bankruptcy

Stories 1 - 20 |  Next >>

'An Unbelievable Result' in FTX Bankruptcy

Customers to have value of assets repaid, with interest

(Newser) - Customers of Sam Bankman-Fried's imploded cryptocurrency exchange will get paid—with interest. FTX says it will have billions more than owed to customers once it wraps up the sale of its remaining assets, including investments held by Bankman-Fried's crypto trading firm Alameda Research and FTX Ventures. It expects...

'I Wonder If They Are All Bad Debtors Like Me'

In China, those in default go on a national blacklist and are barred from high-speed trains

(Newser) - In the US, people who run into insurmountable debt can declare bankruptcy and attempt to regroup. In China, not so much. In fact, the Wall Street Journal reports that people who fall behind on debt—all of them listed "on a publicly available government delinquency blacklist"—face a...

Right-Wing Blog Heads for Chapter 11

Founder of Gateway Pundit blames 'progressive liberal lawfare attacks' but vows to keep publishing

(Newser) - A popular far-right blog has filed for bankruptcy, though its founder vows to continue publishing. The Washington Post reports that the Gateway Pundit, run by Jim Hoft, is seeking Chapter 11 protections after a series of lawsuits accusing the site of promoting conspiracy theories on the 2020 election, school shootings,...

Crafts Retailer Joann Files for Chapter 11

But it expects to emerge from bankruptcy protection as early as next month

(Newser) - Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, reports the AP , as consumers continue to cut back on discretionary spending. In a Monday release, the company based in Hudson, Ohio, said that it expected to emerge from bankruptcy as early as the end of next month....

Debt-Ridden Giuliani Getting Help From Outside Sources
Here's How Much
Rudy Giuliani Owes

Here's How Much Rudy Giuliani Owes

It's a lot, as revealed in bankruptcy proceedings, and 2 groups are covering cost of his legal defense

(Newser) - This week brought a minor victory for Rudy Giuliani, but also those hungry for details about his paralyzing debt . The New York judge overseeing Giuliani's bankruptcy case allowed the former New York City mayor to appeal the $146 million penalty awarded to two former Georgia election workers Giuliani was...

Judge Hears From Coalition Wanting Money From Giuliani

Group includes election workers, IRS, and Hunter Biden

(Newser) - A group of people and businesses saying they are owed money by Rudy Giuliani gathered virtually Friday for the first court hearing since he declared bankruptcy last month after losing a defamation suit to two Georgia election workers. During a two-hour Zoom hearing, an attorney for Giuliani told a US...

Rudy Giuliani Files for Bankruptcy
Rudy Giuliani
Files for Bankruptcy

Rudy Giuliani Files for Bankruptcy

Move comes after he is ordered to immediately pay two election workers nearly $150M

(Newser) - One day after being order to immediately pay two Georgia election workers nearly $150 million, Rudy Giuliani has filed for bankruptcy. In Chapter 11 paperwork filed in New York on Thursday, the former New York City mayor listed assets of about $10 million and debts of nearly $500 million, reports...

Bidder Emerges to Save Yellow, but She Needs Uncle Sam

Industry exec Sarah Riggs Amico has a plan to resurrect a leaner version of bankrupt trucking firm

(Newser) - Pressure from Congress has been increasingly directed toward the US Treasury in recent weeks to help rescue trucking giant Yellow Corp. after the firm filed for bankruptcy over the summer and shuttered operations. Now, as Yellow's assets are prepped for sale and its former drivers struggle to find work...

Once a Darling, WeWork Has Now Filed for Bankruptcy

Sources had indicated move was imminent

(Newser) - As sources indicated last week that it would, a onetime darling of the startup world on Monday filed for Chapter 11 bankruptcy protections in federal court. The coworking company WeWork, which has long been struggling, isn't quite ready to throw in the towel: "Now is the time for...

Amid Opioid Lawsuits, Rite Aid Goes Belly-Up

Major pharmacy chain has filed for bankruptcy, will restructure finances

(Newser) - Rite Aid said Sunday that it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits. Some stores will be closed, though no details were immediately available on that. In 2022, the pharmacy...

