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☆ Crypto lender BlockFi begins post-bankruptcy wind-down
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO; Figurines with smartphones and computers are seen in front of the BlockFi logo in this illustration, November 28, 2022. BlockFi estimated in court filings that customers who had interest-bearing Earn accounts will receive between 39.4% and 100% of the value in their accounts. In its bankruptcy filing in November 2022, BlockFi had cited its loans to FTX's sister firm Alameda as one of the reasons for its collapse. Those with BlockFi Interest Accounts and Retail Loans will be repaid over the coming months, but the amounts they receive could vary based on the outcome of the FTX bankruptcy, BlockFi said. Crypto lenders, the de facto banks of the crypto world, boomed during the pandemic, attracting retail customers with double-digit rates in return for their crypto deposits.

Persons: Dado Ruvic, BlockFi, Sam Bankman, Fried, Crypto, Niket, Dietrich Knauth, Shailesh Kuber, Anil D'Silva, Will Dunham Organizations: REUTERS, Arrows Capital, Thomson Locations: Jersey City , New Jersey, Alameda, Manhattan, Bengaluru, New York

☆ Genesis says NY AG lawsuit may force "no deal" bankruptcy liquidation
▼ + stars: | 2023-10-24 | by ( Dietrich Knauth | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Oct 24 (Reuters) - Crypto lender Genesis Global said on Tuesday a New York civil fraud lawsuit could lead to a bankruptcy liquidation that does not resolve its claims against parent company Digital Currency Group (DCG). Rather than await the outcome of the lawsuit, Genesis intends to propose a "no deal" bankruptcy plan to distribute available crypto assets to customers and set up a process to preserve litigation claims against DCG and others, Genesis attorney Sean O'Neal said at a court hearing in New York. "It's not an easy decision, but it is an obvious decision," he told U.S. Bankruptcy Judge Sean Lane. Genesis believes creditors would be better off under a bankruptcy plan that includes a DCG settlement, but the company is running out of time to finalize a plan and send it to creditors for a vote, O'Neal said. Genesis Global filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November 2022.

Persons: Dado Ruvic, Letitia James, Genesis, DCG, Sean O'Neal, Sean Lane, O'Neal, litigate Genesis's, Mark Zuckerberg, Dietrich Knauth, Richard Chang Organizations: REUTERS, Genesis Global, Digital Currency Group, . New York, Gemini, U.S, New York, Meta, Thomson Locations: York, ., New York

Infowars founder Alex Jones arrives to speak to the media after appearing at his Sandy Hook defamation trial at Connecticut Superior Court in Waterbury, Connecticut, U.S., October 4, 2022. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 19 (Reuters) - Conspiracy theorist Alex Jones cannot use his personal bankruptcy to escape paying at least $1.1 billion in defamation damages stemming from his repeated lies about the 2012 Sandy Hook elementary school massacre, a U.S. bankruptcy judge ruled Thursday. Courts in Connecticut and Texas have already ruled that Jones intentionally defamed relatives of school children killed in the mass shooting, and they have ordered Jones to pay $1.5 billion in damages. Lopez ruled that more than $1.1 billion of those verdicts, awarded for defamation and intentional infliction of emotional distress, cannot be wiped away in bankruptcy. Attorneys for Jones and the Sandy Hook families did not immediately respond to a request for comment.

Persons: Alex Jones, Sandy Hook, Mike Segar, Christopher Lopez, Jones, Lopez, defaming Leonard Pozner, Veronique De La Rosa, Noah, Dietrich Knauth, Diane Craft, David Gregorio, Alexia Garamfalvi, Rod Nickel Organizations: Connecticut Superior, REUTERS, U.S, Sandy Hook Elementary, Free Speech Systems, CNN, Thomson Locations: Waterbury , Connecticut, U.S, Houston , Texas, Connecticut, Texas, Newtown , Connecticut

☆ Lordstown Motors ex-CEO approved to buy company assets for $10 mln
▼ + stars: | 2023-10-18 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Lordstown Motors logo and decreasing stock graph are seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsNEW YORK, Oct 18 (Reuters) - Electric vehicle company Lordstown Motors received U.S. bankruptcy court approval Wednesday to sell its manufacturing assets to a new company affiliated with its founder and former CEO Stephen Burns for $10.2 million. LAS Capital, majority-owned by Burns, will acquire Lordstown's intellectual property, business records, and machinery including assembly lines for electric vehicle motors and batteries. The sale does not include any rights to pursue legal claims against Lordstown's directors, officers or equity owners, which will remain with the bankrupt company, Lordstown Motors' attorney David Turetsky said at the court hearing. Several investor groups have already brought claims against Lordstown and its directors, alleging that the electric truck startup misled consumers and investors about its ability to ramp up electric vehicle production.

