Bankruptcy & Restructuring News Headlines for Wednesday May 24, 2023

Here's what we are reading this morning:

Lordstown opts for reverse stock split to meet Nasdaq rules, placate Foxconn | Reuters: The 1:15 split has been scheduled for May 24, the company said, but added there was no assurance that the Foxconn deal will close.

PacWest to Sell $2.6 Billion Real Estate Loans at Discount (PACW) - Bloomberg: PacWest Bancorp, one of the US lenders engulfed in the regional banking turmoil, agreed to sell a $2.6 billion portfolio of real estate construction loans amid efforts to shore up liquidity.

Platinum Equity’s Elevate Textiles Reaches Out-of-Court Restructuring Deal: Platinum will retain a 2% stake, a person familiar with the matter says.

U.S. Growth Touches Fastest Monthly Rate in More Than a Year - WSJ: U.S. economic activity is showing persistent resilience to rising interest rates and high inflation ahead of the debt-ceiling deadline that threatens the expansion. 

Virgin Orbit bankruptcy sale: Rocket Lab, Stratolaunch, Vast's Launcher: Bankrupt rocket company Virgin Orbit sold its assets and equipment to a trio of aerospace companies in an auction.

BlockFi Creditors Push To Stop DOJ $40 Million Crypto Seizure: BlockFi Inc.'s unsecured creditors have asked a bankruptcy court to stop the federal government from seizing nearly $40 million in virtual currency as part of an unrelated criminal case.

Benefytt Technologies Files for Chapter 11 Bankruptcy in Texas: The health insurance firm’s liabilities are as much as $1 billion, while its assets are as much as $10 billion; private equity firm Madison Dearborn Partners bought Benefytt in 2020 for $625 million

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