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J.C. Penney files for bankruptcy protection

J.C. Penney Co Inc filed for bankruptcy protection on Friday, the latest among traditional brick-and-mortar retailers to crumble as prolonged store closures due to the COVID-19 pandemic deliver the final blow to troubled businesses......»»

Category: topSource: reutersMay 15th, 2020

Cineworld"s deputy CEO regrets it wasn"t a meme stock like AMC as the chain files for bankruptcy: "We were never so lucky!"

Cineworld's deputy CEO said having fans like its US rival AMC would have helped the movie chain as the owner of Regal Cinemas filed for Chapter 11. Cineworld filed for bankruptcy over a $5 billion debt.Amanda Krause/Insider Cineworld's deputy CEO wished the movie chain had become a meme stock like rival AMC. The UK movie chain, which owns Regal Cinemas in the US, filed for Chapter 11 bankruptcy Wednesday. The chain, carrying $5 billion in debt, would have welcomed meme-stock liquidity, the executive said. Cineworld was unlucky not to become a meme stock like its rival AMC Entertainment, according to a top executive at the world's second-biggest movie chain operator.The UK-based company, which owns Regal Cinemas in the US, filed for Chapter 11 bankruptcy on Wednesday after becoming weighed down with $5 billion in debt. Like other cinema operators, Cineworld has been hit by enforced closures during the COVID-19 pandemic, fewer top-flight theatrical releases, and more competition from streaming services.But it has struggled to shore up its finances, unlike AMC, which has managed to raise over $2 billion via sales of new "APE" preferred stock to its army of retail investors, according to a report in The Wall Street Journal.Cineworld's deputy chief executive, Israel Greidinger, sounded regretful about his company's lack of a similar "meme stock" fanbase in a declaration accompanying the bankruptcy protection filing."While Cineworld would, of course, have welcomed the liquidity of becoming a 'meme stock' like AMC, we were never so lucky!" he said.The chain confirmed in August that it was considering filing for Chapter 11 protection, which enables companies to continue operations while they work out a plan to pay back creditors. In its filing Wednesday, it said it was looking at restructuring its UK, US and Jersey business, and to cut debt. "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," Cineworld CEO Mooky Greidinger said in the filing. The meme stock movement sees non-professional investors talk up their favorite stocks in online forums like Reddit's r/wallstreetbets. The practice gained mainstream popularity about 18 months ago as retail investors successfully sent shares of GameStop (GME) to astronomical levels.The movement lost momentum as stocks sold off in the first half of 2022, but powered up again in early August after Bed Bath & Beyond (BBBY)'s stock caught fire. Much of that revival has since disappeared. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 8th, 2022

Blackstone Oilfield Services LLC files for bankruptcy in New Mexico

Blackstone Oilfield Services LLC filed for voluntary Chapter 11 bankruptcy protection on July 26 in the U.S. District of New Mexico. The debtor listed an address of 525 N. 1st Street in Bloomfield and is represented in court by attorney Scott Cargill. Blackstone Oilfield Services listed assets ranging from $500,001 to $1 million and debts ranging from just over $1 million to $10 million. The filing did not identify the company's largest creditor. Chapter 7 bankruptcy protection typically provides….....»»

Category: topSource: bizjournalsSep 8th, 2022

Koeppel-owned building files for bankruptcy protection amid tenant litigation

The property is embroiled in a class-action suit with residents over alleged rent overcharges.....»»

Category: blogSource: crainsnewyorkAug 26th, 2022

Infowars parent company files for bankruptcy as defamation trial for Alex Jones" Sandy Hook conspiracy claims nears decision on awarding damages to victims

