Bankruptcy & Restructuring News Headlines for Wednesday Jan 4, 2023

Here's what we are reading this morning:

The rise and fall of 15-minute delivery startups, an oral history: Just as quickly as some of these 15-minute delivery startups burst onto the scene, they flamed out. During one particularly chaotic week in March, both Buyk and Fridge No More filed for bankruptcy.

Office Owners Already Reeling From Remote Work Now Face Recession Risk in 2023 - WSJ: Companies are cutting back on office space, posing a fresh challenge to landlords.

Sam Bankman-Fried Pleads Not Guilty to Fraud and Other Offenses - WSJ: The FTX founder faces eight criminal counts, including conspiracies to commit securities fraud and commodities fraud.

U.S. law firm Winston & Strawn hires London restructuring head | Reuters: Winston & Strawn has hired partner Paul Fleming to lead its restructuring and insolvency practice in London, the firm said Tuesday.

Burger King Franchisee Group With 90 Stores Files Bankruptcy: An Illinois-based Burger King franchisee has put its subsidiaries operating 90 stores in bankruptcy, citing a pandemic-driven revenue decline and increased overhead costs.

Judge OKs Retiree Committee In Phily Suburb's Bankruptcy - Law360: A Pennsylvania bankruptcy judge on Tuesday ordered the appointment of a committee to represent retired employees of the city of Chester in its Chapter 9 bankruptcy, after hearing no objections from any of the parties in the case.

Manhattan Office Leasing Declines 47 Percent in Q4: Colliers – Commercial Observer: Manhattan office leasing declined by nearly half in the fourth quarter of 2022 compared to the previous quarter, according to Colliers, striking an ominous note for the city’s office market as it enters a fourth year of the pandemic.

Wyre, EmpireDAO among latest casualties of crypto winter: Nearly a decade after it was founded, crypto payment company Wyre may be shutting down, former employees told Axios. Less than a year since it opened its physical location in Manhattan’s SoHo, EmpireDAO will close its doors and focus on a “clean exodus” after falling short of a targeted $250,000 crowdfunding goal.

Bitcoin Miner Core Scientific to Shut 37,000 Celsius Rigs - Bloomberg: Celsius Network LLC has agreed to let Core Scientific Inc. shut off more than 37,000 crypto mining rigs that the bankrupt digital-asset lender hasn’t been fully paying for, resolving a months-long conflict. 

Joint Statement on Crypto-Asset Risks to Banking Organizations: The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a statement on crypto-asset risks to banking organizations.

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