Persons: Dado, Stephen Burns, Burns, Mary Walrath, David Turetsky, Apple's, Jennifer Madden, Madden, Foxconn, Lordstown, Lordstown's, Julio Rodriguez, Dietrich Knauth, Alexia Garamfalvi, David Evans Organizations: REUTERS, Lordstown Motors, LAS Capital, Lordstown, Hai Precision Industry, LAS, U.S . Department of Transportation, Foxconn, Capital, Thomson Locations: Wilmington , Delaware, Delaware, Taiwan's, Lordstown, Ohio

☆ Bankrupt Rite Aid resolves drug supply dispute with McKesson
▼ + stars: | 2023-10-17 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. The lawsuit against McKesson alleged that the distributor improperly attempted to terminate the drug supply agreement on Saturday, just before Rite Aid declared bankruptcy. Rite Aid had accused McKesson of threatening to cut off its drug supply unless it immediately paid $700 million for amounts due under the contract. Rite Aid has relied on McKesson for its drugs for 20 years, and paid McKesson $9 billion under the contract in 2023, according to court filings. Rite Aid said it maintains very low drug inventory, forcing it to rely on daily deliveries from McKesson.

Persons: Lucas Jackson, McKesson, Joshua Sussberg, Sussberg, Michael Kaplan, Dietrich Knauth, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, McKesson Corp, . Rite, Rite Aid, Aid, Rite, Thomson Locations: New York City , New York, U.S, New Jersey, Trenton

Rite Aid, one of the largest U.S. pharmacy retailers, stumbled under its high debt, revenue declines, increased competition, and opioid litigation, according to its court filings. Founded in 1962, Rite Aid employs 45,000 people at more than 2,000 retail stores in 17 states, and will remain open for business during the bankruptcy. Rite Aid, which has denied wrongdoing, said it hopes to reach an "equitable" settlement of opioid litigation in bankruptcy. A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Rite Aid closed 200 stores before its bankruptcy, and it expects to close more as its Chapter 11 case proceeds.

Persons: Lucas Jackson, McKesson, Jeffrey Stein, Elizabeth Burr, Leroy Leo, Abinaya Vijayaraghavan, Mariam Sunny, Arun Koyyur, Marguerita Choy, Bill Berkrot Organizations: Rite Aid, Rite, Endo International, REUTERS, Bankruptcy, District of, MedImpact Healthcare Systems, Elixir ., Rite Aid . Rite, Aid, Thomson Locations: U.S, New York City , New York, District of New Jersey, Bengaluru

U.S. Bankruptcy Judge David Jones, who oversees more major Chapter 11 cases than any other U.S. judge, is seen in a screenshot from video shot during a virtual interview with Reuters done from Houston, Texas, U.S. December 11, 2020. Jones had already stepped back from overseeing large bankruptcy cases and began reassigning them to two other judges on the court. Until December 2022, Freeman had been a partner at Jackson Walker, a local law firm that filed many cases in Jones' Houston courthouse. Ethics experts have said the undisclosed relationship casts doubt on the integrity of Jones' court. "From the time we first learned of this allegation Ms. Freeman was instructed not to work or bill on any cases before Judge Jones.

Persons: David Jones, Randy Crane, Jones, Elizabeth Freeman, Freeman, Jackson Walker, Judge Jones, Shubhendu Deshmukh, Bill Berkrot, Alexia Garamfalvi Organizations: Reuters, REUTERS, Staff, U.S . Chief U.S, District, Southern, Southern District of Texas, Circuit, McDermott International, Tehum Care Services, U.S . Trustee, Department of, Thomson Locations: Houston , Texas, U.S, Houston, Southern District, New Orleans, Jones ' Houston, Debtwire, Bengaluru

☆ Court OKs Mallinckrodt restructuring, $1 billion cut to opioid settlement
▼ + stars: | 2023-10-10 | by ( Dietrich Knauth | ) www.reuters.com time to read: +4 min

Despite the previous bankruptcy settlement that resolved those litigation threats and cut $1.5 billion in debt, Mallinckrodt quickly found itself in financial trouble again due to declining sales for its key branded drugs, including Acthar Gel. As part of its previous bankruptcy, Mallinckrodt, which denied wrongdoing, agreed to pay $1.7 billion to settle about 3,000 lawsuits alleging it used deceptive marketing tactics to boost opioid sales. Unlike the opioid settlement, Mallinckrodt intends to pay the full amount due under the Acthar settlement after its second bankruptcy. Dorsey overruled an objection filed by shareholder Alta Fundamental Advisers, which had argued that Mallinckrodt improperly rushed into a second bankruptcy at the expense of equity owners. The reorganized company has a total enterprise value of about $2.95 billion, according to Mallinckrodt's financial advisor Guggenheim Securities.

