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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

Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration/file photoCompanies Celsius Network Limited FollowNEW YORK, Aug 14 (Reuters) - Crypto lender Celsius Network on Monday received a U.S. bankruptcy judge's permission to seek creditor approval for its bankruptcy plan, advancing a proposal to exit Chapter 11 as a new entity owned by its creditors. Some creditors oppose the plan, but the official committee appointed to represent junior creditors supports it and will recommend that Celsius customers vote in favor. Celsius had 600,000 customers who held about $4.4 billion in interest-bearing Celsius accounts when it filed for bankruptcy, according to court documents. This will allow Celsius customers to sell equity shares that they will receive as part of their bankruptcy recovery, according to court documents.

Persons: Dado Ruvic, Martin Glenn, Alex Mashinsky, Mashinsky, Dietrich Knauth, Alexia Garamfalvi, David Gregorio Our Organizations: REUTERS, Monday, Arrington, Nasdaq, Thomson Locations: Manhattan, . New Jersey, New York

☆ Trucking firm Yellow extends bankruptcy loan talks until next week
▼ + stars: | 2023-08-11 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Yellow filed for bankruptcy on Sunday with a loan offer for that amount from private equity firm Apollo, a senior lender to the company before its bankruptcy. The trucking company said earlier this week it was seeking alternative financing from MFN Partners, an investment firm that owns 41% of Yellow's stock, and Estes Express Lines, a rival in freight trucking. Yellow intends to use its bankruptcy to sell all of its assets, including 12,000 trucks and over 300 shipping service centers. The union, which represents about 22,000 laid-off Yellow employees, said the Nashville, Tennessee-based company "mismanaged" its way to bankruptcy. Yellow owes the U.S. Treasury over $700 million on a pandemic bailout loan approved by former President Donald Trump's administration in 2020.

Persons: Mike Blake, Pat Nash, Craig Goldblatt, Nash, Dennis Dunne, Donald Trump's, Dietrich Knauth, Mark Porter, Andrea Ricci, Alexia Garamfalvi, Richard Chang Organizations: U.S, Yellow Corp, MFN Partners, Estes Express, Apollo, U.S . Treasury Department, International Brotherhood of Teamsters, U.S . Treasury, Thomson Locations: Mexico, San Diego , California, U.S, Wilmington , Delaware, Nashville , Tennessee

"We are confident in the legality of our nearly universally supported plan of reorganization, and optimistic that the Supreme Court will agree," the company added. Members of the Sackler family have denied wrongdoing but expressed regret that OxyContin "unexpectedly became part of an opioid crisis." They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." In a court filing, the administration told the Supreme Court that Purdue's settlement is an abuse of bankruptcy protections meant for debtors in "financial distress," not people like the Sacklers. According to the administration, Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to its opioid settlement.

Persons: George Frey, Joe Biden's, Sackler, OxyContin, Biden, John Kruzel, Andrew Chung, Dietrich Knauth, Will Dunham Organizations: Purdue Pharma, REUTERS, WASHINGTON, U.S, Supreme, Purdue, . Trustee, The, Circuit, Thomson Locations: Provo , Utah, U.S, Stamford , Connecticut, Washington, New York

A pharmacist holds a bottle OxyContin made by Purdue Pharma at a pharmacy in Provo, Utah, U.S., May 9, 2019. At issue is whether U.S. bankruptcy law allows Purdue's restructuring to include legal protections for the Sackler family, who have not filed for personal bankruptcy. They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." In a court filing, the administration told the Supreme Court that Purdue's settlement is an abuse of bankruptcy protections meant for debtors in "financial distress," not people like the Sacklers. According to the administration, Sackler family members withdrew $11 billion from Purdue before agreeing to contribute $6 billion to its opioid settlement.

