What We’re Reading This Week [August 17, 2022]
CNBC discusses how July’s inflation data should provide signs that there’s at least some relief in the pipeline for now, with consumer prices being flat for the month. The trend was mostly led by a fall in energy prices, although it was offset by gains in other items, including a 1.1% monthly rise in food prices. [CNBC; Aug. 10, 2022]
Bloomberg examines claim trading in crypto bankruptcies, such as Voyager and Celsius, whereby the crypto lenders’ customers (now-creditors) are offered quick cash payouts but at a steep discount. While claim trading is not uncommon in bankruptcy cases, the trading occurring in crypto bankruptcies is unique in that the creditors are overwhelmingly small, individual account holders and are large in numbers (Voyager has approximately 3.5 million active users and Celsius, 300,000). [Bloomberg; Aug. 9, 2022]
Reuters reports on a prepackaged Chapter 11 case filed in the Bankruptcy Court for the District of Delaware by OSG Group, a billing and marketing firm that operates in 19 countries. The company, with the support of its creditors, has proposed a restructuring plan that would cut $134 million in debt and allow the company to emerge from bankruptcy by end of August. [Reuters; Aug. 8, 2022]
