Here's what we are reading this morning:
Bed Bath & Beyond is closing 150 more stores | CNN Business: The new closings mean it will have shuttered 400 stores in the past year — almost half the 950 or so stores it had open in February 2022.
Plan-Support Agreements: Uncertainty Abounds | Cleary Gottlieb: Courts continue to disagree on whether postpetition PSAs are permissible. Indeed, two judges in the U.S. Bankruptcy Court for the Southern District of New York (SDNY) recently arrived at opposite decisions in the SAS AB and Aeroméxico bankruptcies. If left unresolved, this uncertainty could limit a debtor’s options in enforcing post-petition PSAs and may influence a debtor’s choice of venue.
Shuttered Midtown Manhattan hotel sells at a massive loss | Crain's New York Business: The landmarked former Marriott at 525 Lexington Ave. went for about $153 million after trading for $270 million in 2015
Bitcoin Miner Stronghold Restructures to Push Debt Payments With Lenders - Bloomberg: Stronghold amends credit facility with its lender WhiteHawk; the miner pushes back on mandatory payments until July 2024
Genesis creditors to expect 80% recovery under proposed restructuring plan: A Feb. 6 user update from the Genesis creditor and crypto yield platform Donut said the plan “has a recovery rate of approximately $0.80 per dollar deposited, with a path to $1.00” for Genesis creditors.
Bed Bath & Beyond Sold Some Stock - Bloomberg: Matt Levine: "What Bed Bath has done here, I think, is that it has sold the right to do meme-stock offerings to some institutional investors. ... I am not sure, but it looks a lot like meme-stock financial engineering."