Bankruptcy & Restructuring News Headlines for Wednesday May 31, 2023

Here's what we are reading this morning:

Blackstone’s $350M River North Office Loan Heads to Special Servicer: Blackstone is in talks with lenders as its $350 million mortgage-backed security on the 350 North Orleans building is set to mature in July.

American Cities Are Starting to Thrive Again. Just Not Near Office Buildings. - WSJ: As people spend more time at home, they frequent local shops, gyms and restaurants, boosting the economy of neighborhoods.

Winklevoss Twins' Gemini Crypto Exchange Pivots After Layoffs, Losses, Earn - Bloomberg: Mounting market, legal and regulatory challenges in the US cloud the firm’s future as it seeks an overseas reset.

Purdue Pharma Opioid Deal Approved by Appeals Court Panel: A panel of judges has approved Purdue Pharma LP’s $6 billion opioid settlement proposal, reversing a lower court’s decision.

Diebold Nixdorf finalizes debt restructuring agreement with creditors: The restructuring support agreement contemplates the effectuation of a deleveraging transaction through, among other things, a pre-packaged chapter 11 plan of reorganization to be filed by the Company and certain of its subsidiaries contemporaneously with the commencement by the Debtors of voluntary cases under chapter 11 of title 11 of the U.S. Bankruptcy Code

Journeys to close 100 stores this year, move away from malls | Retail Dive: The number is up from a previous estimate of 60 locations and will save up to $40 million, according to parent company Genesco.

Sam Bankman-Fried Points to Law Firm Advice of Council as FTX Fraud Defense - Bloomberg: FTX co-founder Sam Bankman-Fried is laying the groundwork for a defense that argues he relied upon the advice of a prominent Silicon Valley law firm in taking many of the actions for which he is now facing fraud charges.

Makers of Covid-19 Treatments Hit by Falling Demand: Some manufacturers of vaccines, test kits and ventilators are rattled by diminishing sales and inventory pileups as worries over coronavirus recede.

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