Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, Nov. 30. In today's briefing, bankrupt cryptocurrency lender Genesis Global received court approval to move forward with its liquidation plan as it reached a new agreement with parent DCG over loan repayments. And trucker Yellow is considering an offer to revive the carrier and rehire thousands of its former workers as it weighs competing bids at a court-supervised auction that would disperse its nationwide network of truck terminals to rivals.

Bankrupt cryptocurrency lender Genesis Global received court approval to move forward with its liquidation plan as it reached a new agreement with its parent company over loan repayments.

The approval moved the crypto company closer to resolving billions of dollars in crypto claims in bankruptcy after a series of failed proposals aiming to settle the $1.7 billion in loans Genesis extended to its parent company, Digital Currency Group. The loans include about $630 million in a past-due unsecured loan, and a $1.1 billion unsecured promissory note due in 2032.

Under the new agreement, for which Genesis seeks bankruptcy court approval, Genesis will receive more than $200 million from DCG in the next few weeks with the rest to be paid out by April 1, a lawyer for Genesis said at the hearing Tuesday. About $324.5 million is owed to Genesis as of Tuesday, court filings show. The settlement won’t make up the total amount owed.

Bankrupt trucker Yellow is considering an offer to revive the carrier and rehire thousands of its former workers as it weighs competing bids at a court-supervised auction that would disperse its nationwide network of truck terminals to rivals.

Sarah Riggs Amico, executive chair of auto carrier Jack Cooper Transport, is leading a bid that would replace Yellow, which shut down over the summer, with a smaller, leaner trucking company that aims to win back some of the billions of dollars worth of freight business that has shifted to a range of other carriers.

The bid faces major hurdles, including persuading the federal government to extend a $700 million loan made to Yellow during the Covid-19 pandemic that is due in 2024. It also comes as Yellow is deep in the process of selling off tens of thousands of trucks and trailers and about 170 North American truck terminals, assets that have been valued at a total of more than $2 billion.

Note to readers: A Top News item about a bid for trucking giant Yellow was included in error in Wednesday’s newsletter. The article is from Nov. 8.

The bankruptcy estate of Bed Bath & Beyond has filed the largest ever lawsuit with the Federal Maritime Commission, seeking around $300 million from Mediterranean Shipping Co. for allegedly overcharging to move its cargo during the pandemic.

The bankrupt retailer wants Geneva-based MSC, the world’s largest boxship operator in terms of capacity, to pay around $150 million for damages and an equal sum for what it described as exploitative and coercive behavior. Complaints by American companies are handled by the FMC, the U.S. maritime regulator.

• Bed Bath & Beyond parent names co-chairs as management mandates ‘intense’ restructuring. Shares of Beyond jumped 7.3% toward a two-month high in premarket trading Wednesday, after the parent of Bed Bath & Beyond and the company formerly known as Overstock said Chairperson Allison Abraham will now share the chairperson title with Director Marcus Lemonis. The company said its leadership mandates an “intense” restructuring, “through reducing costs and evaluating lines of business, investments and capital allocation while driving revenue and increasing [the] active customer base.” The news comes about three weeks after Jonathan Johnson stepped down as chief executive and from the company’s board, and David Nielsen was appointed interim CEO. “The entire management team is acutely focused on delivering improved results and appreciates the Board’s full support as we execute our plans,” Nielsen said Wednesday. The stock has tumbled 32.2% over the past three months through Tuesday, while the S&P 500 SPX has gained 1.3%. — Tomi Kilgore

The property slump sweeping the globe has claimed a new high-profile victim: René Benko, an Austrian-born retail and department-store magnate who also co-owns New York’s Chrysler Building.

Benko’s main holding company, Signa Holding, said Wednesday it is filing for insolvency in Austria. The move, similar to U.S. bankruptcy procedure, puts billions of dollars of company debt at risk and casts uncertainty over a property empire that includes stakes in the largest department store chains in Europe, upscale British retailer Selfridges and a now-stalled Hamburg tower that would have been among the tallest in Germany.

The strife at property tycoon René Benko's empire is rippling through the debt markets, where bonds issued by one of his units have crashed to just a fraction of their face value.

A 300 million euro, or roughly $330 million, bond issued by Signa Development Finance S.C.S. was bid at less than 8 cents on the euro Wednesday, according to Tradeweb. A month ago the bond's price was above 60 cents.

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