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☆ National CineMedia Files for Bankruptcy as Latest Casualty of Cinema Slump
▼ + stars: | 2023-04-12 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

National CineMedia LLC, the largest movie-theater advertisement business in North America, filed for bankruptcy Tuesday after facing years of challenges from reduced attendance at cinemas due to the Covid-19 pandemic coupled with the growing competitive threat posed by streaming. NCM LLC filed its chapter 11 petition in the U.S. Bankruptcy Court in Houston with a prearranged agreement with lenders to trade roughly $1 billion in debt for full ownership of the business, the main operating entity of publicly traded parent company...

☆ McKinsey Winding Down Firm’s Bankruptcy Practice
▼ + stars: | 2023-04-04 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

Consulting firm McKinsey & Co. is winding down its bankruptcy practice after numerous lawsuits and government investigations concerning the division’s work advising troubled borrowers, people familiar with the matter said. Some McKinsey partners who had previously focused on bankruptcy advisory work in the firm’s recovery and transformation services, or RTS, division have either been leaving the firm or pivoting to other kinds of work, the people said.

☆ McKinsey Is Shutting Down Its Restructuring Business
▼ + stars: | 2023-04-04 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

Consulting firm McKinsey & Co. is shutting down its corporate-restructuring practice after numerous lawsuits and government investigations concerning the division’s work advising troubled borrowers, people familiar with the matter said. McKinsey has announced internally that its restructuring division would close, the people said. The consulting firm laid off some partners in its restructuring unit, called McKinsey RTS, while others are being absorbed into other practices, they said.

☆ Bed Bath & Beyond Terminates Hudson Bay Deal, Turns to Market To Raise $300 Million
▼ + stars: | 2023-03-30 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

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☆ Bed Bath & Beyond Ends Hudson Bay Deal, Turns to Market for $300 Million to Avoid Bankruptcy
▼ + stars: | 2023-03-30 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. said it will try to sell up to $300 million of common stock in the open market while terminating a fundraising deal with hedge fund Hudson Bay Capital Management LP in the latest effort by the troubled home-goods retailer to stave off bankruptcy. The Union, N.J.-based company broke off its equity-raising deal with Hudson Bay after reporting another sharp drop in sales in the most recent quarter. Bed Bath & Beyond also said that if its public offering fails to come through, the company expects to file for bankruptcy protection, likely wiping out holders of its common stock.

☆ Bed Bath & Beyond Stock Falls 21%, Complicating Further Fundraising
▼ + stars: | 2023-03-20 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc.’s shares fell 21% Monday after the retailer disclosed substantial dilution from a recent equity deal, potentially preventing it from raising more money from a crucial investor, hedge fund Hudson Bay Capital Management LP. The home-goods retailer’s stock closed at 81 cents Monday, after it said Friday that the number of its common shares had nearly tripled to at least 335 million as of March 15 from 117 million as of late January.

The fortunes of MLB players are tied to team revenues, and players are closely watching any changes to sports TV. Two of the largest regional sports broadcasters in the U.S. are on the verge of unraveling, an event that is expected to alter how professional teams are funded and how fans tune in to the games. Diamond Sports Group LLC , which carries the games of more than 40 major sports teams across the country on its Bally Sports-branded networks, is expected to file for bankruptcy in coming weeks, which people involved expect to lead to a renegotiation of rights fees—a significant part of teams’ revenue.

☆ Toronto-Dominion to Pay $1.2 Billion to Settle R. Allen Stanford Ponzi Litigation
▼ + stars: | 2023-02-27 | by ( Alexander Gladstone | Adriano Marchese | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond’s storied brand and the passionate interest of individual investors helped the retailer secure a lifeline. Sue Gove wanted to keep Bed Bath & Beyond Inc. out of bankruptcy. Few believed it was possible. Alarmed by the retailer’s deteriorating finances, banks in January had cut off their credit lines and pushed for the company to start a liquidation, including selling off inventory, to repay their loans, said people familiar with the matter.