'Profound Disappointment:' Yellow Trucking Won't Make It

Longstanding firm files bankruptcy, will liquidate

(Newser) - There will be no miracle recovery for the venerable Yellow trucking company. The 99-year-old firm filed for bankruptcy late Sunday, reports the Wall Street Journal . "It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business," said Chief Executive Darren Hawkins....

Founder of Crypto Lender Arrested on Fraud Charges

Celsius Network already has filed Chapter 11

(Newser) - Alexander Mashinsky, who founded the cryptocurrency lending platform Celsius Network, was arrested Thursday on federal charges. Prosecutors say Mashinsky mispresented the financial health of the company to investors, ABC News reports. At the same time, the Securities and Exchange Commission and the Federal Trade Commission filed lawsuits saying the founder...

Bed Bath & Beyond's Owner Decides to Take Its Name

Overstock.com will disappear in takeover

(Newser) - Bed Bath & Beyond will live on, online at least, after Overstock.com acquired the bankrupt retail chain's intellectual property assets for $21.5 million. The online retailer Overstock.com is dumping its name online and will become Bed Bath & Beyond, which declared bankruptcy earlier this year. Overstock....

A Pandemic Darling Falls Into Bankruptcy

Instant Pot is in trouble as sales wane

(Newser) - The all-in-one pressure cooker Instant Pot became a smash hit during the pandemic. But that meteoric growth couldn't be sustained, and maker Instant Brands filed for bankruptcy Monday, reports the Wall Street Journal . The newspaper sums things up succinctly, noting that the move reflects "the difficulties that Instant...

Virgin Orbit Is Dead
Goodbye to
Virgin Orbit

Goodbye to Virgin Orbit

Bankrupt company sells $36M in assets, waves goodbye

(Newser) - Virgin Orbit is no more. Richard Branson's company, which sought to deliver satellites to low Earth orbit using a modified Boeing 747 , has officially shut down after failing to secure the necessary funding to stay afloat. Its first-ever satellite mission in the UK in January was marred by a...

Your Bed Bath & Beyond Coupons Are Done Tuesday

On Wednesday, the liquidation sales begin

(Newser) - Bed Bath & Beyond has filed for bankruptcy , which means that the chain's ubiquitous 20% off coupons will soon be useless. But, as Business Insider reports, you do have until the end of Tuesday before stores stop accepting them. Starting Wednesday, stores (including the chain's BuyBuy Baby stores)...

Bed Bath & Beyond Files for Bankruptcy

Retail giant seeks Chapter 11 protection after turnaround fails

(Newser) - After warning of possible bankruptcy in January, home goods retail giant Bed Bath & Beyond has filed for Chapter 11 protection, reports NPR . This follows steady declines in both customers and profits. Despite taking numerous measures such as closing stores, cutting jobs, and securing bank and investor loans to keep...

For the 2nd Time in 5 Years, Bad News for David's Bridal

70-year-old chain, $257M in debt, files for Chapter 11 bankruptcy protection

(Newser) - For more than 70 years, David's Bridal has served as one of the nation's biggest one-stop wedding party shops, claiming that 1 in 4 brides don its wedding dresses on their big day. Now, however, the Pennsylvania-based chain is $257 million in debt, per court documents, and it'...

Families Face Quandary in Collecting From Alex Jones

Infowars host, facing judgment, has been shifting assets

(Newser) - Alex Jones, the Infowars conspiracy broadcaster who has been ordered to pay families of Sandy Hook mass shooting victims more than $1 billion in defamation damages, has been moving assets to where his creditors can't touch them. Jones has put property, business deals, and cash totaling millions of dollars...

Alex Jones: DOJ Is Out for My $2K Cat

It's not clear that the government wants Mushu, though it is after assets Jones may have hidden

(Newser) - Alex Jones claims the Justice Department is after his cat. In a video shared by his wife on Twitter, the Infowars host is shown cradling a Ragdoll cat named Mushu while telling viewers that the DOJ believes he used the animal to hide cash owed to the families of the...

Stories 1 - 20 |  Next >>