bankruptcy
New York (AFP) - US electric scooter rental company Bird announced Wednesday that it filed for bankruptcy protection as the once-hot startup reorganizes itself. The reorganization, which affects US operations but not Bird's holdings in Europe and Canada, will entail the sale of assets, according to a press release describing a "comprehensive restructuring." The process aims at "better positioning the company for long-term, sustainable growth," Bird said. The company, which grew quickly on enthusiasm about emission-free transport in urban settings, has reached an agreement with Bird's existing ...
AFP
New York (AFP) - Embattled flexible workspace provider WeWork is in "selective default" after failing to meet conditions set by debt holders, ratings agency S&P said Wednesday. S&P's statement came a day after WeWork recounted its latest communications with creditors, saying in a securities filing that bond holders had given it a 30-day grace period on October 2 on interest payments. On Tuesday, WeWork said that this forbearance agreement "will terminate in seven days," according to the filing. The filing said WeWork had opted to withhold $6.4 million in interest payments. While WeWork maint...
AFP
New York (AFP) - US pharmacy chain Rite Aid filed for bankruptcy Sunday, the company said, after suffering declining sales and legal threats over its alleged involvement in the opioid crisis. Rite Aid has one of the largest pharmacy networks in the United States, with 2,100 outlets selling medicines and health products as well as food and hygiene items. The Philadelphia-based group said it had already reached agreements with several major creditors to restructure its debt, according to a press release. It also said it had received commitments for $3.45 billion in new financing, which should en...
AFP
New York (AFP) - US officials took a victory lap last month to commemorate their response to the 2008 financial crisis, pointing to $36 billion in fines as proof that banks have been held accountable. But to US District Judge Jed Rakoff, who has criticized the Department of Justice (DoJ) for not criminally prosecuting senior bankers, such fines amount to an "easy cop-out" failing to achieve justice or discourage future chicanery. "I don't think it has a meaningful deterrent effect," Rakoff told AFP as he reflected on the government's enforcement record 15 years after the Lehman Brothers bankru...
AFP
New York (AFP) - A key catalyst for the 2008 global financial crisis, the bankruptcy of Lehman Brothers still reverberates for those who lived through it. Here are the accounts of three who were there. Paolo Battaglia, neophyte bankerAfter interning in the summer of 2007, the young Italian felt mainly excitement in July 2008 at landing a job in Lehman's private equity division in London. "It was the start of a new adventure, my first job out of school," Battaglia recalled. "At the time, Lehman was a prestigious and rewarding place to work." "Of course, I was aware it was not an easy moment fo...
AFP
New York (AFP) - Embattled Chinese property giant Evergrande Group filed for bankruptcy protection in the United States on Thursday, court documents showed, a measure that protects its US assets while it attempts to restructure. Evergrande, once China's top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities, as it came under intense pressure after officials tightened scrutiny of the real estate industry. The company's woes have come to symbolize the growing crisis in China's sprawling property sector, which accounts for a huge portion of the world...
AFP
New York (AFP) - Is the Tupperware era ending? The 77-year-old US company, known for its trademark plastic food storage containers, warned of "substantial doubt" about its ability to keep operating in light of its poor financial position, according to a recent regulatory filing. When the market opened on Monday following its April 7 disclosure, shares of the company plunged 50 percent and lingered at the depressed level in successive days. On Thursday, however, shares staged a partial rebound, rising about 25 percent. The company's roots date to 1946, when chemist Earl Tupper "had a spark of i...
AFP
Washington (AFP) - Virgin Orbit, the satellite launch company founded by Richard Branson, has filed for Chapter 11 bankruptcy and will sell the business, the firm said in a statement Tuesday. The California-based company said last week it was laying off 85 percent of its employees -- around 675 people -- to reduce expenses due to its inability to secure sufficient funding. Virgin Orbit suffered a major setback earlier this year when an attempt to launch the first rocket into space from British soil ended in failure. The company had organized the mission with the UK Space Agency and Cornwall Sp...
AFP
Washington (AFP) - The US banking sector is "stabilizing" after the recent failures of Silicon Valley Bank and Signature Bank rattled the industry, Treasury Secretary Janet Yellen told a lenders' conference Tuesday, as leaders seek to calm global worries. Stock markets extended gains with US and European indices closing higher as fears of a financial crisis eased, after the US Federal Reserve and other major central banks kicked off a coordinated effort this week to boost lenders' access to liquidity. The collapses had caused a crisis of confidence, with many customers of similarly sized banks...
AFP
New York (AFP) - America's largest banks moved Thursday to shore up First Republic, easing fears that the regional lender could be the next domino to fall after collapses including Silicon Valley Bank. A consortium of 11 US private banks, including Bank of America, Citigroup and JPMorgan Chase, announced they would deposit $30 billion into First Republic. The move marks a dramatic initiative by the lenders to bolster the system following failures of three midsized lenders in the last week. "This action by America's largest banks reflects their confidence in First Republic and in banks of all s...
AFP
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