Persons: Hydrocodine, Mallinckrodt, George Frey, John Dorsey, Siggi Olafsson, Mallinckrodt's, Dorsey, Dietrich Knauth, Alexia Garamfalvi, Bill Berkrot, Richard Chang Organizations: REUTERS, Tuesday, Acthar, Deerfield Partners, JPMorgan Investment Management, Fundamental Advisers, Securities, Thomson Locations: Provo , Utah, U.S, Ireland, Wilmington , Delaware

The lawsuit by X Social Media claims that X Corp, which owner Elon Musk began rebranding to X from Twitter in July, was likely to cause consumer confusion. X Social Media declined to comment. Windermere, Florida-based X Social Media is an ad agency focused on mass-tort litigation. The lawsuit said the agency has used the "X Social Media" name since 2016 and owns a federal trademark covering it. X Social Media asked the court to force Musk's company to stop using the "X" name and requested an unspecified amount of money damages.

Persons: Carlos Barria, Elon Musk, Jacob, Roseanna Malherbe, Blake Brittain, Dietrich Knauth, David Bario, Angus MacSwan Organizations: REUTERS, X Corp, Twitter, X Social Media, Microsoft, Social Media, Thomson Locations: San Francisco , California, U.S, Florida, Windermere , Florida, Gulf of Mexico, Washington, New York

☆ Halloween in New York: Things to Do in October
▼ + stars: | 2023-09-30 | by ( Erik Piepenburg | ) www.nytimes.com time to read: +2 min

A Halloween without horror movies is like a Christmas without Hallmark movies about big-city women falling for small-town bookstore owners. New scary films in theaters now are the Agatha Christie-inspired “A Haunting in Venice”; the twisted sister tale “The Nun II”; and “Saw X,” the tenth film in the franchise. For a sneak peek at what horror fans will be drooling over next, check out the Brooklyn Horror Film Festival (Oct. 12-19), at Nitehawk Cinema’s Williamsburg and Prospect Park locations. Stine’s horror books for teenagers (Disney+, Oct. 13). Back to scare again are new seasons of the killer doll show “Chucky” (Peacock, Oct. 4) and the anthology series “Creepshow” (Shudder, Oct. 13).

Persons: Agatha Christie, Hitchcock’s Marlene Dietrich, ”, moviemaking Adams, “ Michelle, Usher, ” Mike Flanagan’s, Edgar Allan Poe, Chucky ”, John, Ed Gein, “ Organizations: Hallmark, Brooklyn Horror Film, MGM Locations: Venice, Nitehawk, Williamsburg, Prospect, California, Texas

☆ Baltimore Archdiocese files for US bankruptcy to address sex abuse lawsuits
▼ + stars: | 2023-09-29 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Maryland's attorney general has said that there are more than six hundred known survivors of clergy abuse in the state, numbers that the Archdiocese said it could not verify. The Archdiocese of Baltimore is the oldest Catholic diocese in the United States, serving over 485,000 in several Maryland counties. Sex abuse lawsuits have driven several other Catholic dioceses into bankruptcy. Previous Catholic bankruptcies have led to large settlements for abuse claims, such as a $121.5 million 2022 settlement in the bankruptcy of the Santa Fe Archdiocese. Many of the dioceses that filed for Chapter 11 after recent changes in state law remain in bankruptcy without finalized settlements.

Persons: William Lori, Lori, David Lorenz, Lorenz, Dietrich Knauth, Daniel Wallis Organizations: Archdiocese, U.S, Survivors Network, Bankruptcy, San Francisco, Thomson Locations: Baltimore, Maryland, Church, Archdiocese, United States, New York, California, Oakland, Santa Barbara, San, Santa Fe Archdiocese

[1/4] Joseph Bankman, father of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, leaves the courthouse, after U.S judge revoked Bankman-Fried's bail, in New York, U.S., August 11, 2023. FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a "family business" and misappropriated billions in customer funds for the benefit of a small circle of insiders, including his parents. Sam Bankman-Fried has pleaded not guilty to charges that he defrauded FTX customers by using their funds to prop up his own risky investments. Bankman and Fried also pushed FTX to make tens of millions of dollars in charitable contributions, including to Stanford University, FTX said. FTX has recovered more than $7 billion in assets to repay customers, and it is pursuing additional recoveries through lawsuits against FTX insiders and other defendants that received money from FTX before it went bankrupt.