Free Speech Systems, the parent company that operates Infowars, filed for bankruptcy protection Friday as the defamation case over Alex Jones' Sandy Hook claims heads to trial. Alex Jones, the founder of right-wing media group Infowars, addresses a crowd of pro-Trump protesters after they storm the grounds of the Capitol Building on January 6, 2021 in Washington, DC. A pro-Trump mob stormed the Capitol earlier, breaking windows and clashing with police officers. Trump supporters gathered in the nation's capital today to protest the ratification of President-elect Joe Biden's Electoral College victory over President Trump in the 2020 election.Jon Cherry/Getty Images Free Speech Systems, the parent company of Infowars, filed for bankruptcy protection Friday. Infowars founder Alex Jones was found to have defamed several Sandy Hook families and profited from them. The filing comes as a trial in Texas is slated to award damages to two families who won a judgment against him. Free Speech Systems, the parent company of Alex Jones' far-right conspiracy theory website Infowars, filed for bankruptcy protection on Friday. The move comes as a trial in Texas is underway to determine how much to award the families of two Sandy Hook victims who sued Jones for defamation and won a default judgment against him because he refused to comply with court orders. Earlier this week, Mark Bankston, the lawyer for the two families, asked the jury to award his clients $150 million in damages — $1 for each person who believes false information about the Sandy Hook shooting that was pushed by Jones.Bankston did not immediately return Insider's request for comment. In the aftermath of the elementary school shooting — in which 26 people were killed — Jones baselessly claimed the incident was staged and accused the people involved of being actors. The Newtown, Connecticut, shooting was the deadliest elementary school shooting in US history.The Infowars founder was already found guilty in four separate lawsuits in Texas and Connecticut in similar defamation cases last year.Following those defamation cases, three other companies tied to Jones — Infowars, Prison Planet, and Infowars Health — declared bankruptcy, delaying court proceedings in what the Sandy Hook parents' lawyer previously told Insider was a stalling technique to "delay the inevitable."The companies later dropped the bankruptcy claims after arranging a deal with the plaintiffs that they would only sue him and Free Speech Systems.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJul 30th, 2022

Crypto: Beleaguered crypto lender Celsius files for Chapter 11 bankruptcy

Calling it a "a defining moment," embattled crypto lender Celsius Networks has filed for Chapter 11 bankruptcy protection,.....»»

Category: topSource: marketwatchJul 13th, 2022

Crypto: Beleaguered crypto lender Celsius files for bankruptcy: report

Embattled crypto lender Celsius Networks has filed for Chapter 11 bankruptcy protection, according to a new report......»»

Category: topSource: marketwatchJul 13th, 2022

Crypto firm Voyager Digital files for bankruptcy amid large loan loss and contagion in the digital asset market

"This comprehensive reorganization is the best way to protect assets on the platform," Voyager told investors about its Chapter 11 filing. Fernando Gutierrez-Juarez/picture alliance via Getty Images Crypto lender Voyager Digital filed for Chapter 11 bankruptcy protection on Tuesday.  Voyager said it has been hurt by "prolonged volatility and contagion" in the crypto markets. The company also cited the failure of hedge fund Three Arrows to repay a loan as a reason it filed for protection.  Voyager Digital filed for bankruptcy protection on Tuesday as the crypto platform navigates through a meltdown in prices in the digital-asset market and its exposure to a hedge fund that failed to repay a multimillion-dollar loan. "This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers," CEO Stephen Ehrlich said in a press statement. In Chapter 11 filing with the bankruptcy court in the Southern District of New York, Voyager Digital listed Alameda Research Ltd. and Alameda Research Ventures among its creditors. Alameda, founded by crypto billionaire and FTX brokerage boss Sam Bankman-Fried, last month extended a loan to aid Voyager. Voyager's filing followed its warning in June that cryptocurrency hedge fund Three Arrows Capital, or 3AC, hadn't repaid a loan of 15,250 bitcoin and $350 million of the USDC stablecoin, amounting to more than $660 million. Three Arrows last week filed for Chapter 15 bankruptcy, crippled in part by its own exposure to the collapse of cryptocurrency luna. Meanwhile, the so-called "crypto winter" in the cryptocurrency market has pulled the market's valuation to roughly $905 billion after hitting an all-time high above $3 trillion in November. Bitcoin on Wednesday traded around $20,000, sliding from its all-time high above $68,000 in November. The "prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company's subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now," said Ehrlich. Voyager said it has more than $110 million of cash and owned crypto assets on hand that will provide liquidity to support day-to-day operations during the Chapter 11 process.Crypto lenders Vauld and Celsius Network have also been hit by the crypto-market crisis, forcing each to recently suspend withdrawals. Celsius has paid down $183 million of its debt to decentralized exchange Maker, according to CoinDesk, citing blockchain data. Voyager Digital CEO Steve EhrlichVoyager Read the original article on Business Insider.....»»

Category: personnelSource: nytJul 6th, 2022

Dow Jones Newswires: SAS files for bankruptcy protection in U.S. to push through restructuring

The Scandinavian airline has also been hit by a pilot strike that started Monday and it expects around 50% of its daily scheduled flights to be cancelled......»»

