Here's what we are reading this morning:
Restructuring Department Bulletin – November 2022 | Paul, Weiss: In the latest issue of the Restructuring Department Bulletin, we highlight two Second Circuit decisions, one denying an appeal of Windstream’s chapter 11 plan confirmation on equitable mootness grounds, and the other reinstating its previous ruling directing the refund of chapter 11 statutory fees that it had found unconstitutional.
SLV Hires K&E to Advise on Debt Talks: German lighting fixtures company SLV Lighting has hired law firm Kirkland & Ellis to advise on debt negotiations with lenders.
The Block: U.S.-listed Eqonex latest crypto firm to seek court protection after cash crunch: Eqonex is the latest digital asset firm to fall as directors file for judicial management under Singapore courts.
Exclusive: Bankman-Fried's FTX, parents bought Bahamas property worth $121 million | Reuters: Sam Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.
Anti-Woke Bank GloriFi to Shut Down - WSJ: The Texas startup has laid off most employees after failing to secure more funding.
FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Assets Stolen or Missing - WSJ: The cryptocurrency platform is making its first appearance at a Delaware bankruptcy court since filing the largest-ever crypto chapter 11.
The Block: Core Scientific warns of 'substantial doubt' to continue operations, posts $435 million loss: Bitcoin miner Core Scientific said there was a "substantial doubt" that it could keep operations going past November 2023, while struggling to look for additional financing and cut costs.
Genesis Balance Sheet Reveals Web of Loans Across Silbert Empire: The troubled brokerage Genesis Global has $2.8 billion in outstanding loans on its balance sheet, with about 30% of its lending made to related parties including its parent company, Barry Silbert’s Digital Currency Group, according to people familiar with the matter.
FTX Bankruptcy Hearing and Crypto Contagion - Bloomberg: Bloomberg's Caroline Hyde and Ed Ludlow break down what came out of the FTX bankruptcy hearing and Genesis' possible bankruptcy. Plus, Binance's CEO is turning to the Middle East for some cash.
The Block: Applied Digital sees buying opportunities as mining hardware selling for dirt cheap: "It feels like it's more distressed by the day . . . We see a lot of opportunities of equipment that is extraordinarily cheap, especially versus what it was at this time last year. It's like a 90% off sale on this equipment"