Persons: George Frey, Joe Biden's, Sackler, OxyContin, Biden, John Kruzel, Andrew Chung, Dietrich Knauth, Will Dunham Organizations: Purdue Pharma, REUTERS, WASHINGTON, U.S, Supreme, Purdue, Circuit, U.S . Trustee, Thomson Locations: Provo , Utah, U.S, Stamford , Connecticut, Washington, New York

☆ Trucking firm Yellow explores alternate bankruptcy loans
▼ + stars: | 2023-08-09 | 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 BlakeNEW YORK, Aug 9 (Reuters) - Bankrupt trucking company Yellow Corp (YELL.O) will not seek court approval to borrow $142.5 million from private equity firm Apollo Global Management as planned on Wednesday, instead seeking time to explore alternate loan offers, an attorney for the company said. Yellow is weighing those offers while negotiating with Apollo on how those loans would impact Apollo's collateral rights on a pre-existing $501 million loan. Yellow plans to return to court on Friday with more clarity on which loan it will choose. The union, which represents about 22,000 Yellow employees, said the Nashville, Tennessee-based company "mismanaged" its way to bankruptcy despite concessions made by workers.

Persons: Mike Blake NEW, Pat Nash, Craig Goldblatt, Nash, Goldblatt, Dietrich Knauth, Chris Reese, Richard Chang Organizations: U.S, Yellow Corp, Apollo Global Management, MFN Partners, Estes Express, Apollo, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Wilmington , Delaware, Nashville , Tennessee

☆ Teamsters union pushes for US bankruptcy reform after Yellow's collapse
▼ + stars: | 2023-08-08 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

The Teamsters union said 22,000 of its members were out of work despite making significant concessions on wages and pension benefits in labor negotiations with the nearly 100-year-old company, which filed for bankruptcy on Sunday. Yellow has blamed the Teamsters' opposition to its internal reorganization efforts for its collapse. The union warned that the bankruptcy could mean they will not receive bargained-for retirement benefits or severance pay. "Corporate bankruptcy legislation in the U.S. is a joke," Teamsters General President Sean O'Brien said in a statement. U.S. bankruptcy law currently prioritizes repayment of up to $15,150 in wages per employee, according to bankruptcy attorney George Singer, who is not involved in Yellow's case.

Persons: Mike Blake, Sean O'Brien, Dick Durbin of, Jerry Nadler, George Singer, Singer, Donald Trump's, Dietrich Knauth, Jamie Freed Organizations: U.S, Brotherhood of Teamsters, Yellow Corp, Teamsters, Congressional, Dick Durbin of Illinois, Employees, Thomson Locations: Mexico, San Diego , California, U.S, York

☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

REUTERS/George Frey/File PhotoNEW YORK, Aug 4 (Reuters) - Oxycontin maker Purdue Pharma on Friday asked the U.S. Supreme Court to reject the U.S. Department of Justice's request to delay its multi-billion-dollar bankruptcy settlement resolving thousands of lawsuits against it over the opioid epidemic. The department's bankruptcy watchdog last week asked the Supreme Court to pause the settlement, which would shield the company's Sackler family owners from opioid lawsuits in exchange for a $6 billion contribution to a broader settlement with states, local governments and victims of addiction. The Department of Justice (DOJ) asked the high court to put the deal on hold after a federal appeals court rejected a proposed delay. That position was echoed by a group representing 60,000 people who have filed personal injury opioid claims in Purdue's bankruptcy. Similar lawsuits related to the U.S. opioid crisis have resulted in more than $50 billion in settlements with manufacturers, drug distributors and pharmacy chains.

Persons: George Frey, Sackler, Purdue's, OxyContin, Dietrich Knauth, Grant McCool Organizations: Purdue Pharma, REUTERS, U.S, Supreme, U.S . Department, of Justice, Purdue, Thomson Locations: Provo , Utah, U.S, Purdue's

A bottle of Johnson and Johnson Baby Powder is seen in a photo illustration taken in New York, February 24, 2016. LTL's bankruptcy proceedings have largely paused the 38,000 lawsuits against J&J, although one case was allowed to proceed to a $18.8 million verdict in July. But David Molton, an attorney for the official committee representing cancer claimants in LTL's bankruptcy, said that a temporary prohibition on new bankruptcy filings was appropriate, given LTL's repeated bankruptcy filings. Kaplan, who dismissed LTL's second bankruptcy, said he was not inclined to block future bankruptcy filings because circumstances could change in the next six months. But the judge said he was open to further written arguments on that point before issuing a formal decision closing LTL's second bankruptcy case next week.

