Bankruptcy & Restructuring News Headlines for Wednesday Mar 8, 2023

Here's what we are reading this morning:

Appeals Court Takes Up Case That Could Endanger Buyout Financing: The court plans to hear arguments this week in a case that could pose an “existential threat” to using syndicated loans for buyouts.

Rivian, Lucid and Other EV Startups Brace for Another Tough Year as Cash Dwindles: Young electric-vehicle makers that worried last year about producing enough autos are now concerned about selling them.

S&P upgrades Bed Bath & Beyond to CCC- from D after interest payment | Retail Dive: “We believe [Bed Bath & Beyond’s] turn-around prospects remain very weak,” S&P analysts said Monday. “In our view, BBBY’s customer value proposition has eroded significantly due to poor merchandising decisions, deficient omnichannel capabilities, and a lack of available inventory in key product categories.”

Catch co-founder says health benefits startup is shutting down | TechCrunch: Anderson doesn’t specifically mention why the company decided to shutter in the tweet, but in an email sent to Catch users, and obtained by TechCrunch, Anderson and Ambrosino write, “unfortunately, we aren’t able to continue operating in the current market…” and that all Catch accounts would be closed on April 6.

Binance.US Approved to Buy Voyager Digital Despite SEC, DOJ Objections - Bloomberg: Voyager Digital Ltd. won court approval to sell itself to Binance.US, the US arm of the world’s biggest crypto exchange, after four days of contentious bankruptcy hearings in which state and federal regulators joined a handful of investors in opposing the approximately $1 billion deal.

Binance.US Cleared to Buy Voyager Accounts Despite SEC Opposition - WSJ: A judge says warnings of future regulatory action shouldn’t stop the American affiliate of Binance from buying Voyager’s customer accounts out of chapter 11

WeWork in Talks With Investors to Help Restructure Debt - The New York Times: The co-working giant is close to an agreement with SoftBank and others for new money and to restructure its debt.

Silvergate (SI) Is in Talks With US FDIC Officials on Ways to Salvage Bank - Bloomberg: Federal Deposit Insurance Corp. officials have been discussing with management ways to avoid a shutdown, according to people familiar with the matter. One possible option involves lining up crypto-industry investors to help Silvergate shore up its liquidity, said one of the people.

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