Category: topSource: marketwatchJul 5th, 2022

Manhattan strip club owner files for bankruptcy protection to avoid foreclosure

Robert Gans' portfolio of properties in Manhattan and Queens, including two strip clubs, is estimated to be worth $200 million To view the full story, click the title link......»»

Category: blogSource: crainsnewyorkJul 4th, 2022

First Guaranty Mortgage files for bankruptcy

First Guaranty Mortgage Corp. said Thursday that it has filed for Chapter 11 bankruptcy protection, due to "significant operating losses and cash flow challenges" resulting from adverse market conditions for the mortgage lending industry. The mortgage company said its bankruptcy has not impact on closed mortgages, as they are already serviced by third parties, and said it has retained "a portion of its workforce" to manage the day-to-day business. "The sharp and unexpected decline in performance reflects the intense pressure on mortgage originations due to the dramatic collapse of the mortgage refinance market and the weakening mortgage purchase market, which has suffered from a lack of housing inventory and increasing affordability issues," the company said. FGMC said it will try to accommodate the maximum number of borrowers who have started buy not yet completed the loan process.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchJun 30th, 2022

Revlon files for bankruptcy protection

Revlon has filed for bankruptcy protection listing assets and liabilities between $1 billion and $10 billion......»»

Category: marketSource: foxnewsJun 16th, 2022

East Bay migraine patch developer files for bankruptcy

With its microneedle-delivery of a generic migraine drug stalled, the company has filed for Chapter 11 bankruptcy protection......»»

Category: topSource: bizjournalsJun 2nd, 2022

The week in bankruptcies: Talen Energy files biggest Houston bankruptcy case of 2022

Houston-area bankruptcy courts recorded several business filings — including one with total debts above $10 billion — in recent weeks. Year to date through May 20, 2022, the court recorded 40 Chapter 7 or Chapter 11 business bankruptcy filings, a 26% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’s assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations….....»»

Category: topSource: bizjournalsMay 30th, 2022

10 - 10 Training of Cedar Park LLC files for Ch. 11 bankruptcy

Austin-area bankruptcy courts recorded one business filing during the week that ended May 20. Year to date through May 20, the court recorded 21 Chapter 7 or Chapter 11 business bankruptcy filings, a 75% increase from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. 10….....»»

Category: topSource: bizjournalsMay 30th, 2022

I moved my crypto from Coinbase Wallet to a USB-like hardware device to have more control over my money. Here"s how to do it.

