FTX founder demonstrated wide latitude to resist investors’ calls for governance.

The fraud trial is set to test a common Silicon Valley defense for when things go wrong at a startup.

The company’s assets were purchased in June by Overstock.com, while the company’s Buy Buy Baby unit’s intellectual property assets were acquired by Dream on Me Industries.

Harsher funding conditions have slowed new startup formation, but the downturn has yet to impact startup failure rate.

A rise in bankruptcies suggests more PE-backed borrowers are finding their heavy debt load has become a burden they can’t easily escape in a late credit cycle.

Despite the worsening economic environment, bankruptcies among European PE-backed companies have remained relatively muted.

This week, media brand Vice Media filed for bankruptcy. Its downfall is not only a blow to its backers but also underscores the challenges of turning a profit on digital content in an era of rampant disruption.

In a rare instance of a debtor-in-possession loan in the form of cryptocurrency, Bittrex said it is seeking access to 250 BTC. The interest rate is 4%.

At $4.42 billion the volume of U.S. leveraged loan defaults tops the $4.28 billion from October through February. Over the past 12 months the $18.37 billion is the most since May 2021.

Avaya Holdings Corp. announced today that, roughly five weeks after filing for bankruptcy protection in the Southern District of Texas, the court has confirmed its reorganization plan. The reorganization will trim Avaya’s total debt by more than 75%, reducing it to roughly $800 million, from around $3.4 billion, and improve liquidity by over $650 million, according to company press releases. Leverage is projected to be under 1x after emergence, the company added.

SVB’s collapse leaves a gaping hole in the VC ecosystem. A new version of SVB eventually may emerge under new management that will likely have different priorities, or even different values, compared with its predecessor.

Regulators and a committee of SVB Financial’s board members are considering options for the sale of the companys assets. Here are three things that could shape the outcome.

Sam Bankman-Fried, the founder of formerly VC-backed crypto exchange FTX, received around $2.2 billion in funds and is now awaiting trial on charges of fraud.

Regional network owner Diamond Sports filed for bankruptcy with some $8 billion in debt, mostly stemming from Sinclair’s purchase of the company from Walt Disney.

While the U.S. leveraged loan default rate hit recent highs, it remains low by historical standards, and the levels of distressed debt in the $1.4 trillion asset class are easing.

Leveraged loan issuer Avaya declared bankruptcy with a $628 million debtor-in-possession credit in hand. Shareholders are not expected to see any recovery via the reorganization.

Greybull Capital has emerged as a potential savior for UK battery startup Britishvolt, although other parties are also interested.

Heritage said its proposed reorganization plan would provide for the equitization of secured claims and the rejection of “burdensome contracts.”