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C Street Advisory Group is handling cryptocurrency lender BlockFi as it filed for Chapter 11 on Nov. 28 in the aftermath of the implosion of the FTX crypto exchange.
As part of the restructuring, BlockFi will focus on recovering funds owed to it by FTX but acknowledges that process will be delayed as FTX works through its own bankruptcy.
BlockFi says bankruptcy will allow it to stabilize its business and develop a restructuring plan that will maximize value for clients and other stakeholders.
C Street Advisory Group CEO Jon Henes was a lawyer who handled restructurings at Kirkland & Ellis before co-founding the New York-based financial PR firm in 2021.
Kirkland & Ellis is serving as legal counsel for the BlockFi Chapter 11 proceeding.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