Persons: Johnson, Mike Segar, J, Michael Kaplan, Greg Gordon, David Molton, Kaplan, LTL's, J's, Dietrich Knauth, Cynthia Osterman Organizations: REUTERS, Johnson, LTL Management, U.S . Department of, J, Thomson Locations: New York, Trenton , New Jersey, LTL's, Texas

U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that a J&J company's second bankruptcy, like its first, must be dismissed because the talc lawsuits did not put it in immediate "financial distress." J&J's first bankruptcy gambit began in 2021, when it offloaded its talc liabilities into a new company, LTL Management, and immediately placed that company into bankruptcy. Attorneys representing cancer victims, along with the U.S. Justice Department's bankruptcy watchdog, had called for LTL's second bankruptcy to be dismissed as an abuse of U.S. bankruptcy law. Andy Birchfield, an attorney who represents cancer victims, said the second bankruptcy was meant to keep the talc lawsuits from being heard by juries. J&J argued that the proposed bankruptcy settlement offers a fairer and faster resolution for cancer claimants than litigation in other courts.

Persons: Johnson, Mike Segar, imperiling, Michael Kaplan, J, Kaplan, J's, LTL's, LTL, U.S . Justice Department's, Andy Birchfield, Birchfield, Dietrich Knauth, Mike Spector, Jonathan Oatis, Matthew Lewis, Leslie Adler Organizations: REUTERS, Johnson, LTL Management, U.S . Justice, J, Thomson Locations: New York, U.S, Trenton , New Jersey, California

NEW YORK, July 28 (Reuters) - The U.S. Department of Justice on Friday asked the U.S. Supreme Court to stop Purdue Pharma from proceeding with a bankruptcy settlement that protects its Sackler family owners from lawsuits. Purdue's bankruptcy plan would shield its owners from opioid lawsuits in exchange for a $6 billion contribution to the company's broader bankruptcy settlement. Approving Purdue's bankruptcy plan "would leave in place a roadmap for wealthy corporations and individuals to misuse the bankruptcy system," the U.S Trustee argued. They said in May that the bankruptcy settlement would provide "substantial resources for people and communities in need." The Supreme Court set an Aug. 4 deadline for Purdue to respond.

Persons: Sackler, OxyContin, Dietrich Knauth, Matthew Lewis Organizations: YORK, U.S . Department of Justice, U.S, Supreme, Purdue Pharma, Purdue, U.S . Trustee, The U.S, Thomson Locations: Purdue's, U.S, Connecticut, New York

☆ Lordstown Motors stalls on the road to a quick bankruptcy sale
▼ + stars: | 2023-07-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

[1/2] A Lordstown Motors Endurance electric pick-up truck is seen on display at Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. REUTERS/Quinn Glabicki/File PhotoNEW YORK, July 27 (Reuters) - Bankrupt Lordstown Motors (RIDEQ.PK) must face trial over a rival carmaker's claim that Lordstown vehicles include stolen technology, a U.S. judge ruled Thursday, dealing a blow to the company's hopes for a quick bankruptcy sale. California-based Karma Automotive sued Lordstown in 2020 for allegedly poaching its employees and stealing technology used in vehicle infotainment systems. "The California court ... should decide those issues." Walrath allowed Karma to proceed to trial on its claims against Lordstown, overruling bankruptcy protections that typically pause lawsuits against bankrupt companies.