Persons: Joseph Bankman, Sam Bankman, Eduardo Munoz, Stanford, Barbara Fried, John Ray, Fried, Sean Hecker, Michael Tremonte, Joe, Barbara, " Hecker, Tremonte, Bankman, FTX, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Monday, Stanford University, Stanford Law School, Thomson Locations: New York, U.S, Bahamas, FTX

☆ Bankrupt trucking company Yellow eyes October sale of vehicle fleet
▼ + stars: | 2023-09-15 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

The freight shipping company, which went bankrupt in August after a protracted labor dispute, owns approximately 12,000 trucks and 35,000 trailers, according to its bankruptcy court filings. Yellow intends to conduct an auction for the vehicles by Oct 18 and seek court approval for the vehicle sale on Oct. 27. The company is taking a longer time to sell its real estate assets, despite having a $1.525 billion offer in hand from rival shipping company Estes Express Lines. Yellow has set a Nov. 9 bid deadline and expects to seek court approval for a real estate sale in December. A longer sale process will allow more competition for Yellow's 300 shipping terminals and other real estate assets, which have already generated significant interest from buyers.

Persons: Allyson Smith, Craig Goldblatt, Smith, Estes, Donald Trump's, Goldblatt, Dietrich Knauth, Alexia Garamfalvi, Nick Zieminski Organizations: Yellow Corp, U.S, Express, Old Dominion Freight, U.S . Treasury, MFN Partners, International Brotherhood of Teamsters, Thomson Locations: Wilmington , Delaware, Yellow's, Nashville , Tennessee

☆ FTX gets court approval to sell crypto assets
▼ + stars: | 2023-09-13 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

During the hearing, Dorsey overruled concerns raised by two FTX customers who said FTX sales could cause crypto prices to crash and that FTX may not own all of the crypto that it holds in its accounts. FTX said in court filings it was keenly aware of the risk that its effort to liquidate coins could move crypto markets. But keeping its current crypto portfolio intact also carries risks, potentially locking FTX into holding certain assets as their prices decline, according to FTX’s court papers. FTX filed for bankruptcy in November 2022 in the wake of claims that it misused and lost billions of dollars worth of customers' crypto deposits. FTX founder Sam Bankman-Fried has pleaded not guilty to charges that he defrauded FTX customers by using their funds to prop up his own risky investments.

Persons: FTX, John Dorsey, Dorsey, Sam Bankman, Fried, Dietrich Knauth, Alexia Garamfalvi, David Gregorio Our Organizations: Galaxy, Thomson Locations: Wilmington , Delaware, cryptocurrency, U.S, cryptocurrencies, Solana, bitcoin, FTX

☆ Marko apologises for offensive comments about Perez
▼ + stars: | 2023-09-08 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

Marko had made his remarks on the energy drink company's television station following last weekend's Italian Grand Prix at Monza. An attempt by Marko to clarify his comments only dug a deeper hole. While Marko attends races in Red Bull Racing uniform, he reports to the energy drink company and is not an employee of the British-based champions. Germany's now-retired Vettel won four for Red Bull from 2010-13. Marko did compliment Perez for finishing second in Italy last weekend, a race that handed Verstappen a record 10th win in a row.

Persons: Marko, Helmut Marko, Sergio Perez's, Red, Dietrich Mateschitz, Checo, Perez, Sebastian, Vettel, Sergio Perez, race.comhad, Marko's, Max Verstappen, Germany's, Red Bull, George Russell, Angelica Medina, Christian Radnedge, Toby Davis Organizations: LONDON, Bull, One, Monza, Red, Red Bull, Mexican, Verstappen, Ferraris, Austrian, Thomson Locations: American, Mexican, Guadalajara, North America, South America, Britain, Mexico, Italy, Mexico City

☆ Bankrupt Lordstown Motors proposes zero payment for Foxconn shares
▼ + stars: | 2023-09-05 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Lordstown Motors and Foxconn logos are seen in this illustration taken, May 2, 2023. Even if the sale generates enough money for a shareholder payout, Lordstown proposed to pay nothing to the 300,000 preferred equity shares held by its estranged former business partner Foxconn. Lordstown alleged that Foxconn purchased only $30 million of the $100 million in preferred equity shares contemplated by the disputed investment agreement. Foxconn also purchased $22.7 million of Lordstown's common shares, owning about 8.4% of the company's equity, according to court documents. Foxconn had asked a U.S. bankruptcy judge to dismiss Lordstown's bankruptcy, a request that the judge denied on Aug. 28.

