News & Analysis as of

Chapter 11 Crypto Exchanges

Seward & Kissel LLP

Vodka on the Rocks, Bon Voyage, and Hard to Contain

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Vodka maker Stoli Group USA files for chapter 11 bankruptcy | CBS News - Stoli Group’s US-based distributor unit filed for bankruptcy protection this week in the Northern District of Texas....more

Seward & Kissel LLP

Grand Salame, Making a Statement, Many Happy Returns, and Going Yardi

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Ex-FTX Executive Salame Sentenced to 7.5 Years in Prison | Reuters - Former co-CEO of bankrupt cryptocurrency exchange FTX’s Bahamian subsidiary has been sentenced to 90 months in prison after pleading guilty in September...more

White & Case LLP

Distressed US M&A volumes are on the rise

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The US appears likely to enter a default cycle in the near future, according to senior fund managers and economists. A recent bout of M&A transactions involving chapter 11 cases point in the same direction. Taking deals...more

Seward & Kissel LLP

99 Problems, Putting in Work, Sacramento Bee, Same Sad Story, and Unappealing Prospects

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Retailer 99 Cents Only Files for Bankruptcy, Plans to Shut Down | Reuters - Budget retailer 99 Cents Only filed for Chapter 11 bankruptcy protection in Wilmington, Delaware, and stated that it plans to shut down all of its...more

Seward & Kissel LLP

Customer is Always Right, Setting the Bar, and Flipping Bird

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FTX Files Reorganization Plan to End Bankruptcy, Repay Creditors| CoinDesk - On Saturday, the collapsed crypto exchange FTX submitted a reorganization plan which included plans to repay up to 90 percent of creditors’...more

Seward & Kissel LLP

Deep Cuts, Bankruptcy Aid, Aearo-Plan, and Unfair Deal?

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Mallinckrodt's opioid creditors support fast-track second bankruptcy | Reuters - Drugmaker Mallinckrodt, who previously emerged from its initial Chapter 11 in June 2022, filed for its second bankruptcy this week. The...more

Seward & Kissel LLP

CEL Block One? Bridaled Enthusiasm, Baby in a Corner, and Mellow Yellow

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Below is our initial take on recent bankruptcy-related developments: Alex Mashinsky, co-founder and former CEO of bankrupt crypto lender Celsius has pleaded not guilty to U.S. fraud charges. The indictment includes seven...more

Seward & Kissel LLP

BlockFi Full Disclosure? Jenny Don’t Change Your Number, Christmas in July, and Keep On Truckin’

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BlockFi Bankruptcy Plans Opposed by FTX, Three Arrows, and SEC | CoinDesk - Bankrupt crypto lender BlockFi submitted bankruptcy plans which have now been opposed by bankrupt companies FTX and Three Arrows Capital as well...more

Seward & Kissel LLP

Cooking up a Bankruptcy, Best Laid Plans in Celsius, DOJ Backs Off, Aearo Appeal, Bed (Blood) Bath

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Instant Brands, maker of Instant Pot and Pyrex, files for bankruptcy | CNN - Instant Brands, the parent company of many popular kitchen products, filed for Chapter 11 bankruptcy this week. Instant Brands produces Instant...more

Seward & Kissel LLP

Once Bitten, Twice Shy, The Tax Man Cometh, Blocked Access, and the Bill Comes Due

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U.S. Crypto Exchange Bittrex Files for Bankruptcy in Delaware | CoinDesk - On Monday, Crypto exchange Bittrex filed for bankruptcy in the U.S. state of Delaware months after announcing it would wind down operations in the...more

Sullivan & Worcester

Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers

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Part 1 – Celsius Bankruptcy - The Celsius Network was conceptualized as an alternative to conventional banking, offering its customers return rates of up to 20% on deposits of digital assets, and providing digital...more

WilmerHale

FTX Bankruptcy - What Could Be Next for the Industry?

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One of the world’s largest cryptocurrency exchanges - FTX Trading Ltd. - and many of its affiliates filed for bankruptcy earlier this month. While the full impact of the FTX bankruptcy is not yet clear, various responses from...more

Eversheds Sutherland (US) LLP

FTX files for Chapter 11 bankruptcy

On November 11, 2022, FTX, the world’s third-largest cryptocurrency exchange, filed for Chapter 11 bankruptcy protection in the United States. Reports suggest that the exchange might have a shortfall of as much as US$8...more

Davies Ward Phillips & Vineberg LLP

Financial Gloom and the Increase in Insolvency Filings - Davies Insolvency Now, Issue 7

In this issue of Davies Insolvency Now, we highlight the significant data points in rising insolvency filing rates and provide a Canadian lens on the digital asset marketplace. With recent drops in crypto prices severely...more

Willcox & Savage

A Few Early Takeaways on Startup Investing in the Wake of FTX

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The bankruptcy of FTX, the large, privately held cryptocurrency exchange that had raised hundreds of millions of dollars in venture capital funding, has been a top story in the financial press the past week. Although...more

Cole Schotz

FTX Trading Ltd.

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On November 11, 2022, the world’s second-largest cryptocurrency exchange FTX Trading Ltd. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No....more

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