After Coinbase disclosed this week that it could absorb users' crypto if it ever went bankrupt, I wanted to try storing my holdings offline. Hardware wallets like Ledger provide an extra layer of security for your crypto holdings by keeping your private key offline.Katie Canales/Insider I moved my crypto from Coinbase Wallet to a hardware wallet for more security. Coinbase warned this week that users' crypto could be collateral in the unlikely event of bankruptcy. Hardware wallets add a physical layer of protection and are favored by seasoned crypto users. A few weeks ago, I bought crypto for the very first time so that I could purchase a cartoon pig.My Rave Pigs NFT is still in my possession, as is $63 worth of ether, the second-largest cryptocurrency by market cap and the native coin to the Ethereum blockchain. Those holdings were sitting in my Coinbase Wallet, a popular software self-custody wallet.Due to new rules recently set by the Securities and Exchange Commission, Coinbase disclosed in its first-quarter earnings report this week that in the unlikely case of bankruptcy, the company could absorb crypto held by users on its exchange. In effect, Coinbase users would no longer have access to their holdings and the company would take over balances on the exchange. Granted, this would potentially only impact Coinbase exchange and not Coinbase Wallet users, as they function separately. And while Coinbase CEO Brian Armstrong assured users that their funds are secure and there's no present risk of bankruptcy, it got me thinking about how to best store digital coins. Are exchanges, digital wallets, or physical wallets more secure?I decided to buy a $59 hardware wallet and try it out myself. Here's what I found.The process of transferring crypto to Ledger was mostly seamlessI went to a local Best Buy and snagged the Ledger Nano S, as Ledger is one of the most popular companies offering hardware storage gizmos. The employee that directed me to them asked if I was secretly a crypto millionaire. (I am not.)The first thing I have to note is the Apple-ification of the product, from the packaging to the slim design. If you squint your eyes hard enough, it looks like the iPod Shuffle. RIP. It reminded me of packaged Apple products.Katie Canales/InsiderThe directions prompted me to connect the device to my laptop and download the Ledger Live app. The device showed up in my Mac Finder, and no, you can't drag random files onto it like you would a USB.I was a bit confused that there was software involved in the setup process. Isn't the biggest perk of the physical wallet that it's free of hackable software capabilities? But the app reassured me that the Ledger never exposes my private key  — nor my password to access my crypto — online, even when using Ledger Live.A quiz prompt reiterates that the Ledger will never show my private key online.LedgerThe first step was to get to know my Ledger. There's a small screen on it, and you use the buttons on the side to scroll and click "Okay." I set up a PIN and confirmed it — this isn't my private key, but rather a password just to get into my Nano.I promptly wrote my PIN down in a secure location. You only get three tries to guess your PIN, otherwise you lose access to your assets forever.The screen on the device asked me to create a PIN.Katie Canales/InsiderNext came my 24-word recovery phrase which created my new unique private key."It is your only backup to restore your accounts if needed," the gadget warned me. "If lost, stolen, or forgotten, all your assets will be irremediably lost."But deleting Coinbase Wallet isn't so easyThen it was time to connect my crypto. There's an option to use an existing software wallet with a Ledger hardware wallet, so I did that first — I merely connected my holdings on Coinbase Wallet to Ledger via a Chrome extension on my computer.Now, nothing can happen to my holdings unless my Ledger is plugged into my computer, and I can view them in real-time on the Ledger Live app. What the Ledger Live app looked like after I connected my assets.LedgerHowever, my goal was partly to see if I could completely extricate myself and my holdings from the Coinbase ecosystem, even though keeping crypto on Coinbase Wallet is different than keeping it on the exchange.I transferred my holdings to Ledger and tried deleting Coinbase Wallet, but I only went so far — you need to have zero funds in your account before you can delete it, and it costs money to move any remaining "dust" off.I'll save that task, as well as moving my NFT on OpenSea over, for another day.Ironclad protection for my tiny crypto balanceThe phrase "vires in numeris," which means "strength in numbers" in Latin and is a bitcoin tagline, appears when the Nano is idle.Katie Canales/InsiderLike anything related to the decentralized technologies I've tried, this process was slightly irritating, and the conclusion was a bit anticlimactic.But I imagine the feeling would be very different for a crypto user with large holdings who can now sleep easier knowing there's more in the way between their money and bad actors seeking to steal it.It's not that software wallets aren't safer than storing your crypto on an exchange like Gemini or Coinbase (they are), it's that users want the safest option possible in a space still fraught with security issues."The hardware wallet is essentially like putting something in Fort Knox," Douglas Borthwick — chief business officer at crypto firm INX — told me this week.As small as my holdings are, it's nice knowing I now have that level of protection.Read the original article on Business Insider.....»»

Category: worldSource: nytMay 16th, 2022

Bailey"s Construction & Plumbing Inc. files for bankruptcy in New Mexico

Albuquerque area bankruptcy courts recorded one business filing - including zero with total debt above $1 million - during the week that ended May 6, 2022. Year to date through May 6, 2022, the court recorded 3 Chapter 7 or Chapter 11 business bankruptcy filings, a -40 percent decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure….....»»

Category: topSource: bizjournalsMay 12th, 2022

The week in Valley bankruptcies: AE Solutions files Chapter 11

Phoenix area bankruptcy courts recorded one business filing with total debt above $1 million during the week that ended April 1, 2022. Year to date through April 1, the court recorded 10 Chapter 7 or Chapter 11 business bankruptcy filings, a 23% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with….....»»

Category: topSource: bizjournalsApr 8th, 2022

John Thomas, former Ecolab University Center developer, files for bankruptcy

John Thomas, the Illinois man who bought the Ecolab University Center in St. Paul after serving prison time for federal fraud charges, filed for personal bankruptcy protection in mid-March......»»

Category: topSource: bizjournalsMar 30th, 2022

Warren Electric LLC files for bankruptcy in New Mexico

Albuquerque area bankruptcy courts recorded one business filing - including zero with total debt above $1 million - during the week that ended December 10, 2021. Year to date through December 10, 2021, the court recorded 14 Chapter 7 or Chapter 11 business bankruptcy filings, a 39 percent decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business….....»»

Category: topSource: bizjournalsDec 16th, 2021

Huntington Learning Center franchise files Ch. 7 bankruptcy

Austin-area bankruptcy courts recorded one business filing during the week that ended Oct. 22. Year to date through Oct. 22, the court recorded 28 Chapter 7 or Chapter 11 business bankruptcy filings, a 58% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. Nimasha….....»»

Category: topSource: bizjournalsOct 29th, 2021