Streetbeat News

Bankruptcy

CEL

Cryptocurrency platform Zipmex is offering creditors compensation as part of its restructuring, with proposed rates between 3.35 and 29.35 cents per dollar. The company has a $97.1 million debt, including losses from Babel Finance and exposure to bankrupt Celsius Network. Major creditors are demanding an independent financial evaluation of Zipmex. The company had previously suspended withdrawals and sought creditor protection, and a funding deal with V Ventures fell through when a payment was missed in March.

Portfolio Pulse from Murtuza Merchant

November 29, 2023 | 6:56 pm

SPY

Fed's Mester emphasizes the need for increased resilience of non-bank financial firms and a more credible bank resolution mechanism. She suggests that regulation should focus on the market value of bank balance sheets.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 6:49 pm

GBTC

MSTR

Andrew Tate compared Michael Saylor's responsible business practices at MicroStrategy with Sam Bankman-Fried's fraudulent activities at FTX. Tate highlighted Saylor's net-benefit approach to business, contrasting it with Bankman-Fried's 0-benefit strategy, which led to his conviction on fraud charges. Tate also discussed the potential SEC approval of a Bitcoin ETF, mentioning several contenders for the ETF including Grayscale, Ark/21 Shares, Bitwise, BlackRock, VanEck, WisdomTree, Valkyrie, Invesco Galaxy, and Fidelity Wise Origin.

Portfolio Pulse from Mehab Qureshi

November 29, 2023 | 12:04 pm

BRD

Beard Energy Transition Acquisition Corp. (BRD) and Suntuity Renewables have mutually agreed to terminate their business combination agreement. Consequently, BRD will not proceed with the special meeting to extend the deadline for a business combination and intends to dissolve and liquidate. BRD will redeem all outstanding Class A common stock at approximately $10.74 per share, with the last trading day on December 11, 2023. BRD's warrants will expire worthless, and the company will cease operations after December 12, 2023, except for winding up its business. BRD will also delist from the NYSE and terminate the registration of its securities.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:14 pm

COIN

GBTC

Genesis Global is suing Gemini Trust to recover over $689 million withdrawn by customers before Genesis filed for bankruptcy in January. The lawsuit aims to claw back funds for fairer creditor distribution. Genesis, facing SEC scrutiny and internal disputes, is proceeding with bankruptcy liquidation. The SEC sued Genesis, Digital Currency Group, and Gemini for defrauding investors. Gemini had also sued DCG and Genesis over failed crypto lending partnerships and unreturned collateral.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 5:59 pm

ENDPQ

Endo International's lenders have proposed a $465 million settlement with U.S. government agencies to resolve disputes over the company's restructuring plan during its ongoing bankruptcy proceedings. The plan includes a $365 million payment over ten years or a $200 million lump sum, with an additional $100 million in unsecured notes based on future performance. This proposal aims to help Endo exit Chapter 11 bankruptcy and facilitate compensation for opioid victims.

Portfolio Pulse from Vandana Singh

November 22, 2023 | 11:56 am

BX

Blackstone Inc. (NYSE:BX) is the leading bidder for a $17 billion portfolio of commercial-property loans from Signature Bank's assets being sold by the FDIC. The deal is part of the FDIC's efforts to sell off approximately $33 billion of Signature’s real estate loans following the bank's collapse. The terms are not finalized, and the sale could still go to another bidder or be split among multiple buyers. Blackstone's bid is preferred due to lower costs, but does not include loans for rent-stabilized or rent-controlled units. The market is watching this sale for pricing cues amid a slowdown due to rising borrowing costs affecting property values and transactions.

Portfolio Pulse from Benzinga Neuro

November 19, 2023 | 8:45 pm

LHC

World View and Leo Holdings Corp. II (NYSE:LHC) have decided to terminate their business combination agreement due to challenging market conditions. Leo will dissolve and liquidate, redeeming all outstanding Class A Ordinary Shares at approximately $10.95 per share. Trading of the Public Shares has been suspended since November 17, 2023, and Leo will delist its securities from the New York Stock Exchange.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:46 pm

TMBR

Timber Pharmaceuticals Inc has filed for voluntary Chapter 11 bankruptcy protection, according to a court filing. The company has reported both assets and liabilities in the range of $1 million to $10 million.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:41 pm

RADCQ

Rite Aid Corp (OTC:RADCQ) is currently in bankruptcy proceedings and has filed a lawsuit against the DOJ to stop a lawsuit alleging illegal opioid prescription dispensing. Rite Aid aims to protect its restructuring efforts from the DOJ lawsuit, which it claims could jeopardize the process. The company has requested the bankruptcy court to prevent the DOJ lawsuit from proceeding during its bankruptcy status. Rite Aid has already resolved over 1,600 lawsuits related to opioid dispensation but faces concerns that victims may not be compensated due to the bankruptcy.

Portfolio Pulse from Vandana Singh

November 17, 2023 | 12:37 pm