What we read this week [August 17, 2022] – Insolvency/Bankruptcy

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CNBC explains how the July inflation data should provide signs that there is at least some relief in the pipeline for now, with consumer prices flat for the month. The trend was mainly led by a drop in energy prices, although it was offset by gains in other elements, including a 1.1% monthly rise in food prices. [CNBC; Aug. 10, 2022]

Bloomberg examines the trading of claims in crypto bankruptcies, such as Voyager and Celsius, where customers of crypto lenders (now creditors) are offered quick cash payments, but at a steep discount. While trade in claims is not uncommon in bankruptcy cases, the trade that occurs in crypto bankruptcies is unique in that creditors are extremely small, hold individual accounts, and are numerous (Voyager has about 3.5 million active users and Celsius, 300,000). [Bloomberg;
Aug. 9, 2022]

Reuters reports on a prepackaged Chapter 11 case filed in the District of Delaware Bankruptcy Court by OSG Group, a billing and marketing company that operates in 19 countries. The company, with the support of its creditors, has proposed a restructuring plan that would reduce debt by $134 million and bring the company out of bankruptcy by the end of August.
[Reuters; Aug. 8, 2022]

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This article by Mayer Brown provides information and commentary on interesting legal issues and developments. The foregoing is not a complete treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action regarding the matters discussed here.

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