☆ Bed Bath & Beyond to Shut Down Canadian Stores in Bankruptcy
▼ + stars: | 2023-02-10 | by ( Soma Biswas | Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc.’s Canadian division will shut down its stores under court protection after the company received an unusual lifeline earlier this week to save its U.S. operations from bankruptcy. The troubled retailer filed its Canadian division for protection under the Companies’ Creditors Arrangement Act, Canada’s rough equivalent of chapter 11 bankruptcy. Bed Bath & Beyond has “reluctantly concluded” that even with the lifeline of its recent equity raise, there isn’t enough capital available both to restructure its U.S. business and bring the Canadian business to profitability, the company said in filings with an Ontario court.

☆ The Investor Behind the $1 Billion Bet on Bed Bath & Beyond
▼ + stars: | 2023-02-08 | by ( Gregory Zuckerman | Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond is shutting dozens more stores as part of its plan to stay in business. Why would a well-established hedge fund and other investors spend as much as $1 billion to purchase the equity of a retailer on the verge of bankruptcy—a move that could wipe out that equity? That is what some on Wall Street are asking after Hudson Bay Capital Management and others agreed to invest in struggling Bed Bath & Beyond Inc.

Bed Bath & Beyond put together a financing package that gives it some breathing room as it struggles to survive. Bed Bath & Beyond Inc. couldn’t get banks to lend it money, but the troubled retailer found one hedge fund willing to bet on its stock. Bed Bath & Beyond landed a do-or-die rescue deal that takes bankruptcy off the table for now. Shares, which have surged in recent weeks despite the company’s dire situation, tumbled by nearly 50% early Tuesday as the new financing will dilute existing shareholders.

Bed Bath & Beyond put together a financing package that gives it some breathing room as it struggles to survive. Bed Bath & Beyond Inc. couldn’t get banks to lend it money, but the troubled retailer found investors willing to bet on its survival. Bed Bath & Beyond landed a do-or-die rescue deal that takes bankruptcy off the table for now. Shares, which have surged in recent weeks despite the company’s dire situation, tumbled by nearly 50% early Tuesday as the new financing will dilute existing shareholders.

Bed Bath & Beyond Inc. has secured investor backing for a more than $1 billion capital raise to stave off bankruptcy and try to turn around its flagging business, people familiar with the matter said. The offering of convertible stock and warrants, coupled with a $100 million additional credit line from one of its lenders, is expected to save the troubled retailer from the near-term chapter 11 filing it has warned about for weeks. Bed Bath & Beyond has received investor commitments to raise $225 million of equity capital initially and the rest of the more than $1 billion offering over time, according to people familiar with the matter.

Bed Bath & Beyond Inc. will try to raise more than $1 billion by selling stock, hoping investors who have propelled its stock higher despite its financial troubles can save it from bankruptcy. The offering of stock and warrants, coupled with a $100 million additional credit line from one of its lenders, could help the troubled retailer raise enough cash to avoid the chapter 11 filing it has warned about for weeks. Bed Bath said Monday that it can’t give any assurances it will receive any or all of the proceeds of the equity offering, which is subject to market conditions and not guaranteed to be completed.

☆ Washington Property Linked to FTX Customer Funds Pulled From Market
▼ + stars: | 2023-02-03 | by ( Akiko Matsuda | Alexander Gladstone | ) www.wsj.com time to read: 1 min

A Washington, D.C., townhouse that FTX’s new management has linked to Sam Bankman-Fried‘s political spending has been pulled off the market after the company alleged that the $3.3 million property was purchased with FTX customer funds. Property records show the four-bedroom, 4,100-square-foot property in Capitol Hill is owned by Guarding Against Pandemics, a nonprofit organization founded by Mr. Bankman-Fried’s brother Gabriel. FTX’s newly appointed management team said in a court filing last month that Guarding Against Pandemics was also funded by FTX founder Sam Bankman-Fried and that the organization purchased a multimillion-dollar property using what the company believes are misappropriated customer funds.

