Kohl’s CEO Michelle Gass Resigns to Join Levi Strauss - WSJ: CEO Michelle Gass has been under attack from activist investors for sales declines and a steep drop in the department-store chain’s stock. She will become president of Levi and, eventually, the jeans giant’s CEO.
The Tiny Insurance Company Standing Between Taxpayers and a Costly Coal Industry Bailout - Bloomberg: Indemnity backs two-thirds of West Virginia’s coal bonds. The concentration worries just about everybody.
The Block: FTX agrees to strategic transaction with Binance: Binance CEO Changpeng Zhao tweeted: "This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire http://FTX.com and help cover the liquidity crunch."
California hospital that fired CEO expected to file for bankruptcy: The San Benito Health Care District board of directors, which oversees Hollister, Calif.-based Hazel Hawkins Memorial Hospital, on Nov. 4 granted a resolution to declare a fiscal emergency, according to BenitoLink. The resolution provides administrators the authority to file a Chapter 9 bankruptcy petition — which would allow the district to restructure its finances — when they deem appropriate.
Fast Radius Files for Bankruptcy Nine Months After Merging With a SPAC: Fast Radius, a digital manufacturing company that went public via a SPAC merger in February this year, said it has commenced Chapter 11 bankruptcy proceedings.
The Block: FTX 'effectively paused' withdrawals, CEO Sam Bankman-Fried tells employees: FTX saw around $6 billion in net withdrawals in the 72 hours leading up to today.
Crypto exchange FTX saw $6 bln in withdrawals in 72 hours -CEO message to staff | Reuters: Crypto exchange FTX saw around $6 billion of withdrawals in the 72 hours before Tuesday morning, according to a message to staff sent by its CEO Sam Bankman-Fried that was seen by Reuters.
Latam Air CEO Roberto Alvo Focuses on Carrier’s Role in Society Post-Bankruptcy - Bloomberg: The chief executive officer of Latin America’s largest airline wants the carrier to take on a more socially conscious role after the Covid-19 pandemic forced it into bankruptcy and posed “existential questions” about its future.
The Block: FTX implosion has U.S. regulators on watch: The Commodity Futures Trading Commission is watching the situation, but, "any regulatory issues right now are unclear," spokesperson Steven Adamske told The Block.
Digital Assets Defined: Writing Digital Assets into the Bankruptcy Code | Jones Day : The Lummis-Gillibrand Responsible Financial Innovation Act proposes a comprehensive statutory and regulatory framework in an effort to bring stability to the digital asset market. One area of proposed change relates to how digital assets and digital asset exchanges would be treated in bankruptcy. If enacted, the Bill would significantly alter the status quo from a bankruptcy perspective.
RingCentral Taps Advisers for Talks With Troubled Partner Avaya: RingCentral Inc. has engaged Guggenheim Partners and Latham & Watkins for talks with Avaya Holdings Corp. over more than $300 million in contract liabilities, according to people with knowledge of the situation who asked not to be named because discussions are private.
Chinese Developer Sells L.A. Luxury Tower at Steep Discount - WSJ: A major Chinese developer on Tuesday disposed of the tallest rental apartment tower in downtown Los Angeles at a steep loss, the latest in a recent wave of Chinese investors unloading prized U.S. real-estate assets.
The Recount sheds most staff and pursues fire sale: The outlet, created by veteran journalists John Battelle and John Heilemann, is trying to sell itself for a nominal sum, two sources familiar with the efforts told Axios. It lost $10 million in 2021 on $1 million in revenue, according to two other sources with recent knowledge of the company's finances.
The Block: Miner Marathon Digital Q3 results miss estimates across the board: It's been a tough time for miners as bitcoin prices have slumped while energy prices and mining difficulty increased.
Before deal with rival, FTX scoured Wall Street, Silicon Valley billionaires for $1 billion lifeline | Semafor: Two of the people briefed on Bankman-Fried’s efforts said the firm was seeking more than $1 billion in financing before the Binance deal was sealed, with one adding that by midday Tuesday the hole appeared far deeper — closer to $5 billion to $6 billion.
Audacy addresses bankruptcy speculation after 3Q loss - Philadelphia Business Journal: CEO David Field said that market conditions were “worse than our expectations,” as the Philadelphia-based company reported an operating loss of $141 million in the third quarter.
American Dream Mall Gets Debt Extension From JPMorgan-Led Group: The American Dream megamall in New Jersey received a four-year extension on some of its debt from lenders led by JPMorgan Chase & Co., buying more time for the beleaguered shopping and entertainment center to execute a turnaround.