Persons: Quinn Glabicki, Mary Walrath, Walrath, Lordstown, Karma, Lordstown's, Foxconn, Dietrich Knauth, Bill Berkrot Organizations: REUTERS, Lordstown Motors, U.S, Karma Automotive, Lordstown, Thomson Locations: Lordstown , Ohio, U.S, Ohio, Wilmington , Delaware, California, . California

SummaryLaw Firms FTX founder allegedly misappropriated customer funds for European acquisitionFTX failed to find a buyer for the company in bankruptcy saleNEW YORK, July 13 (Reuters) - Bankrupt crypto exchange FTX sued insiders at FTX Europe AG late Wednesday, seeking to recover $323 million that FTX had invested in an ill-fated expansion into European crypto markets. After FTX filed for bankruptcy in November, it sought to sell FTX Europe, only to conclude that no buyer would offer meaningful value for the company, according to FTX. FTX acquired Digital Assets for nearly $400 million in three transactions in 2020 and 2021, hoping to obtain regulatory approvals and expand into European markets. FTX filed for bankruptcy protection in November, saying it was unable to completely repay customers who had deposited funds on its exchange. Prosecutors have charged Bankman-Fried, 31, with stealing billions of dollars in FTX customer funds to cover losses at its affiliated hedge fund Alameda Research.

Persons: FTX, Sam Bankman, Patrick Gruhn, Robin Matzke, Brandon Williams, Cosima Capital, Williams, Fried, Gruhn, Steven Holley, Stephen Ehrenberg, Brian Glueckstein, Christopher Dunne of Sullivan, Cromwell, Read, Clinton, Dietrich Knauth Organizations: FTX, AG, DA AG, Assets, Matzke, Gruhn, Prosecutors, Alameda Research, Trading, Bankruptcy, District of, Cromwell LLP, Thomson Locations: Zurich, Switzerland, Europe, Delaware, Matzke, Oregon, Alameda, U.S, District of Delaware

☆ Bed Bath & Beyond ends auction for Buy Buy Baby stores
▼ + stars: | 2023-07-07 | by ( Dietrich Knauth | ) www.reuters.com time to read: +1 min

NEW YORK, July 7 (Reuters) - Bankrupt retailer Bed Bath & Beyond has ended its efforts to find a buyer for its entire Buy Buy Baby business, and it will instead seek U.S. court approval for a more limited sale of Buy Buy Baby's intellectual property assets. Bed Bath & Beyond had declared Dream On Me as lead bidder for the brand's intellectual property on June 29, but had continued to seek buyers who would take over the entire Buy Buy Baby business. Bed Bath & Beyond will seek approval of the Buy Buy Baby IP sale at a July 11 court hearing. Overstock will rebrand itself as an online-only version of Bed Bath & Beyond without acquiring any of the bankrupt retailers stores or inventory. Dream on Me and Bed Bath & Beyond did not immediately respond to a request for comment Friday.

Persons: Dietrich Knauth, Alexia Garamfalvi, David Gregorio Our Organizations: YORK, Bed, Beyond, Industries, Thomson Locations: New Jersey

The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. A bankruptcy court appointed a mediator in April to help Genesis, DCG and its creditors agree on a restructuring plan, but the parties have yet to reach a deal despite several extensions. Under the offer, DCG would retain the proceeds from the sale of Genesis' lending unit. If Silbert and DCG do not agree, Gemini will sue Silbert and DCG, and file a motion to place DCG in default and demand immediate debt repayments, Winklevoss said.

Persons: Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Cameron Winklevoss, Winklevoss, DCG, Mark Zuckerberg, Silbert, ” Winklevoss, Hannah Lang, Dietrich Knauth, Michelle Price, Matthew Lewis Organizations: Digital Currency Group, Gemini, U.S, Olympic, Reuters, Genesis, Meta, Facebook, Thomson Locations: Connecticut, Washington

NEW YORK, June 29 (Reuters) - A U.S. bankruptcy judge said Thursday that he would allow SVB Financial Group to sell its investment banking division, once the company has ensured that it is not releasing any liabilities related to the collapse of its Silicon Valley Bank unit. James Bromley, an attorney for SVB Financial, told Glenn that it would remove the liability releases from the deal by Friday. SVB Financial owned Silicon Valley Bank before it was seized by the U.S. Federal Deposit Insurance Corporation (FDIC) in March, and it is attempting to sell its remaining assets in bankruptcy. Glenn also criticized the FDIC during the court hearing, saying he would not allow the agency to block SVB Financial from getting information about its seizure of about $2 billion from SVB Financial' s bank accounts. Silicon Valley Bank's failure in March triggered the worst U.S. banking crisis in 15 years.

