Bankruptcy & Restructuring News Headlines for Wednesday Oct 19, 2022

Here's what we are reading this morning:

Bed Bath & Beyond Makes Debt-Exchange Offer to Boost Finances - WSJ: The struggling home-goods chain offered to extend a series of debt mostly at a discount to reduce its financial burdens as it tries to turn around its business.

Platinum’s Yak Access Begins Talks With Lenders Amid Cash Crunch: Yak Access is exploring new financing options to help it navigate an ongoing period of weak demand from oil and gas pipeline clients, according to people with knowledge of the situation.

US Investigating Bankrupt Crypto Hedge Fund Three Arrows Capital: US regulators are prying deep into the remnants of failed hedge fund Three Arrows Capital as they try to untangle the fallout of this year’s crypto crash.

Next spring the economy will sink into a 1990-style mild recession, Fitch says - CNN: Stubborn inflation and the Federal Reserve's jumbo-sized interest rate hikes will drive the American economy into a 1990-style mild recession starting in the spring, Fitch Ratings warned on Tuesday.

Conn’s CEO exits after just over a year | Retail Dive: Conn’s on Tuesday also withdrew its full-year financial outlook as a result of the leadership change as well as “continued macroeconomic and retail uncertainty.”

Conn’s CEO exits after just over a year | Retail Dive: Conn’s CEO exits after just over a year, effective immediately, company withdraws its full-year financial outlook and says it expects third quarter total revenue to be down between 21% and 23%

Michaels downgraded at S&P as pandemic craft boom wanes | Retail Dive: With consumers pulling back on discretionary spending and changing their habits, the retailer is under pressure after last year’s leveraged buyout. 

US Bankruptcy Tracker: Distressed Debt Expansion Streak Rolls On: The pile of troubled debt outstanding expanded by about $12.1 billion last week, marking a fourth straight week of growth, according to data compiled by Bloomberg.

China’s Junk Debt Is Sliding Deeper Into Unprecedented Distress: A worsening crisis in China’s property market is dragging junk dollar bonds from the nation’s borrowers deeper into distress, as the implosion of what was once one of the world’s most-profitable bond trades sends ripples across trading floors.

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