Bankruptcy & Restructuring News Headlines for Wednesday Sep 28, 2022

Here's what we are reading this morning:

Orders for Long-Lasting Goods Fall for Second Straight Month - WSJ: Companies pulled back on orders for durable goods in August, a sign of weakening demand as the U.S. economy loses momentum amid high inflation and rising interest rates.

Celsius Network CEO Submits Letter of Resignation | Business Wire: Celsius Network CEO Alex Mashinsky has submitted his letter of resignation, effective immediately, to the Special Committee of the Board of Directors

Celsius Appoints Chris Ferraro to the Role of Chief Restructuring Officer & Interim Chief Executive Officer as Alex Mashinsky Steps Down | Business Wire: Celsius Network Limited today announced that it has appointed Chris Ferraro to the role of Chief Restructuring Officer & Interim Chief Executive Officer. Before Celsius, Ferraro spent nearly 18 years at JPMorgan Chase & Co, serving in various roles including Global Head of FP&A and Treasurer of the Retail Bank.

US consumers gaining confidence as gas prices keep falling | AP News: U.S. consumers grew more confident for the second month in a row as gas prices continued to fall. The Conference Board said Tuesday that its consumer confidence index rose to 108 in September, from 103.6 in August.

Phoenix Services LLC Files for Voluntary Chapter 11 Reorganization to Implement Next Step in Comprehensive Strategy : In order to support its reorganization efforts, a group of the Company’s first lien lenders have committed to provide $50 million in new debtor-in-possession (“DIP”) financing, subject to court approval.

Celsius token's price tumbles after CEO Mashinsky resigns: CEL was trading at $1.37, down from $1.43 immediately before the announcement, according to data via TradingView. Today's losses mean that CEL is down roughly 25% in the past week, having traded above $1.70 on Sept. 22.

The Honorable Barbara Ellis-Monro is appointed Chief Bankruptcy Judge | Northern District of Georgia | United States Bankruptcy Court: The United States Bankruptcy Court for the Northern District of Georgia is pleased to announce that effective October 1, 2022, Judge Barbara Ellis-Monro will assume the duties of Chief Bankruptcy Judge for the Northern District of Georgia.

Avaya Loan's Rapid Meltdown Reveals Credit Market Risks - Bloomberg: It’s possible that years from now, Avaya, a provider of office telecommunications services, will be remembered as one of the first victims of corporate America’s post-pandemic financial reckoning.

Ex-MoviePass Executives Sued for Fraud Following Collapse: Two former MoviePass Inc. executives misled investors by promising they could turn a profit charging theater-goers just $9.95 a month for unlimited tickets, the US Securities and Exchange Commission alleged in a lawsuit.

Loyalty Ventures Hires Adviser for Debt Restructuring: Loyalty Ventures Inc. has hired PJT Partners Inc. to advise on how to restructure its debt less than a year after the company was spun off from Alliance Data Systems Corp., according to people with knowledge of the matter.

Crypto Billionaire Sam Bankman-Fried Eyeing Bid for Celsius Assets - Bloomberg: Sam Bankman-Fried, the crypto billionaire who has been bailing out distressed industry players in recent months, is considering bidding for the assets of bankrupt lender Celsius Network, according to a person familiar with his deal-making.

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