AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains original content developed by AGG’s Bankruptcy, Creditors’ Rights, & Financial Restructuring attorneys.
Industry News
Bitflyer Takes the Reins: Acquiring FTX Japan amid Bankruptcy Fallout
June 20, 2024 (Trading View)
Today (Thursday), it was disclosed that Bitflyer, a Japanese cryptocurrency exchange, has acquired the Japanese operations of FTX, which had previously filed for Chapter 11 bankruptcy protection in November 2022. FTX Japan was among over 100 affiliated entities included in the bankruptcy proceedings.
Rite Aid shutting down 27 more locations, bringing closure total to nearly 550 nationwide
June 20, 2024 (Yahoo! Finance)
Rite Aid is closing 27 more locations as it continues to work through a bankruptcy proceeding, according to a new court filing.
Another popular restaurant chain files for Chapter 11 bankruptcy
June 18, 2024 (MSN.com)
The restaurant industry has endured economic hardship this year as several restaurant chains have filed for Chapter 11 bankruptcy reorganization as well as Chapter 7 liquidation.
CAKE Is Back: Electric Motorcycle Brand Quickly Arises From Bankruptcy
June 18, 2024 (Yahoo! Finance)
CAKE reportedly faced financial hardships before filing for bankruptcy on February 1, 2024. The Swedish brand cited socioeconomic conditions and the lack of venture capital for companies in later stages of development. But today, CAKE quietly announced new ownership and the formation of a small team dedicated to moving the brand forward.
Electric car company Fisker files for bankruptcy protection
June 18, 2024 (AOL News)
Fisker on Monday became the latest all-electric vehicle startup to file for Chapter 11 bankruptcy protection amid lackluster consumer demand, significant cash burn and operational and product issues.
Popular craft brewery closes as owner files Chapter 7 bankruptcy
June 17, 2024 (MSN.com)
The U.S. craft beer industry has been dealing with growing pains over the past 10 years, as the amount of brewery closings have been rising steadily just as new brewery openings have also been spiking.
Bankruptcy judge approves sale of Express Inc to group led by WHP Global
June 17, 2024 (Associated Press)
A U.S. bankruptcy judge has approved the sale of the majority of Express Inc. ‘s operations to a consortium led by brand acquisition and management firm WHP Global — providing a lifeline to the struggling retailer and its hundreds of remaining stores.
WeWork Rebounds from Bankruptcy, Appoints John Santora as CEO
June 15, 2024 (MSN.com)
WeWork, previously mired in financial distress, successfully exited from Chapter 11 bankruptcy this Tuesday, June 11, bringing in John Santora, a seasoned commercial real estate expert, as its new CEO, replacing David Tolley who had led the company through its recent financial restructuring.
