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Friday, March 3, 2023

Bankruptcy Today Weekender

Catch up on relevant current restructuring news, case filings, legal issues and developments.

Corporate Restructuring Headlines

Poshmark Lays Off Employees Just Two Months After Being Acquired by Naver

Ericsson to Lay Off 8,500 Employees

Twitter Lays off At Least 50 in Relentless Cost Cuts

Major Burger Chain and McDonald’s Rival Closes Dozens of Outlets After Bankruptcy Threat

Warner Bros. Discovery Regional Sports Networks May File for Chapter 7 Bankruptcy

Roman Catholic Diocese of Sacramento Could Be Considering Bankruptcy

Carvana Doesn't Say the Word 'Bankruptcy,' but Its Situation Is Alarming

Top 50 Biglaw Firm Announces Layoffs

Stellantis to Cut Up to 2,000 Workers in Italy This Year

Thiel’s Palantir Cuts Almost 2% of Staff to Reduce Costs

Bending Spoons Lays Off 129 Evernote Staffers

Nearly 300 Employees of Memphis Car Center Laid Off

Sports Valuation Bubble: Pending US Bankruptcy Is Warning to Moguls

Diamond Sports Group, LLC’s Potential Bankruptcy and Its Effects on MLB, NHL & NBA Teams

With Layoffs, Triangle H-1B Holders Have 60 Days to Find New Jobs or Face Deportation

General Motors Cuts 500 Salaried Employees

QVC Parent Company Qurate Lays Off 400 as Part of Turnaround Plan

Everett Schools May Slash 140 Jobs

Hundreds of Apex Legends Playtesters Laid Off During EA Zoom Call

Ticketing Service Provider Eventbrite to Lay Off 8% of Workforce, Relocate Roles to India, Spain

Laid-Off Meta Cafeteria Workers Ask for the Same Severance as the Company’s Employees

Marshfield Clinic Health System Announces 364 Layoffs

G1 Sheds Staff While Sorrento WARNs of Cuts Amid Torrential Downpour of Industry Layoffs

Alphabet’s Robotaxi Unit Waymo Says It Laid Off 8%

Thoughtworks Lays Off Around 500 Employees Amid Ongoing Slowdown

Charleston-Area Digital Services Hub to Cut 266 Jobs

AT&T SportsNet, Another Regional Sports Network, Could Be Declaring Bankruptcy This Month

Vice Media Taps Restructuring Guru Amid Bankruptcy Rumors

Bright Health Staring Down Bankruptcy, Needs to Raise $300M, Execs Say

Citigroup Cuts Hundreds of Jobs, Including in Investment Banking and Mortgage Units

Swab Maker Puritan Furloughs 251 Workers

Zscaler Discloses Layoffs for 3 Percent of Employees, 177 Jobs

Sonder to Lay Off 14 Percent of Corp. Workforce

Novo Nordisk Laying Off 86

Novavax Tumbles After Warning of ‘Substantial Doubt’ Over Future

View All Filings
Retail Restructuring News

Tuesday Morning Can Liquidate - As Long as There's No Loud Noise or Flashing Lights

Revlon Reaches Lender Settlement, Sends Bankruptcy Plan to Vote

The Running List of Major Retail Bankruptcies

Party City to Close 22 Stores After Filing for Bankruptcy

Bed Bath & Beyond Dives 50% in February - It's Second-Worst Monthly Performance Ever - As the Meme Stock Teeters on the Edge of Bankruptcy

Four Major Retailers That Filed for Bankruptcy Already This Year During ‘Retail Ice Age’ - See Locations Shuttering

Best Buy to Close as Many as 30 Stores This Year

Pier 1, RadioShack Owner Seeks Funding for Possible Bankruptcy

Notable Filings

Window Select Officially Enters Chapter 11 Bankruptcy

LexaGene Files for Chapter 7 Bankruptcy

Dallas-Based Corner Bakery Files for Bankruptcy

Beverly Biotech Company Closes, Files for Bankruptcy

Corner Bakery Files for Bankruptcy Protection as Office Worker Customers Stay Home

HyreCar to Facilitate Sale of Business Through Voluntary Chapter 11 Process, Announces Leadership Changes

FDA Authorizes First COVID-19 and Flu Test, But Its Maker Files for Bankruptcy

Stratford University Files for Bankruptcy; President, Vice President Listed as Biggest Creditors

Stalled Dillon Condo Project, Uptown 240, Files for Bankruptcy Day Before Foreclosure Auction

Brazil's Oi Files for Second Bankruptcy Protection Process

Moving Concierge Startup Kandela Declares Bankruptcy

Legal Issues

Landlords Beware: The Bankruptcy Court for the Southern District of New York Reverses Course on the Calculation of Lease Rejection Damages in Bankruptcy

Justices Narrow Bankruptcy Relief from Debts Incurred by Fraud

SCOTUS Holds Fraud-Discharge Exception Extends to All Debts Procured by Fraud Irrespective of Debtor's Culpability

Core Scientific Bankruptcy Approves $70M Financing Deal From B. Riley

Bankruptcy Court Approves Buyout of Borrego Health by Palm Springs’ DAP

Applying the Barton Doctrine, the Fifth Circuit Deepends Its Schism with the Eleventh

A Possible, But Narrow, Path for Cannabis in Bankruptcy Court

‘Classic Ponzi Scheme’: Angry Creditors Lambast CEO of Kansas Asset-Swap Business in Court Records

The 3rd Circuit’s Bankruptcy Gift to the Trial Bar

Columbus Asks Court to Dismiss Bankruptcy Filing by Latitude Five25 Owners

Voyager Bankruptcy Judge Says He Is ‘Absolutely Shocked’ by SEC Objection to Binance.US Deal

Feature Articles

Recession Will Grip the US Economy Within Months - and Wall Street Is Lying About a 'No Landing' Scenario, Top Economist David Rosenberg Says

RMF Approved for $15M in Bankruptcy Financing

Economists’ Crystal Balls Are Growing Cloudier. But They Still Expect a Recession

Rescue Binancing, Bankman-Fraud? New Cases on the Block.

The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales

Austin: Office Buildings Get $102M in Bankruptcy Sale

Cineworld Looks at Rescue Proposals Amid Bankruptcy Proceedings

Bankrupt Florida Property Insurer Placed into Receivership

Death, Bankruptcy, and the Public Hospital

The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales

FTX Bankruptcy - A Failure of Centralized Governance in the Name of Decentralized Cryptocurrencies

Mt. Gox Bankruptcy Repayments Unlikely to Destabilize Bitcoin: UBS

Proposed UCC Amendments: Old Article 9 & New Article 12

US Economy Sending Mixed Signals: Here’s What It All Means

97% of Voyager Digital Creditors Approve Bankruptcy Plan After Market Regulator Objections

Bankruptcy Rate of US-Based Firms Hit Highest Levels Since 2010

32,000 Voyager Customers May Be on the Hook for Bankruptcy Clawbacks

FTX Has ‘Massive Shortfall’ in Assets, Say Bankruptcy Lawyers

Cannabis Employee Not Entitled to Federal Bankruptcy

Not Very Many “Soft Landing” Signals in the News These Days: How the US Can Stick the Landing, Beat Inflation, and Avoid a Recession

US Home Prices Could Plunge 20% Amid Risk of 'Deep' Housing Slide, Fed Economist Warns

Fed's Waller: If Data Stays Hot, Policy Rate Should Go Above 5.1%-5.4%

Bankrupt California Clinic Chain's Acquisition Approved

Bankruptcy Lawyers Uncover $2.2 Billion Worth of Crypto Assets in FTX-Linked Wallets

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