Streetbeat News

Bankruptcy

LILM

Lilium NV (NASDAQ:LILM) shares plummeted by 38% to 13 cents after announcing insolvency proceedings for its German subsidiaries due to a failed government-backed loan. The company aims to restructure under court supervision while continuing operations.

Portfolio Pulse from Henry Khederian

October 25, 2024 | 5:23 pm

LILM

Lilium's shares are declining as the company announced that its main German subsidiaries will apply for self-administration proceedings in a German court due to insolvency.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2024 | 2:33 pm

JETS

SAVE

Spirit Airlines shares rose on Friday after announcing a $519 million aircraft sale to GA Telesis. The sale is expected to enhance liquidity by $225 million by 2025. Spirit also provided a positive update on its Q3 2024 operating margin and cost reduction plans. Despite recent financial challenges, including a blocked JetBlue acquisition and potential bankruptcy considerations, Spirit aims to end 2024 with over $1 billion in liquidity.

Portfolio Pulse from Nabaparna Bhattacharya

October 25, 2024 | 1:33 pm

LILM

Lilium's principal German subsidiaries are set to apply for self-administration proceedings due to insolvency issues. This move follows a failed loan approval process with KfW in the German parliament.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2024 | 9:03 pm

JBLU

SAVE

ULCC

Spirit Airlines shares surged as merger talks with Frontier Group Holdings resumed amidst Spirit's potential bankruptcy discussions. The merger could coincide with Spirit's debt restructuring, though talks are in early stages. Spirit is also exploring non-bankruptcy options, having reached a credit-card processor agreement. A merger would reduce budget travel options, potentially increasing pricing power for airlines.

Portfolio Pulse from Dylan Berman

October 23, 2024 | 5:02 pm

SAVE

ULCC

Frontier Airlines and Spirit Airlines have revived early-stage merger talks. Spirit is also negotiating with bondholders regarding potential bankruptcy terms.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2024 | 1:45 pm

JBLU

SAVE

ULCC

Spirit Airlines' stock surged over 16% in after-hours trading following reports of renewed merger interest from Frontier Group Holdings. The potential merger discussions are in early stages and may coincide with Spirit's bankruptcy restructuring. Spirit has been under financial strain, especially after a failed merger with JetBlue.

Portfolio Pulse from Benzinga Neuro

October 23, 2024 | 3:11 am

JNJ

The DOJ's Trustee Program has filed a motion to dismiss Johnson & Johnson's bankruptcy filing, alleging it is a bad-faith tactic to avoid liability for talc-related lawsuits. J&J's strategy involves creating a subsidiary to handle liabilities, which the DOJ argues is an attempt to sidestep previous rulings.

Portfolio Pulse from Vandana Singh

October 22, 2024 | 8:27 pm

SAVE

Spirit Airlines (NYSE:SAVE) shares fell 7.78% after a recent rally due to profit-taking. The company extended its debt refinancing deadlines amid ongoing negotiations and bankruptcy speculation. Spirit has faced significant challenges, including blocked mergers and grounded planes, but aims for cost savings and market strategy shifts.

Portfolio Pulse from Henry Khederian

October 22, 2024 | 3:00 pm

BTCUSD

The former CEO of Mine Digital, a defunct cryptocurrency exchange, is charged with embezzling $1.47 million meant for Bitcoin purchases to pay off company debts. This occurred before the exchange's bankruptcy in September 2022.

Portfolio Pulse from Aniket Verma

October 22, 2024 | 11:00 am