Here's what we are reading this morning: Fisker's Austria unit begins insolvency proceedings | Reuters: The unit, Fisker GmbH, said other divisions are not included in the restructuring process and will continue to operate normally ..read more

Here's what we are reading this morning: Steward Health, Nation’s Largest Physician-Owned Hospital Operator, Files for Bankruptcy - WSJ: Steward Health Care System, the largest U.S. physician-owned hospital operator, on Monday filed for chapter 11 protection, marking one of the biggest hospital bankruptcies in decades Sam Ash Music Hunts for Buyer as Stores Close Down, Family Owner Says : Sam Ash Music, the renowned musical-instruments retailer that recently announced plans to shut down all 45 of its stores, is looking for a buyer to keep the chain and its online retail presence going, Chief ..read more

Here's what we are reading this morning: Peloton lays off 15% of global workforce as CEO Barry McCarthy exits | Retail Dive: The staff reductions impact about 400 employees and come as the fitness company faces declining sales and members. Teen Clothing Retailer rue21 Files Bankruptcy for Third Time - Bloomberg: Teen clothing retailer rue21 has filed bankruptcy to close its stores and sell its brand, marking the third time the business has sought court protection and the latest sign of trouble for mall-based outlets ..read more

Here's what we are reading this morning: Bally Sports regional networks go dark for Comcast cable customers: Bally Sports regional networks went dark for Comcast cable customers early Wednesday, a month into MLB’s regular season, as carriage negotiations broke down with the channels’ bankrupt operator Diamond Sports Group New ABI Officers and Directors Elected | ABI: Christopher A. Ward of Polsinelli (Wilmington, Del.) has become ABI President for a one-year term, succeeding Soneet R. Kapila of KapilaMukamal, LLP (Fort Lauderdale, Fla.), who will now assume the positions of both Immediate Pa ..read more

Here's what we are reading this morning: Weiss Multi-Strategy Hedge Fund Files Bankruptcy After Shutdown - Bloomberg: Weiss Multi-Strategy Advisers LLC filed for bankruptcy about two months after the New York-based investment management firm announced it was winding down operations. Binance founder Changpeng Zhao CZ sentenced to four months in prison: The sentence in Seattle federal court was significantly less than the three years that federal prosecutors were seeking for Zhao. The defense had asked for five months of probation. The sentencing guidelines called for a prison term of 12 to 18 ..read more

Here's what we are reading this morning: WeWork Cuts New Restructuring Deal That Spurns Founder Neumann: WeWork Inc. and its major financial backers including SoftBank Group Corp. have struck a new restructuring deal to get the ailing workspace provider out of bankruptcy, spurning a competing financing proposal from co-founder Adam Neumann. Dish Network Bondholders Sue Over EchoStar Asset Moves - WSJ: Creditors allege in a lawsuit that the company breached agreements by moving billions of dollars of assets out of their reach in ‘brazen’ transactions Fisker starts new round of layoffs to ‘pr ..read more

Here's what we are reading this morning: Red Lobster seeks a buyer as it looks to avoid bankruptcy filing: Beleaguered seafood chain Red Lobster is looking for a buyer to avoid filing for bankruptcy as it contends with slower sales and costly leases. Joann to exit bankruptcy ‘in the coming days’ as reorganization plan gets court OK | Retail Dive: The craft retailer expects to cut $505 million in debt and emerge from bankruptcy as a privately held company. Ted Baker’s North American Arm Follows U.K. Business Into Bankruptcy - WSJ: The operators of Ted Baker clothing stores in Canada and the ..read more

Here's what we are reading this morning: Former Frost Brown Todd Partner Doug Lutz Appointed U.S. Bankruptcy Judge : Former Frost Brown Todd LLP bankruptcy & restructuring partner Douglas L. Lutz has been appointed as a United States Bankruptcy Judge for the Eastern District of Kentucky. The Sixth Circuit Court of Appeals selected Lutz to fill the vacancy created by the retirement of United States Bankruptcy Judge Tracey N. Wise. Fisker CEO: 4 Automakers in Talks to Buy Struggling Startup: Fisker is in talks with four automakers for possible acquisition, CEO Henrik Fisker told employees ..read more

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