Bankruptcy & Restructuring News Headlines for Thursday Apr 6, 2023 – Chapter 11 Cases

Bankruptcy & Restructuring News Headlines for Thursday Apr 6, 2023 – Chapter 11 Cases

Here’s what we are reading this morning:

Bed Bath & Beyond Inc. Launches Vendor Consignment Program | Bed Bath & Beyond: Bed Bath & Beyond Inc. announced the launch of a new vendor consignment program with ReStore Capital, a Hilco Global company. Under this new, third-party agreement, ReStore Capital will purchase up to $120 million, on a revolving basis at any given time, of pre-arranged merchandise from the Company’s key suppliers to supplement inventory levels already sold at Bed Bath & Beyond and buybuy BABY.

The Block: OPNX fizzles at open, with a paltry $13.64 in volume during the first 24 hours: OPNX, the new exchange for crypto-related bankruptcy claims run by 3AC founders Su Zhu and Kyle Davie, got off to trading with a dud, seeing just $13.64 in volume across both spot and perpetual derivatives trading in its first 24 hours.

Bankruptcy Claims Exchange OPNX Stumbles Out of the Gate: OPNX, which is short for Open Exchange, a bankruptcy claims exchange co-founded by failed crypto hedge fund Three Arrows Capital co-founders Kyle Davies and Su Zhu, has posted minimal trading volume since it went live on Tuesday.

Morgan Stanley: ‘Worse than in the Great Financial Crisis’ for commercial real estate | Fortune: Over $1.4 trillion of CRE mortgages have to be refinanced in the next two years, and a huge amount is owed to regional banks, Morgan Stanley says.

Bed Bath & Beyond gets $120 million lifeline to help it stock near barren shelves | CNN Business: “Although we moved quickly and effectively to change the assortment and other merchandising and marketing strategies, inventory was constrained and we did not achieve our goals,” CEO Sue Gove said in a statement in January.

KKR’s Envision Healthcare in Talks With Lenders as It Misses Earnings Deadline: KKR’s Envision Healthcare is in negotiations with some of its creditors after missing a March deadline to report its quarterly financials, according to people familiar with the matter.

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Amer Mustafa

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