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Reorganization Plan

All articles tagged with #reorganization plan

sports2 years ago

"Amazon's Investment in Diamond Sports: Implications for MLB, NBA, NHL"

Diamond Sports, the company that owns Bally Sports and other regional broadcast rights, has reached a $450M plan with its creditors to continue operating through 2024 and beyond, with Amazon potentially contributing $115M for rights to broadcast teams currently owned by Diamond Sports. This may include the Detroit Tigers, among other MLB teams, potentially being streamed on Amazon Prime. However, the details and finalization of the plan are still uncertain, and it remains to be seen how this reorganization will affect the broadcasting of MLB games in 2024 and beyond.

via Bless You Boys|
#amazon-prime#diamond-sports#mlb
business2 years ago

Amazon's Strategic Investment in Diamond Sports Rescues Company from Bankruptcy

Diamond Sports Group, the largest U.S. operator of regional sports networks, has unveiled a restructuring support agreement with creditors to emerge from Chapter 11 bankruptcy, with Amazon making a minority investment and becoming its streaming partner, while Sinclair will pay $495 million to settle litigation and provide ongoing management services. Prime Video will be the primary partner for streaming services, and the agreement also includes financing from certain debt holders to support operations and repay existing debt. Diamond operates 19 RSNs under the Bally Sports brand and plans to continue partnering with existing distribution partners for MLB, NBA, and NHL content.

via Hollywood Reporter|
#amazon#bankruptcy#business
cryptocurrency2 years ago

FTX's Reorganization Plan Sparks Solana Rally and Ends Bankruptcy

FTX, the failed cryptocurrency exchange, has filed an amended reorganization plan to end its bankruptcy and return money to investors and customers. The plan proposes valuing the firm's assets at the date of its bankruptcy filing, potentially causing some creditors to object due to the increased value of bitcoin since then. Eligible creditors will vote on the plan in 2024, with details on asset distribution and the possibility of resuming operations expected in future filings. Former CEO Sam Bankman-Fried, convicted of fraud and conspiracy charges, faces a second trial in March.

via Fox Business|
#bankruptcy#creditors#cryptocurrency
cryptocurrency2 years ago

FTX's Reorganization Plan: Crypto Creditors Face Potential Losses

The estate of FTX, the collapsed crypto enterprise, has submitted a reorganization plan to a Delaware court to end bankruptcy. The plan classifies creditor and customer claims based on priority and calculates claim values using asset prices at the time of the company's bankruptcy filing. The proposal aims to maximize value distribution to all creditors but is expected to face opposition until approved by the court, with a hearing date set for 2024.

via CoinDesk|
#bankruptcy#creditors#crypto-enterprise
cryptocurrency2 years ago

Celsius Shifts Focus to Mining-Only NewCo After SEC Feedback

Crypto lender Celsius plans to transition to a new company focused solely on mining bitcoin, following feedback from the U.S. Securities and Exchange Commission (SEC) on its reorganization plan. The SEC's input led Celsius to retain certain assets for regulatory reasons, which will be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors. Celsius intends to apply to register the shares in the new publicly traded Bitcoin mining company, referred to as "Mining NewCo," which will be owned by Celsius customers. The company expects to commence distributions to creditors in January 2024.

via CoinDesk|
#bitcoin-mining#celsius#cryptocurrency
sports2 years ago

NHL Seeks Emergency Relief from Diamond Sports Group Contracts in Bankruptcy Court

The National Hockey League (NHL) has warned a bankruptcy court that it may seek emergency relief if negotiations with Diamond Sports Group (DSG) over broadcasting rights for 12 hockey teams do not progress quickly. DSG, the parent company of Bally Sports, filed for Chapter 11 bankruptcy and has been battling with MLB over rights fees. The NHL wants certainty for the upcoming season and may request relief from Bally Sports Regional Network contracts if negotiations with DSG do not yield favorable results. The deadline for DSG to file a reorganization plan has been extended by 80 days, but the NHL is concerned about the lack of commitment from DSG for the 2023-2024 season.

via Awful Announcing|
#bankruptcy-court#broadcasting-rights#diamond-sports-group