Bed Bath & Beyond Inc. said Friday it was closing an additional 87 of its flagship stores and its entire Harmon chain of drugstores, as the retailer struggles to find financial support to keep its operations funded. The latest closings are in addition to a plan announced in August to shut 150 lower-performing Bed Bath & Beyond locations, a spokeswoman said. The company said Friday it is also closing five of its Buybuy Baby stores. The company had about 50 Harmon stores as of February 2022.

Bed Bath & Beyond Inc.’s path to restructure its business in bankruptcy is narrowing, as the home-goods retailer struggles to find financial support to keep its operations funded and avoid liquidation, people familiar with the matter said. The company, which is expected to file for bankruptcy soon, faces limited options to reorganize as a going concern, these people said: Its lenders have cut off credit, it hasn’t secured a buyer to acquire its business, it is struggling to raise financing to survive chapter 11 even in shrunken form and many vendors have stopped shipping goods to the retailer. Discussions are continuing and a financing deal could still materialize, these people said.

☆ AMC Seeks New Lifeline After Meme-Stock Bubble Pops
▼ + stars: | 2023-01-20 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

The meme-stock phenomenon is on its last legs, and no company is feeling the comedown more than movie-theater chain AMC Entertainment Holdings Inc.AMC deftly surfed the meme-stock wave to raise billions of dollars and help it avoid bankruptcy during the pandemic, but its shares have sunk back to roughly where they were trading before the company caught fire in the online trading community. Box-office receipts are falling short, and the meme-stock premium that helped AMC raise fresh capital has all but evaporated.

☆ Cineworld Grapples With Box-Office Slump as It Seeks a Sale in Bankruptcy
▼ + stars: | 2023-01-05 | by ( Akiko Matsuda | Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bankrupt movie-theater chain Cineworld Group PLC said it continues to miss its box-office projections due to challenging market conditions as it gears up to sell itself out of chapter 11. Joshua Sussberg, a lawyer for U.K.-based Cineworld, owner of Regal Cinemas, told Judge Marvin Isgur of the U.S. Bankruptcy Court in Houston, Texas, on Wednesday that the company’s restructuring effort since its bankruptcy filing in September has been hindered by the lackluster box-office performance.

☆ Financial Firm Beneficient Pushed Boundaries Before Bond Program’s Collapse
▼ + stars: | 2022-12-23 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

☆ AMC Held Talks About Acquiring Theaters From Bankrupt Cineworld
▼ + stars: | 2022-12-21 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

AMC Entertainment Holdings Inc. held discussions regarding a potential strategic acquisition of theaters from its rival, the bankrupt Cineworld Group PLC, according to a securities filing by AMC on Wednesday. AMC’s deal talks were held with certain lenders to Cineworld, who have a powerful role in that company’s bankruptcy process. The talks focused on AMC acquiring theater assets of Cineworld in the U.S. and Europe, and how such a deal would be financed.

Avaya Holdings Corp. is nearing a chapter 11 bankruptcy filing to restructure its balance sheet as it looks to turn around its business and move past problems surrounding the company’s accounting, people familiar with the matter said. Avaya disclosed earlier this week it has reviewed various restructuring proposals from competing creditor groups. One plan, supported by a senior lender group including Apollo Global Management , would significantly reduce Avaya’s debt load through chapter 11, wipe out shareholders and, pending the completion of an internal investigation into controls over financial reporting, provide directors and executives with releases from potential litigation.

☆ FTX Hires Forensic Team to Probe Money Trail
▼ + stars: | 2022-12-07 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

FTX’s new management has hired a team of forensic investigators from advisory firm AlixPartners to help track the billions of dollars that have gone missing from the failed cryptocurrency exchange, people familiar with the matter said. The AlixPartners team is led by Matt Jacques, a former chief accountant for the Securities and Exchange Commission’s enforcement division, people familiar with the matter said. Mr. Jacques didn’t respond to a request for comment. AlixPartners...

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