Streetbeat News

Bankruptcy

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

KRE

SPY

Fitch Ratings has projected that US regional banks will continue to face funding and growth challenges in 2024. The challenges are attributed to competitive deposit pricing and a potential economic slowdown, which could particularly affect smaller banks lacking scale.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 8:24 pm

SOLUSD

USDTUSD

FTX-labelled addresses transferred 250,000 Solana (SOL) and $4 million in Tether (USDT) to Binance and Wintermute. Solana's price increased by 3% in 24 hours, with a 27% gain over seven days and 155% over the month. The market cap exceeded $20 billion. The transfers are part of FTX's bankruptcy proceedings, with $100 million in Solana moved to exchanges recently. Despite the selling, Solana's price has not been negatively impacted.

Portfolio Pulse from Khyathi Dalal

November 14, 2023 | 10:34 pm

BTCUSD

Caitlin Long, CEO of Custodia Bank, discussed the challenges faced by crypto-native banks at Benzinga's Future of Digital Assets event. She highlighted regulatory issues, including the Federal Reserve's guidelines that undermine state authority and discrimination against banks in six U.S. states. Long also mentioned the U.K.'s stablecoin regulation as a model for the Fed, requiring banks to hold reserves at the central bank. Custodia Bank launched a new Bitcoin custody product in October, offering segregated accounts. Long had previously warned regulators about potential bank runs at Silvergate and Signature due to the fast settlement of digital asset transactions.

Portfolio Pulse from Khyathi Dalal

November 14, 2023 | 8:32 pm

DWAC

Digital World Acquisition Corp. (DWAC) expressed concerns about its ability to continue as a going concern, citing a lack of financial resources to sustain operations for the next year. The company's financial statements reflect this uncertainty, and DWAC anticipates incurring significant costs related to its acquisition plans.

Portfolio Pulse from Benzinga Newsdesk

November 13, 2023 | 1:02 pm

BTC

ETH

SOL

Solana (SOL) has reached a new annual high of $58, with a 40% increase in the past week. Analyst Jacob Canfield predicts that Solana could surge to $1,000 and potentially increase its market dominance to 12-15%. Canfield's analysis points to the breakout of SOLBTC from its weekly resistance and the broader uptrend in the cryptocurrency market. Despite the FTX bankruptcy estate selling 250,000 to 750,000 SOL tokens daily, Solana's price continues to rise.

Portfolio Pulse from Mehab Qureshi

November 13, 2023 | 6:11 am