Bankruptcy & Restructuring News Headlines for Wednesday Nov 2, 2022

Here's what we are reading this morning:

U.S. manufacturing barely expands in October, ISM says - MarketWatch: A key index that measures U.S. manufacturing activity fell 0.7 percentage points to 50.2% in October, according to the Institute for Supply Management.

Job openings hit 10.7M despite Fed attempts to cool economy | AP News: U.S. job openings rose unexpectedly in September, suggesting that the American labor market is not cooling as fast as the inflation fighters at the Federal Reserve hoped. Employers posted 10.7 million job vacancies in September, up from 10.3 million in August, the Labor Department said Tuesday.

Controversial Revlon Debt Deals Spark Fresh Creditor Lawsuit: A group of Revlon Inc. lenders burned by a series of contentious financing maneuvers beginning in 2019 are seeking to unwind the deals through a lawsuit in bankruptcy court.

Michael Novogratz’s Galaxy Digital Could Lay Off 20% Of Employees - Bloomberg: Galaxy Digital Holdings Ltd., the crypto financial services firm founded by billionaire Michael Novogratz, is exploring eliminating as much as 20% of its workforce against the backdrop of a digital-assets market downturn.

Of Course Instant Groceries Don’t Work - The Atlantic: Obstacles include: space, time, reality.

Celsius Judge Denies Employee Bonuses for Lack of Disclosure: US Bankruptcy Judge Martin Glenn on Tuesday rejected a slate of bonuses intended to keep key employees of Celsius Network LLC from quitting their jobs at the insolvent crypto lender. He’ll allow Celsius to seek approval of the bonus plan at a later date following greater disclosure.

Distressed Debt Pile Keeps on Growing: The pile of troubled debt outstanding expanded by about $13.2 billion last week, marking a sixth straight week of growth, according to data compiled by Bloomberg.

Bitcoin Miner Core Scientific Bondholders Tap Legal Adviser: A group of Core Scientific Inc. convertible bondholders is working with restructuring lawyers at Paul Hastings as the company weighs a potential bankruptcy, according to people with knowledge of the situation.

Chinese Property Bonds Set Record Lows as Investors Lose Faith - WSJ: The bonds from some real-estate companies in China are trading below 10 cents on the dollar, reflecting a loss of investor confidence after a series of defaults that shortchanged foreign investors.

The Block: Bankrupt mining provider Compute North sells assets to its former lender: Generate Capital is buying two mining facilities from bankrupt mining hosting firm Compute North. 

The Block: Crypto exchange Bitmex cuts 30% of workforce following CEO departure: Exclusive: Crypto exchange Bitmex cuts 30% of its workforce and refocuses on becoming a leading crypto derivatives trading platform. - Online Furniture Retailer to File for Insolvency - Bloomberg: British brand is high-profile casualty of inflation crisis; retailer was a pandemic winner when shoppers were at home

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