Bankruptcy & Restructuring News Headlines for Wednesday Jan 25, 2023

Here's what we are reading this morning:

Binance (BNB) Acknowledges Storing Users’ Crypto with Reserves in Error - Bloomberg: Binance Holdings Ltd., the world’s largest crypto platform, acknowledged that it mistakenly keeps collateral for some of the tokens it issues in the same wallet as exchange-customer funds.

The Unknown Hedge Fund That Got $400 Million From Sam Bankman-Fried - The New York Times: After the collapse of FTX, prosecutors and lawyers have scrutinized its discredited founder’s huge investment in Modulo Capital.

Quantifying Cryptocurrency Claims in Bankruptcy: Does the Dollar Still Reign Supreme? – Harvard Law School Bankruptcy Roundtable: By Ingrid Bagby, Michele Maman, Anthony Greene, and Marc Veilleux (Cadwalader Wickersham & Taft LLP)

Celsius May Issue a Bankruptcy Crypto Token to Repay Creditors: Celsius Network LLC is considering issuing a new digital-asset token to repay creditors as part of a proposal to reorganize and exit bankruptcy as a regulated crypto platform, the company said in court Tuesday.

The Block: Celsius to store 20,000 mining machines, remains optimistic about new hosting sites: Bankrupt lender Celsius said that it will temporarily store about 20,000 mining rigs retrieved from Core Scientific’s hosting facility while it looks for other opportunities.

Twitter Headquarters Landlord Sues Elon Musk’s Company, Alleging Unpaid Rent - WSJ: The suit joins the other legal battles between the social-media company and vendors since Elon Musk acquired the business last year.

Fridson: How reliable are high-yield forecasts? | PitchBook: High-yield forecasts are ultimately a function of the macroeconomic forecasts embedded in them. Portfolio managers and asset allocators should not bet the ranch on those forecasts.

Bike Company Wahoo Fitness, Lenders Tap Advisers Amid Cash Drain: Wahoo Fitness LLC has hired bankers at Solomon Partners Securities to explore financing options as the fitness technology company burns through cash and consumers pull back, according to people with knowledge of the situation.

Heritage Power, LLC Enters into Restructuring Support Agreement With its Parent Company, GenOn, and Lenders: The proposed financial restructuring would significantly reduce Heritage’s debt and establish a more sustainable capital structure pursuant to a consensual chapter 11 plan that GenOn and the Lenders have agreed to support. A component of the restructuring contemplates resolution of burdensome and unfavorable agreements to further solidify the financial position of Heritage into the future.

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