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Genesis Global Holdco LLC won bankruptcy court permission to sell roughly 35 million Grayscale Bitcoin Trust shares worth more than $1.3 billion as the bankrupt crypto lender readies plans to compensate clients who lent it digital assets, Bloomberg News reported. Judge Sean Lane said Wednesday he’d grant Genesis’ request to sell the shares, a process the crypto lender said would be conducted over time with the help of a broker. Genesis also intends to sell more than 11 million shares in two Grayscale Ethereum Trusts worth more than $200 million, according to a Feb. 2 court filing. Genesis’ parent, Digital Currency Group, attempted to delay the proposed sale until after the bankruptcy court decides later this month whether to approve its subsidiary’s debt repayment plan. Digital Currency Group, which opposes Genesis’ repayment plan, said its not against selling the shares but said the sales could be premature if the Lane rejects the plan. Digital Currency Group lawyer Jeffrey Saferstein said the parent company was also worried that the Grayscale shares could be unloaded too quickly, depressing prices and minimizing potential recoveries for Genesis creditors. The parent company also sought the right to consult on the Grayscale shares.

Sinclair Inc. is exploring bringing in an equity partner for the Tennis Channel as well as other strategic alternatives for the network, FrontOfficeSports.com reported. The tennis-specific network, which celebrated its 20th anniversary last year, offers the most concentrated single-sport coverage anywhere in television, broadcasting nearly 5,000 hours in 2023. In the third quarter of 2023, Sinclair’s tennis segment, which includes the Tennis Channel, the network’s streaming operations, and Tennis.com, reported $59 million in revenue, up by 9%, and $13 million in operating income, up 18%, beating prior Sinclair guidance and representing a bright spot for the company. Sinclair is now projecting full-year Tennis Channel revenue to reach $226 million and adjusted earnings of at least $61 million. That performance, speaking in part to the rising global profile of tennis, has occurred despite ongoing cord-cutting continuing to dramatically reshape the entire sports media landscape. Based in part on those results, the strategic review of the Tennis Channel is being prompted largely by inbound interest in the network. Sinclair, which purchased the Tennis Channel in 2016 for $350 million, has hired investment bank Moelis & Co. to handle inquiries. he move could see Sinclair further reduce its profile in sports. Already, its regional sports network subsidiary Diamond Sports Group is in chapter 11 protection and attempting a three-pronged recovery plan after expectations had previously grown toward an eventual shuttering of that company.

Adam Neumann, the former chief executive and co-founder of WeWork, is trying to regain control of the bankrupt co-working company less than five years after the board forced him out, WSJ Pro Bankruptcy reported. On Monday, Neumann’s lawyers sent a letter to WeWork’s advisers saying that he is partnering with Dan Loeb’s Third Point hedge-fund firm and other investors in exploring a bid for the company. That effort is already facing challenges. Some WeWork creditors have signaled they are ready to sell the firm after it exits chapter 11, according to people familiar with the matter. But WeWork executives have been cool to Neumann’s interest. They have shut him out from information he would need to submit a bid for the company since he initially approached WeWork in December, according to Neumann’s letter that was reviewed by The Wall Street Journal. It also isn’t clear how committed Third Point is to working with Neumann on a WeWork acquisition. A Third Point spokeswoman said the hedge fund “has not made a commitment to participate in any transaction” and had “only preliminary conversations” with Flow Global, Neumann’s real-estate company. WeWork lawyers said on Monday that the company is running short on cash and needs more money to get through its costly chapter 11 cases. In Neumann’s letter to WeWork, he said the current financial crunch was caused by the management’s lack of ability to “explore alternatives” for financial support.

A federal bankruptcy judge on Wednesday approved the sale of a defunct private university’s campus to the owner of a West Virginia construction firm for $5 million, the Associated Press reported. Craig G. Phillips, owner of CGP Construction of Elkins, was awarded the former Alderson Broaddus University’s land, buildings and other property in Philippi after making a bid at the deadline, news outlets reported. The sale is expected to be completed within 30 days. DACK, a real estate company in nearby Buckhannon, had made a $4.9 million initial bid. DACK did not counter CGP’s bid at Wednesday’s hearing. Mr. Phillips did not specify what his plans are for the campus. Alderson Broaddus, which was founded in 1932, had been struggling financially for several years. The small Baptist university filed for chapter 7 bankruptcy in August, a month after announcing that it planned to stop operating. Alderson Broaddus took down its website, encouraged its employees to seek unemployment insurance benefits and announced that it voluntarily resigned its accreditation with the Higher Learning Commission. A board overseeing the state’s four-year colleges and universities had revoked the school’s ability to award degrees effective Dec. 31. The university’s 625 students then scrambled to enroll at other colleges.

Audacy Inc., a radio broadcaster reorganizing in US bankruptcy court, announced plans to cut a number of positions in its Pineapple Street podcast division, Bloomberg News reported. The reductions amount to 12 positions, or about 25% of the staff. A number of factors weighed on the company, including recent entertainment industry strikes, tighter marketing budgets and waning demand for limited-run, narrative series. “We are continuing to optimize our structure to align with the podcast market opportunity and set us up for continued growth,” the company said. “Unfortunately, that means reducing the size of some of our teams, and we have made the difficult decision to reduce a portion of our Pineapple staff.” Audacy, which counts New York’s 1010 WINS among its stations, filed for chapter 11 bankruptcy protection in Texas this month after reaching a pact with creditors that would hand them ownership in exchange for slashing $1.6 billion of debt.

Bankrupt pharmacy chain Rite Aid Corp. hired liquidators at the request of company lenders even as the retailer continues negotiating with at least two potential buyers, Bloomberg News reported. Two liquidation consultants — Hilco Merchant Resources and SB360 Capital Partners — will help the company run going-out-of-business sales for any stores to be shuttered. U.S. Bankruptcy Judge Michael Kaplan gave the company permission to hire the liquidators during a court hearing held by video on Monday. Since it filed for bankruptcy in October, the company has been closing unprofitable stores while trying to find a buyer for those it hopes to keep open. So far, Rite Aid has rejected about 500 leases while under court protection, company lawyer Warren Usatine said in court on Monday. The company operated more than 2,100 stores when it began the restructuring case, according to court records. The liquidators were hired mainly to satisfy lenders who are financing Rite Aid’s bankruptcy case. The chain is still negotiating with at least two potential buyers on the scope of their bids. Last month, the company agreed to sell its insurance-related business Elixir to MedImpact Healthcare Systems for $575 million after no higher bid came in, court papers show.