Persons: Martin Glenn, Jeff Leerink, Glenn, James Bromley, SVB, you'd, I'm, Erik Bond, Dietrich Knauth, Alexia Garamfalvi, Diane Craft Organizations: YORK, SVB, Bank, Bankruptcy, SVB Securities, Baupost, Silicon Valley Bank, U.S . Federal Deposit Insurance Corporation, FDIC, Citizens, Thomson Locations: Manhattan, Silicon, U.S, backstop

The deal has divided lawyers representing cancer victims, many of whom claim that J&J has created the illusion of widespread support for a settlement that would deny plaintiffs just compensation. Johnson & Johnson is attempting to use the second bankruptcy of its subsidiary LTL Management to resolve all current and future claims stemming from its talc products. LTL quickly filed for bankruptcy again, arguing that its second effort has won more support from plaintiffs. The proposed settlement would resolve all of those unfiled claims, as well as any future claim alleging that a J&J talc product caused cancer. Mikal Watts, an attorney who supports the deal and says he has 17,000 talc clients, said that he did not agree with J&J statements about "secured commitments."

Persons: Brendan McDermid, Johnson, Johnson's, LTL's, LTL, U.S . Justice Department's, Moshe Maimon, Mikal Watts, Watts, Jim Murdica, Maimon, Murdica, Michael Kaplan, Kaplan, Dietrich Knauth, Alexia Garamfalvi, Stephen Coates Organizations: REUTERS, Johnson, Management, U.S . Justice, J, Thomson Locations: New York City, U.S, Trenton , New Jersey

☆ Online retailer Overstock rebranding as Bed Bath & Beyond
▼ + stars: | 2023-06-29 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

"We've long liked the Bed Bath and Beyond name, but we didn't like the stores, the inventory, so don't expect stores from us." Before the Bed Bath & Beyond bankruptcy, Overstock thought that a rebrand would take years and potentially hundreds of millions of dollars, according to Johnson. Instead, Overstock company was able to buy Bed Bath & Beyond's name and customer data for $21.5 million at a bankruptcy auction. Overstock already has a new Bed Bath & Beyond website in Canada, and it plans to go live with a U.S. website in August. Once a storied retailer, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April after struggling for years with dwindling sales and a failed merchandising strategy.

Persons: Overstock.com, Jonathan Johnson, Johnson, Overstock, they'll, Dietrich Knauth, Granth, Richard Chang, Maju Samuel Organizations: YORK, Bed, Industries, Thomson, & ' $ Locations: Canada, U.S, New Jersey, Bengaluru

☆ EV maker Lordstown Motors begins bankruptcy embroiled in disputes
▼ + stars: | 2023-06-28 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 28 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) began its bankruptcy case embroiled in litigation, laying out disputes with estranged partner Foxconn, rival electric vehicle manufacturer Karma Automotive, the U.S. Securities and Exchange Commission and several investor groups during its first court appearance. Lordstown has alleged that Foxconn broke its promises to invest $170 million in Lordstown and collaborate with the company on vehicle development plans. Lordstown had struggled with higher-than-expected costs, production shortfalls, and litigation risk well before Foxconn agreed to purchase Lordstown's Ohio manufacturing vehicle center in 2021, Murphy said. Several investor groups have also brought claims against Lordstown, alleging that the electric truck startup misled consumers and investors.

Persons: Rebecca Cook, Foxconn, Lordstown, Thomas Lauria, Mary Walrath, Lauria, Walrath, Matthew Murphy, Murphy, Karma, James Sowka, Dietrich Knauth, Stephen Coates Organizations: REUTERS, Lordstown Motors, Karma Automotive, U.S . Securities, Exchange Commission, Taiwan's, U.S . Securities & Exchange, Lordstown, SEC, General, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Wilmington , Delaware, Delaware, Ohio, Foxconn, Delaware and Ohio, California

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