Here's what we are reading this morning: Failed Mt. Gox’s $9 Billion of Bitcoin (BTC) Closer to Being Disbursed - Bloomberg: Some creditors of the Mt. Gox crypto exchange said they received updates on their claims, indicating the officials winding up the platform are stepping up efforts to return a $9 billion Bitcoin hoard. Cathie Wood’s Popular ARK Funds Are Sinking Fast - WSJ: By the end of last year, ARK funds had destroyed more wealth than any other asset manager over the previous decade, losing investors a collective $14.3 billion, according to Morningstar ..read more

Here's what we are reading this morning: Fisker Files Annual Report: "If the Company does not receive adequate relief from its debt holders and additional sufficient liquidity from potential liquidity providers to meet its current obligations, it expects to seek protection under applicable bankruptcy laws in multiple jurisdictions within 30 days from the issuance of these financial statements" Fisker may seek bankruptcy protection in 30 days if unable to meet debt obligations | Reuters: The EV startup said on Tuesday it plans to further reduce its workforce and streamline its operations, inc ..read more

Here's what we are reading this morning: Mt. Gox creditors report bitcoin and bitcoin cash payment update on claims system | The Block: Mt. Gox creditors report that the trustee’s rehabilitation claims system has been updated with amounts of bitcoin and bitcoin cash to be repaid and the completion date for repayment Liability Management Transactions – Drafting Approaches: King & Spalding’s Private Credit and Special Situations team put together a primer for assessing the variable strength of drafting fixes to prevent well-known liability management transactions Hudson Bay Closes $800 Mi ..read more

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Here's what we are reading this morning: Rivian lays off more workers: Rivian is undergoing another round of layoffs. Its the company's fourth wave of job cuts in recent years. Azul (AZUL) in Talks with Gol (GOLLQ) for Brazil Airline Merger - Bloomberg: Azul SA’s pursuit of a merger with Gol Linhas Aereas Inteligentes SA has gained momentum, with talks underway for a deal with the controlling shareholder of the rival Brazilian airline, according to people familiar with the matter. Inside the fall of the iconic L.A. chain 99 Cents Only - Los Angeles Times: The deep-discount retailer started ..read more

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Here's what we are reading this morning: Survivors Overwhelmingly Reject The Roman Catholic Diocese of Rockville Centre's Plan Of Reorganization: Pachulski Stang Ziehl & Jones: On April 12, the Diocese filed a motion to dismiss its own bankruptcy because the Survivors rejected its plan. The hearing on the motion to dismiss is scheduled for May 9. Oberweis Dairy files for bankruptcy after failing to find a buyer: The family-owned dairy has dozens of ice cream stores and shelf space in grocery stores across the Midwest. MMA Law Firm accused of LA hurricane fraud files bankruptcy | Busines ..read more

Here's what we are reading this morning: Michaels gets S&P upgrade on improved performance and credit metrics | Retail Dive: But topline trends in the arts and crafts retail sector are likely to stay soft in 2024 as inflation persists, analysts say Peloton quietly drops unlimited free app membership because it failed to bring in paid subscribers: “That free tier was cannibalizing our funnel and conversion to free trial and then to pay,” finance chief Liz Coddington said at a Morgan Stanley conference in March. Daniel B. Besikof Joins Lowenstein Sandler as Partner in the Bankruptcy & ..read more

Here's what we are reading this morning: BNPL users report problems with overspending, missed payments: survey | Retail Dive: Consumers are using buy now, pay later services to spread out their cash flow, according to a new Bankrate report.  The Honorable Judge Kevin J. Carey (Ret.) | Hogan Lovells: We are extremely saddened by the passing of our colleague, the Honorable Kevin J. Carey (ret.). Judge Carey, a lion of the bankruptcy bar, was most recently Senior Counsel in Hogan Lovells’ Restructuring and Special Situations practice in the Philadelphia office. Faraday Future fa ..read more

Here's what we are reading this morning: VistaJet Yearly Earnings Drop as Private Jet Firm’s Debt Pile Grows - Bloomberg: VistaJet Group Holding Ltd., one of the world’s biggest private jet firms, saw its adjusted earnings drop roughly 5% last year as it debts mounted, according to documents seen by Bloomberg. Dollar stores are shutting down across America. They did this to themselves | CNN Business: Years of strategic mistakes and underinvestment have plagued Family Dollar and 99 Cents Only, retail analysts say. Both brands were acquired by other companies and faltered under their new owner ..read more