Bankruptcy & Restructuring News Headlines for Wednesday May 3, 2023

Here's what we are reading this morning:

JOLTS March 2023: Job openings fell more than expected in March to lowest in nearly two years: The JOLTS report showed that job vacancies totaled 9.59 million for the month, down from 9.97 million in February.

Chegg shares drop 40% after company says ChatGPT is killing its business: Chegg beat first-quarter expectations on the top and bottom lines but issued a weak second-quarter revenue outlook.

KCC Announces Acquisition Led by GCP Capital Partners: The acquisition will help KCC expand its offerings and enhance its position in the market. Terms of the transaction were not disclosed. GCP purchased KCC from its previous owner, Computershare Limited.

U.S. Layoffs Jumped in March as Job Openings Fell - WSJ: Construction, leisure and hospitality and healthcare job cuts drove the layoff increase as job openings fell to the lowest level since April 2021.

Bankrupt Crypto Lender Celsius Seeks to Merge UK, U.S. Entities Amid Allegations Distinction Was a ‘Sham’: Court filings urge the resolution of an issue, which could prove key to recoveries for customers and Series B investors.

Gordon Brothers, Nations Capital Acquire H2 Brands Group: The deal includes the inventory, accounts receivable, intellectual property and machinery and distribution equipment of H2 Brands Group.

3AC Founders Zhu, Davies Reprimanded by Dubai Over OPNX Crypto Exchange - Bloomberg: Dubai authorities reprimanded the co-founders of failed crypto hedge fund Three Arrows Capital for operating and promoting their new digital-asset exchange OPNX without the required local license.

Selection of Patrick G. Radel to Serve as Bankruptcy Judge in the Northern District of New York: Mr. Radel is a partner at Getnick Livingston Atkinson & Priore, LLP, located in Utica, New York. Prior to joining the firm in 2004, Mr. Radel served as a law clerk to Judge William M. Skretny of the Western District of New York.

Bankrupt Bed Bath & Beyond Seeks Millions From Ocean Carriers - WSJ: The retailer is pressing a case with maritime regulators as it prepares to shut its U.S. stores.

J&J Talc Claimants Ask Third Circuit to End Unit’s New Bankruptcy: A group of cancer victims suing Johnson & Johnson over its talc products asked the Third Circuit to shut down a subsidiary’s bankruptcy in a move that would bypass the typical route for dismissing a Chapter 11 case.

Property Owners May Soon Get a New Reason to Sell - WSJ: The cost of interest-rate hedges, which are mandatory for most floating-rate commercial real-estate loans, is soaring.

Oil Producer Cox Mulls Bankruptcy Amid Talks With BP, Vendors: Cox Operating LLC, the closely held oil producer founded by fourth-generation oilman Brad Cox, is weighing filing for bankruptcy if restructuring talks with creditors fail, according to people with knowledge of the situation.

First Republic Takeover Deals Blow to Bay Area Real Estate: The seizure and sale of First Republic—the third-largest bank in the Bay Area at the end of last year—place its formidable loan book in the hands of JPMorgan, a bank likely to take a much different approach to local lending.

LANNETT COMPANY, INC. FILES PREPACKAGED CHAPTER 11 CASES: The Company expects the Chapter 11 cases to be expeditious, with emergence occurring within 45 days after the filing of the petitions. Lannett is a US-based pharmaceuticals company manufacturing and/or commercially marketing over 100 generic pharmaceutical products.

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