Restructuring Roundup - February 2024

Arnall Golden Gregory LLP

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

Crypto rally boosts Digital Currency Group’s financials amid lawsuits and Genesis bankruptcy

February 12, 2024 (Yahoo! Finance)

After starting 2023 in the depths of a bear market, crypto empire Digital Currency Group reported a strong fourth quarter, as well as a valuation of $4.4 billion and an investment portfolio of nearly $1 billion, in a letter sent to shareholders on Monday.

Tesla electric vehicle rival files bankruptcy, begins liquidation

February 11, 2024 (

There's a reason very few new automakers have been launched over the past 40 or so years. Building and selling cars takes a tremendous amount of infrastructure.

Once popular beer retailer files Chapter 7 bankruptcy liquidation

February 10, 2024 (

Craft brewery distress has become widespread in the U.S. over the past couple of years, as well as in Canada and the U.K.

WeWork Says 160 Landlords Get Zero in November Rent

February 9, 2024 (The Wall Street Journal)

Bankrupt coworking-space provider WeWork said it owes 160 landlords no rents for the month of November, according to a court filing.

Sunworks (SUNW) Stock Pops 200% After Bankruptcy Filing

February 9, 2024 (Trading View)

Embattled solar energy development specialist Sunworks — which serves both the residential and commercial markets — filed for Chapter 7 bankruptcy on Monday.

London Mansion on Sale for $34 Million After Bankruptcy of Emirati Tycoon

February 9, 2024 (Bloomberg)

A luxury townhouse in London’s exclusive Kensington district is expected to sell for about $34 million (£27 million) as part of bankruptcy proceedings.

Bankrupt Crypto Lender Genesis Global Settles NY Fraud Lawsuit

February 8, 2024 (Yahoo! Finance)

Genesis Global Holdco LLC has settled a lawsuit brought by New York’s top law enforcement official alleging the bankrupt crypto lender defrauded customers of its now-terminated Gemini Earn program, which was run jointly with Gemini Trust Co.

Rite Aid plans to close Woodland Distribution Center, lay off 230+ employees

February 8, 2024 (Yahoo! News)

The Sacramento region will take another hit from Rite Aid’s ongoing closures as the nation-wide pharmacy announced to permanently shutter its distribution center in Woodland.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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