Streetbeat News

Bankruptcy

AMC

London-listed Cineworld is preparing to file for administration and is lining up AlixPartners to act as administrator, according to Sky News.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 4:56 pm

BCS

SPY

Barclays CEO reports a slight increase in U.S. delinquencies on the margins, potentially indicating a rise in credit risk.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2023 | 6:59 pm

NYCB

Following the collapse of Signature Bank due to its investment in cryptocurrency, the FDIC transferred its deposits and assets to Signature Bridge Bank, N.A. This led to the federal government inadvertently funding the marijuana industry, as Signature Bank was servicing some regulated marijuana businesses. New York Community Bancorp (NYSE:NYCB) later acquired 40 former Signature Bank branches.

Portfolio Pulse from Nina Zdinjak

June 12, 2023 | 3:05 pm

ONCR

Oncorus's board has approved the dissolution and liquidation of the company, with a workforce reduction plan impacting substantially all remaining employees, expected to be complete by August 2023. Nasdaq will suspend trading of ONCR's common stock on June 20, 2023.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2023 | 10:34 am

KRE

Former Federal Reserve board member Kevin Warsh warns of a potential slowdown and stagnation in the US banking system, requiring government support. He criticizes past regulatory policies and calls for immediate action to reduce risks, including promoting private recapitalization and allowing consolidation among banks.

Portfolio Pulse from Shanthi Rexaline

June 12, 2023 | 9:44 am

BAC

Soros Fund Management CEO Dawn Fitzpatrick warns of more bank failures, particularly among small banks, due to ongoing concerns in the troubled banking sector. She believes that banks must prepare for incoming regulatory measures, which she calls 'pretty punitive.' The Federal Reserve is expected to introduce regulations requiring banks to report unrealized losses on assets such as government bond holdings.

Portfolio Pulse from Bibhu Pattnaik

June 11, 2023 | 5:21 pm

BAC

Gold bug Peter Schiff warns that the US banking system is insolvent and would collapse without government backstops. He highlights Bank of America's low interest rates on savings and checking accounts compared to the fed funds rate. Schiff's warning comes as the Federal Reserve is set to meet for a two-day monetary policy meeting.

Portfolio Pulse from Shanthi Rexaline

June 11, 2023 | 12:29 pm

ONCR

Oncorus Inc's board has unanimously approved the dissolution and liquidation of the company pursuant to a plan of liquidation and dissolution on June 7.

Portfolio Pulse from Happy Mohamed

June 09, 2023 | 8:30 pm

MMM

3M announced that the U.S. Bankruptcy Court's decision will cause further delays in the well-established Aearo's Chapter 11 bankruptcy process.

Portfolio Pulse from Benzinga Newsdesk

June 09, 2023 | 5:45 pm

MMM

3M announced that the United States Bankruptcy Court in Southern District of Indiana granted plaintiffs' motion to dismiss Aearo's bankruptcy filing. Aearo is currently assessing its options for appeal.

Portfolio Pulse from Benzinga Newsdesk

June 09, 2023 | 5:44 pm