Bankruptcy & Restructuring News Headlines for Wednesday Mar 1, 2023

Here's what we are reading this morning:

Release Opt Out Trips Up Tricida Ch. 11 Disclosure Approval - Law360: Drug developer Tricida Inc. failed to receive court approval Monday for its Chapter 11 plan disclosure statement when a Delaware bankruptcy judge said he had concerns about the release of claims through a disfavored opt-out provision that would extinguish the claims of shareholders in pending securities litigation against the company's CEO without any discernible consideration.

Subprime Auto Lender American Car Center Closes for Business - Bloomberg: American Car Center told employees the business was closing its doors, a day after it pulled a $222 million bond sale from the market, according to people familiar with the matter.

The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales - Bloomberg: At least eight businesses that went public through mergers with “blank-check” companies have sought protection from creditors.

FTX Co-Founder Nishad Singh Pleads Guilty in Fraud Inquiry - The New York Times: Nishad Singh, an FTX founder, pleaded guilty to criminal charges and agreed to cooperate with prosecutors investigating Sam Bankman-Fried.

Steak n Shake closed another 30 restaurants last year: Steak n Shake finished 2022 with 506 restaurants, down from 536 the year before. It was the fourth straight year in which the chain closed more restaurants than it opened, a period in which it shrunk its unit count by 19%.

Las Vegas Tourism/Gaming Industry Update: Total visitor volume only down 4% in January vs January 2019, but convention attendees still down almost 25% vs Jan 2019. Nonetheless, RevPAR and gaming revenue still post double-digit increases .

Rivian Lost $6.8 Billion Last Year as Production Fell Short - The New York Times: In a conference call, Rivian’s chief executive, R.J. Scaringe, said the company was working to reduce costs, especially now that Tesla had cut the prices of its cars by as much as 20 percent. Driving costs down “is our core challenge today,” Mr. Scaringe said.

Briefing: SoftBank-backed Reef Technology Hires Restructuring Advisors — The Information: Reef Technology, a SoftBank-backed startup operating parking facilities and ghost kitchens, has hired restructuring advisors Akin Gump Strauss Hauer & Feld LLP and Alvarez & Marsal within the last month, according to a person familiar with the matter. The advisors were hired in part to explore a split of the parking and restaurant businesses, the person said. Reef has raised about $1.7

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