Bankruptcy & Restructuring News Headlines for Wednesday Nov 16, 2022

Here's what we are reading this morning:

Bahamian Court Approves Liquidators for FTX Assets: The Supreme Court of the Bahamas has approved two insolvency experts at Pricewaterhouse Coopers (PwC) as provisional liquidators overseeing FTX's assets, according to an official notice from Monday.

FTX Founder Sam Bankman-Fried Attempts to Raise Fresh Cash Despite Bankruptcy - WSJ: FTX filed for bankruptcy last week, but the cryptocurrency exchange’s founder still thinks that he can raise enough money to make users whole, according to people familiar with the matter.

Judge Calls Brazos Ch. 11 Plan Better Than Expected - Law360: A Texas bankruptcy judge Monday approved a Chapter 11 plan for Brazos Electric Power Cooperative Inc. that settles billions of dollars in claims both against and by the electricity supplier, saying it was "so much better" than what he had pictured for the cooperative.

Revealed: FTX’s emergency fundraising term sheet | Financial Times: As FTX was sliding towards bankruptcy, the crypto exchange sought to raise up to $10bn in emergency funding. Reproduced below in full is a quasi- term sheet that went to potential investors.

The Block: Crypto lender Salt halts withdrawals citing FTX impact: The firm said in a message attributed to CEO Shawn Owen that "the collapse of FTX has impacted our business." However, the full extent of the exposure was not disclosed in the message.

Stocks Jump on Hopes of Lower Inflation - The New York Times: Lower-than-expected data on wholesale prices and resilient earnings from retailers were welcomed by investors.

BlockFi Prepares for Potential Bankruptcy as Crypto Contagion Spreads - WSJ: BlockFi, financially entangled with the now-bankrupt FTX, is planning to lay off workers and exploring a bankruptcy filing itself, people familiar say.

FTX's new CEO helped bolster Enron victims' recovery | Reuters: FTX Trading's new CEO John J. Ray III, a lawyer tapped to lead the collapsed crypto exchange's restructuring, previously oversaw the $23 billion bankruptcy of energy firm Enron Corp and has a reputation for boosting creditor recoveries.

Sam Bankman-Fried Faces Possible Questioning in US Over FTX Crypto Collapse - Bloomberg: American and Bahamian authorities have been discussing the possibility of bringing Sam Bankman-Fried to the US for questioning, according to three people familiar with the matter.

The Block: FTX was custodian for majority of tokens on DeFi lending platform Oxygen: DeFi prime brokerage Oxygen said FTX acted as the custodian for the majority of the tokens on its ecosystems, adding that it has sought legal help.

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