Bankruptcy & Restructuring News Headlines for Wednesday Jun 28, 2023

Here's what we are reading this morning:

Nevada regulator files petition to place Prime Trust in receivership | The Block: The Nevada Financial Institutions Division has petitioned for an appointment of receivership over crypto custodian Prime Trust with the Eight Judicial District Court of Nevada.

Yellow Trucking Company May Be Headed Toward Bankruptcy - The New York Times: Three years after receiving a pandemic relief loan, the trucking company Yellow has repaid little of the money and is warning that it could soon run out of cash.

Nevada Files to Place Crypto Custodian Prime Trust Into Receivership - WSJ: Move follows cease-and-desist order as regulator points to shortfall of roughly $83 million in customer funds.

Lordstown Motors Announces Strategic Restructuring Process: Lordstown anticipates that the restructuring will enable an expedited timeline for hearing Lordstown's litigation against Foxconn.

3AC liquidators seek $1.3 billion from Zhu, Davies: Bloomberg | The Block: Liquidators have accused 3AC’s founders of taking on “significant” leverage after their fund was already insolvent, according to a report.

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