Streetbeat News

Bankruptcy

YELL

Trucking company Yellow Corp is considering selling its assets through a bankruptcy filing, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 6:50 pm

YELL

Yellow Corp (NASDAQ:YELL) shares are trading higher by 21.1% despite the company announcing it is ceasing operations and filing for bankruptcy. The company is also in talks to sell off parts of the business. Apollo is reportedly leading a bankruptcy loan deal. Yellow Corp has faced financial challenges due to a decrease in shipping demand, resulting in lower volumes and declining rates.

Portfolio Pulse from Henry Khederian

August 04, 2023 | 2:11 pm

FTTUSD

Crypto exchange FTX (CRYPTO: FTT) has requested to exclude its Dubai subsidiary from its ongoing restructuring process in the U.S. The Dubai branch, which holds a virtual asset service provider license from Dubai's Virtual Assets Regulatory Authority (VARA), has not engaged in any business activities prior to the bankruptcy declaration. The subsidiary currently has about $4.5 million across various accounts, with $4 million of it being held by VARA as security for the license. The court is set to commence its initial hearing on this matter on August 23.

Portfolio Pulse from Murtuza Merchant

August 04, 2023 | 2:09 pm

APO

YELL

Yellow Corporation is ceasing operations and filing for bankruptcy, with Apollo reportedly leading a bankruptcy loan deal. This has led to a decrease in Yellow Corporation's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:04 pm

BAC

SPY

Bank of America's CEO, Moynihan, has stated that the recent Fitch downgrade of the U.S. credit rating is a non-event. He believes that near-term risks to economies are greater outside the United States than inside.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 1:49 pm

PRTK

Paratek Pharmaceuticals (NASDAQ:PRTK) has filed definitive proxy materials and a letter to its stockholders regarding its acquisition by Gurnet Point Capital and Novo Holdings. Stockholders will receive an upfront cash payment of $2.15 per share and a Contingent Value Right of $0.85 per share on achievement of a commercial milestone. The transaction represents a 41% premium over the closing price of Paratek's common stock as of May 31, 2023. The company warns that without this transaction, it could face bankruptcy.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 12:30 pm

FTTUSD

Kraken's co-founder, Jesse Powell, has expressed skepticism about the proposed restructuring plan for FTX (CRYPTO: FTT). The plan, announced by FTX, aims to revive the exchange as an offshore entity. Powell believes that FTX 2.0 would be worse than starting from scratch due to lack of team, tech, licenses, banking, and a tarnished brand. The restructuring plan involves the identification of three main recovery pools, cancellation of intercompany claims, and the liquidation of FTX's estates to make cash distributions to customers and creditors.

Portfolio Pulse from Murtuza Merchant

August 04, 2023 | 12:04 pm

APO

YELL

Yellow Corporation is ceasing operations and filing for bankruptcy, with Apollo reportedly leading a bankruptcy loan deal. This has led to a decrease in Yellow Corporation's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 12:02 pm

AMC

TUP

Tupperware Brands Corp (TUP) shares have rallied over 430% in July and 26% in August due to increased retail interest and high short interest. The stock's surge was influenced by the retail-driven short squeeze that started after AMC Entertainment's shares surged. However, Jim Cramer of CNBC has warned that Tupperware may have to file for bankruptcy. The company is expected to report its Q2 earnings in about two weeks.

Portfolio Pulse from Adam Eckert

August 04, 2023 | 11:19 am

YELL

Yellow Corp. (NASDAQ:YELL), a trucking company that received a $700 million loan from the U.S. government in 2020, has ceased operations and is expected to declare bankruptcy. The loan, which gave the Treasury Department a 30% equity stake in the company, is now at risk. The handling of the loan by the Trump administration has been scrutinized in at least three government investigations.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 10:35 am