Persons: Dado Ruvic, Taiwan's Foxconn's, Lordstown, Karma, Foxconn, Dietrich Knauth, Alexia Garamfalvi, Timothy Gardner Organizations: Lordstown Motors, REUTERS, Lordstown's, Hai Precision Industry, Thomson Locations: Ohio, Delaware, Lordstown's

☆ The First Chinese American Movie Star and the Cost of Glittering Fame
▼ + stars: | 2023-08-23 | by ( Jennifer Szalai | More About Jennifer Szalai | ) www.nytimes.com time to read: +2 min

Unlike “Daughter of the Dragon” the film, “Daughter of the Dragon” the book is clearly intended as a form of reclamation and subversion. “Anna May drew attention to or even exploded the stereotype by overacting these roles,” Huang writes, not entirely convincingly. “She has to take what is offered.” Especially when she is an Asian American woman at a time when Asian roles often went to white actors in adhesive tape and yellowface. The Production Code of 1930, which banned onscreen portrayals of miscegenation and interracial relationships, was a “virtual form of foot-binding for Anna May,” Huang writes. (The only film in which she was kissed by a white man was “Java Head,” a British production.)

Persons: Huang, ”, Anna May, ” Huang, Julian Barnes, ” Wong, Wong, — “ Dietrich, Anna, Mary, Mary despaired, Pearl Organizations: Java Locations: ”, Asian American, Hollywood, British, China, yellowface

☆ Mallinckrodt second bankruptcy would cut $1 billion from opioid settlement
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The agreement announced Wednesday would reduce Mallinckrodt's debt by about $1.9 billion and cancel existing equity shares. The new deal would leave opioid creditors with $1 billion less than the $1.7 billion settlement that Mallinckrodt agreed to pay as part of its 2022 exit from the company's earlier bankruptcy. Mallinckrodt failed to make a $200 million payment to the opioid trust due in June, prompting the company to launch a negotiation with its stakeholders. Mallinckrodt said that its current level of creditor support should allow the company to complete its second bankruptcy by the end of 2023. Drug manufacturers, drug distributors and pharmacy chains have agreed to pay more than $50 billion in settlements to resolve lawsuits related to the U.S. opioid crisis.

Persons: Hydrocodine, Mallinckrodt, George Frey, Siggi Olafsson, Pratik Jain, Mariam Sunny, Khushi, Dietrich Knauth, Maju Samuel, Shinjini Ganguli, Alexia Garamfalvi Organizations: REUTERS, Thomson Locations: Provo , Utah, U.S, Ireland, Bengaluru, New York

Aug 21 (Reuters) - The Roman Catholic Archdiocese of San Francisco filed for bankruptcy on Monday, saying a Chapter 11 filing will facilitate a settlement of about 500 lawsuits accusing the church of enabling childhood sexual abuse by priests. The filing in U.S. bankruptcy court in San Francisco will put the lawsuits on hold and buy time for settlement talks, Archbishop Salvatore Cordileone said in a statement. The "overwhelming majority" of the alleged abuse occurred in the 1960s and 1970s, involving priests who are deceased or no longer in ministry, Cordileone said. The dioceses of Oakland and Santa Barbara this year also filed for bankruptcy, each citing the impact of hundreds of sex abuse lawsuits. Reporting by Dietrich Knauth Editing by Will Dunham and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Archbishop Salvatore Cordileone, Cordileone, Santa Barbara, Dietrich Knauth, Will Dunham, Chris Reese Organizations: Roman Catholic Archdiocese of San, Thomson Locations: Roman Catholic Archdiocese of San Francisco, San Francisco, California, Oakland, Santa

A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligations. Evergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged as much as 20% on Friday, while China Evergrande New Energy Vehicle Group (0708.HK) lost as much as 17%.

