Bankruptcy & Restructuring News Headlines for Wednesday Mar 15, 2023

Here's what we are reading this morning:

U.S. Is Said to Open Investigation Into Silicon Valley Bank Collapse - The New York Times: Legal experts said a possible focus of the investigation could be insider sales by several bank executives in the weeks before the bank’s failure.

Bed Bath & Beyond Salvages Fundraising Deal Despite Slump in Share Price: Hudson Bay Capital has agreed to put more money into the company even though the retailer’s share price has fallen to nearly $1.

AMC investors approve reverse stock split, APE share conversion: AMC investors voted to approve a reverse stock split and the conversion of APE shares into common company shares.

Silicon Valley Bank Creditors Form Group in Advance of Possible Bankruptcy - WSJ: Centerbridge Partners, Davidson Kempner and Pimco among investors who have hired PJT Partners in anticipation of possible bankruptcy, asset sales.

SVB Financial Group’s Bondholders Hire Restructuring Lawyers: Some of SVB Financial Group’s bondholders are banding together and getting advice from Davis Polk & Wardwell, according to people with knowledge of the situation.

Household Retailer Boxed Is Negotiating With Lenders for Bankruptcy Sale: The e-commerce company is negotiating a stalking-horse bid for its assets.

Sinclair Sports Unit Files Bankruptcy To Restructure Broadcast Deals and $8 Billion Debt: Sinclair Broadcast Group Inc.’s regional sports business filed for bankruptcy Tuesday after cord-cutting consumers left the company unable to service its debt and keep paying for the broadcast rights agreements it had with professional sports teams.

Signature Bank Faced Criminal Probe Ahead of Firm’s Collapse - Bloomberg: US prosecutors were investigating Signature Bank’s work with crypto clients before regulators suddenly seized the lender this past weekend, according to people familiar with the matter.

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