Bankruptcy & Restructuring News Headlines for Tuesday Mar 21, 2023 – Chapter 11 Cases

Bankruptcy & Restructuring News Headlines for Tuesday Mar 21, 2023 – Chapter 11 Cases

Here’s what we are reading this morning:

Signature’s Crypto Business Wasn’t Part of Takeover Deal – Bloomberg: Signature Bank’s crypto-related deposits will be returned to customers directly, rather than being taken over by a unit of New York Community Bancorp under a deal announced Sunday.

Justices Turn Down Sears Lender’s Collateral Valuation Fight: The US Supreme Court declined to review whether a group of Sears Holdings Corp. lenders, including a hedge fund controlled by the department store chain’s former CEO, were entitled to additional recoveries from Sears’ bankrupt estate.

Call Them CoCos or AT1s, Here’s Why They Got Zeroed: QuickTake: They’re called contingent convertible bonds, or CoCos — and are often described as high-yield investments with a hand grenade attached. The takeover of Credit Suisse by UBS Group AG included pulling the pin on $17 billion of CoCos, which are also known as Additional Tier 1 (AT1) bonds. The vaporizing of Credit Suisse’s CoCo debt will strengthen the balance sheet of the newly combined bank — but could spell disaster for the wider CoCo market.

Foot Locker to shutter 400 mall-based stores by 2026 | Retail Dive: The retailer will close approximately 400 stores by 2026, including 200 locations in C and D malls and 200 underperforming stores in A and B malls, executives said on a call with analysts.

Virgin Orbit plans for insolvency amid rescue talks with investors | Business News | Sky News: The commercial space satellite company set up by Sir Richard Branson’s Virgin Group is working with Alvarez & Marsal and Ducera as it seeks emergency funding, Sky News learns.

JPMorgan advising First Republic on strategic alternatives, including a capital raise, sources say: JPMorgan Chase is advising embattled First Republic Bank on strategic alternatives, sources tell CNBC’s David Faber.

The $17 billion wipeout of Credit Suisse bondholders has not gone down well in Europe: Credit Suisse’s additional tier one bonds are set to be wiped out following the struggling bank’s takeover by UBS.

FTX Asks Judge to Block Bahamas Unit Liquidators From Its Assets – Bloomberg: FTX Group is arguing that its property needs to be shielded from the liquidators in charge of winding down its Bahamas unit, insisting that they don’t have a rightful claim over any portion of the bankrupt firm’s assets.

Bed Bath & Beyond Stock Falls 21%, Complicating Further Fundraising: The drop in the retailer’s share price after dilution is threatening its deal to raise more money from investor Hudson Bay Capital.

Barnes & Noble Education Taps Banker Ahead of 2024 Debt Wall: Barnes & Noble Education, an operator of university bookstores, has hired advisers at Houlihan Lokey to help explore options for managing loans maturing next year, according to people with knowledge of the situation.

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Amer Mustafa

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