicht, is seeking advice from Evercore Inc. as the company faces a cash squeeze, according to people with knowledge of the situation.

World’s Largest Four-Day Work Week Trial Finds Few Are Going Back - Bloomberg: And about one in six employees in the study said no amount of money would convince them to return to five days a week

Sorrento Therapeutics, Inc. Receives Court Approval for $75 Million Financing in Chapter 11 Case: The U.S. Bankruptcy Court for the Southern District of Texas granted interim approval of Sorrento's $75 million debtor-in-possession financing from JMB Capital Partners, in connection with Sorrento's chapter 11 case

Bankrupt Long Island Diocese Urged to Mediate to Avoid ‘Abyss’: Long Island’s Roman Catholic Diocese of Rockville Centre and its sexual abuse claimants are far apart in their victim payouts terms in the church’s bankruptcy and should consider a mediation, a New York federal judge said.

Wall Street Could Benefit From the SEC’s Crypto Custody Regulation - Bloomberg: Big banks may partner with crypto firms to launch services; progress has been slow-moving, giving native firms an edge

Coinbase beats on revenue and earnings, but usage continues to decline: Revenue plunged nearly 75% from a year earlier as the so-called crypto winter continued to drag on the price of cryptocurrencies. Trading volume fell 9% to $145 billion from the previous quarter. Transaction revenue fell 12% to $322 million from the previous quarter.

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