Persons: Aly, Evergrande, Morgan Stanley, HSI, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, Longfor, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, Asia, HONG, U.S, United States, Beijing, Manhattan, Hong Kong, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru

A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The developer's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligationsThe sources declined to be named due to the sensitivity of the matter. DEBT RESTRUCTURINGEvergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged more than 12%, while China Evergrande New Energy Vehicle Group (0708.HK) dropped 8% on Friday.

Persons: Aly, Evergrande, Morgan Stanley, Hong, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, British Virgin, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, HONG, U.S, United States, Hong Kong, British, Manhattan, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru

"The application is a normal procedure for the offshore debt restructuring and does not involve (a) bankruptcy petition," it said in the filing, adding it is pushing forward with its offshore debt restructuring. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collateral and repurchase obligations. A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. China's economic and property woes and the absence of concrete stimulus steps have sent a chill through global markets. "The China property sector is like a black hole, so many developers have been dragged into it since two years ago after Evergrande," said Winner Zone Asset Management CEO and CIO Alan Luk.

Persons: Evergrande, Aly, Nomura, HSI, Alan Luk, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam, Kim Coghill Organizations: HONG KONG, China Evergrande, HK, U.S, Hong, British Virgin Islands, China Evergrande Group, REUTERS, Zhongrong International Trust Co, Longfor, Asset Management, Manya Saini, Thomson Locations: China, Asia, HONG, U.S, United States, Hong Kong, British Virgin, New York, Shenzhen, Guangdong province, Beijing, Bengaluru

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court. The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20. On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group (0708.HK) announced its own proposed restructuring. Trading in China Evergrande shares was suspended in March 2022.

Persons: Aly, Evergrande, Hong, Evergrande NEV's, Jonathan Stempel, Dietrich Knauth, Manya, Anil D'Silva, Deepa Babington, Matthew Lewis Organizations: China Evergrande Group, REUTERS, HK, Tianji Holdings, British Virgin Islands, British Virgin, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, U.S, United States, Manhattan, Hong Kong, Cayman Islands, British Virgin, British, Dubai, New York, Bengaluru

☆ Trucking firm Estes Express submits $1.3 billion bid for Yellow's shipment centers
▼ + stars: | 2023-08-17 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Semi truck trailers are pictured at freight trucking company Yellow’s terminal near the Otay Mesa border crossing between the U.S. and Mexico in San Diego, California, U.S., August 7, 2023 after the company filed for bankruptcy protection. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Aug 17 (Reuters) - Trucking firm Estes Express has submitted a $1.3 billion bid to acquire bankrupt Yellow Corp's shipment centers, attorneys said on Thursday at a U.S. bankruptcy court hearing. Yellow's attorney Allyson Smith said the Estes proposal was received while Yellow was negotiating several offers for bankruptcy financing. Apollo initially offered to fund Yellow's bankruptcy with a $142.5 million loan, but instead bowed out after Yellow received competing offers with lower fees and interest rates. The union, which represents about 22,000 Yellow employees, said the Nashville, Tennessee-based company "mismanaged" its way to bankruptcy.

Persons: Mike Blake, Allyson Smith, Estes, Smith, Craig Goldblatt, Yellow, Judge Goldblatt, Dietrich Knauth, Chris Reese, Cynthia Osterman, Alexia Garamfalvi, Jonathan Oatis Organizations: U.S, Trucking, Express, Citadel, MFN Partners, U.S . Treasury Department, Apollo Global Management, Apollo, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Wilmington , Delaware, Nashville , Tennessee

☆ FTX-tied Alameda gets $175 mln claim on Genesis bankruptcy estate
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

Aug 17 (Reuters) - FTX-affiliated cryptocurrency trading firm Alameda Research was granted a $175 million unsecured claim on the estate of bankrupt crypto lender Genesis Global Capital, according to a court filing dated Wednesday. The settlement marks a significant reduction from the nearly $3.9 billion claim that FTX, which is also bankrupt, had asserted earlier this year. Genesis said the settlement was "fair and equitable" and would allow the company to avoid pursuing "protracted litigation," the outcome of which would be "inherently uncertain." Once-prominent digital asset exchange FTX and lender Genesis Global are two of several crypto firms that went belly up after a turbulent 2022 hit investor sentiment for bitcoin and other crypto tokens. FTX has previously said Genesis was a primary "feeder fund" for Alameda, loaning it crypto assets that it used for further loans and investments.

Persons: Genesis, Sam Bankman, Fried, FTX, Jaiveer Singh, Dietrich Knauth, Varun Organizations: Alameda Research, Genesis Global, Genesis, Thomson Locations: Alameda, U.S, Bengaluru, New York

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