CHAPTER 11 BANKRUPTCY
Amazon aggregator Thrasio emerges from bankruptcy, appoints CEO
Fox, previously the company's chief operating officer, would succeed Greg Greeley, who would step down from the position after the company completes its global restructuring.
U.S. electric vehicle maker Fisker files for bankruptcy
The bankruptcy filing by U.S. electric vehicle maker Fisker comes after failed deal talks with a major automaker, resulting in the company facing the consequences of a rapid cash burn to deliver its 'Ocean' SUVs in the U.S. and Europe. Fisker Group Inc, a subsidiary of the company, sought Chapter 11 bankruptcy protection, citing estimated assets between $500 million to $1 billion and liabilities ranging from $100 million to $500 million.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
Byju’s lenders petition to put subsidiaries in bankruptcy in the US
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.
Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.
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Air Vanuatu files for bankruptcy protection after cancelling all international flights
Ernst & Young Australia's Morgan Kelly, Justin Walsh and Andrew Hanson were appointed liquidators in an equivalent of a US Chapter 11 bankruptcy, the firm said in a statement. The liquidators said safety and maintenance checks would be made before normal operations resumed.
FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution
FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims.
Adam Neumann submits bid to buy back WeWork: report
Neumann raised WeWork to be the most valuable U.S. startup, worth $47 billion, before his pursuit of expansion at the expense of profit and revelations about his eccentric behavior led to his ouster in 2019 and derailed what would have been a major initial public offering.
FTX expects US to reduce bankruptcy claim to $3 billion to $5 billion
FTX expects U.S. gov claims in bankruptcy to decrease to $3-5 billion, leaving no money for shareholders. Founder's false claims about harm caused by FTX's collapse contradicted.
Byju's US unit files for bankruptcy in Delaware
Byju's Alpha unit listed its assets in the range of $500 million to $1 billion, according to a court filing, which showed estimated creditors in the range of 100 to 199.
Terraform Labs files for bankruptcy protection in US
Singapore-based Terraform labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100-$500 million. Recently, a federal judge postponed the trial of the U.S. Securities and Exchange Commission (SEC) against the company and its co-founder, Do Kwon, over an alleged $40 billion cryptocurrency fraud.
Celsius Network wins court approval for shift to bitcoin mining
US bankruptcy judge Martin Glenn in Manhattan on Wednesday said the bankruptcy plan approved in November contained enough flexibility to allow Celsius to switch to a backup plan after it hit a road block with the US Securities and Exchange Commission.
Former New York City Mayor Rudy Giuliani files for bankruptcy
Rudy Giuliani, after a jury's $150 million defamation ruling, filed for bankruptcy in New York. He faces debts of $100M-$500M with assets up to $10M, owing taxes and legal fees, a result of his post-2020 election actions. Giuliani's advisor cites Chapter 11 as an avenue for appeal and fair creditor treatment. A judge allowed immediate collection from him. Despite attempts to evade debt, his acknowledged defamation with malice complicates relief. Plaintiffs aim to secure assets like properties and investigate his financial ties, like with Newsmax.
India operations not impacted by parent Ebix bankruptcy filing: EbixCash
EbixCash clarified that about 200 affiliates of Ebix working outside the US are not included in the US-only Chapter 11 filing and will continue to operate normally.
FTX files plan to end bankruptcy, pay crypto creditors billions
The company filed for bankruptcy last year after Sam Bankman-Fried agreed to turn over control of his empire to restructuring professionals.
Celsius Network pivots to bitcoin mining after bankruptcy
Celsius declined to comment on Tuesday. The SEC did not immediately respond to a request for comment.
Crypto lender Celsius Network cleared to exit bankruptcy
US Bankruptcy Judge Martin Glenn in Manhattan signed off on the restructuring in an order published on Thursday. The reorganized business will be managed by Fahrenheit LLC, a consortium that includes hedge fund Arrington Capital, and it will focus on mining new bitcoin and earning "staking" fees by validating blockchain transactions.
Crypto lender Celsius Network cleared to exit bankruptcy
New Jersey-based Celsius filed for Chapter 11 protection in July 2022, one month after freezing customer accounts to prevent withdrawals. Celsius, which was once valued at $3 billion, was one of the largest crypto collapses last year.
WeWork seeks bankruptcy protection, a stunning fall for a firm once valued at close to $50 billion
WeWork is also requesting the "ability to reject the leases of certain locations," which the company says are largely non-operational, as part of the filing. Specific estimates of total impacted locations were not disclosed Monday, but all affected members have received advanced notice, the company said.
WeWork plans to file for bankruptcy as early as next week- WSJ
WeWork plans to file for bankruptcy as early as next week- WSJ
San Francisco Catholic Archdiocese files for bankruptcy amid abuse lawsuits
The Archdiocese of San Francisco has declared bankruptcy due to over 500 sexual abuse lawsuits, aiming to manage assets of $100M-$500 million. Similar actions have taken place across Catholic dioceses in the U.S., grappling with historic abuse revelations. Lawyers anticipate a swift resolution hinging on transparency and insurer negotiations, as past cases resulted in substantial settlements.
Medtech firm Surgalign files for Chapter 11 bankruptcy
Surgalign filed for bankruptcy with estimated assets and liabilities in the range of $50 million to $100 million in the Bankruptcy Court for the Southern District of Texas.
Johnson & Johnson talc unit again seeks to halt 38,000 cancer lawsuits
LTL Management, a subsidiary of Johnson & Johnson (J&J), will argue for an "automatic stay" under bankruptcy law that stops tens of thousands of lawsuits against it from moving forward over allegations that its baby powder and other talc products cause cancer. LTL is attempting to resolve the litigation in bankruptcy after a federal appeals court deemed its first attempt improper last January.
Crypto lender Genesis files for Chapter 11 bankruptcy
Genesis said that its other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations.
Crypto miner Core Scientific files for Chapter 11 bankruptcy
The Austin, Texas-based miner said it would not liquidate and would continue to operate normally, as it expects to enter into a restructuring support agreement with its creditors, who represent over 50% of the holders of its convertible notes.
BlockFi tells U.S. bankruptcy court it is 'the antithesis of FTX'
BlockFi filed for Chapter 11 protection on Monday, citing FTX's collapse and volatility in the crypto markets.
Movie chain Cineworld files for Chapter 11 bankruptcy
“The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point," CEO Mooky Greidinger said in a statement.
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