Streetbeat News

Bankruptcy

HOOD

FTX has filed a motion to settle a dispute over $600 million worth of Robinhood shares by paying $14 million to Emergent Fidelity Technologies. This settlement aims to resolve Emergent's bankruptcy case and facilitate FTX's reorganization efforts. The court will review the motion on October 22.

Portfolio Pulse from Murtuza Merchant

September 10, 2024 | 12:28 pm

BIG

OLLI

Big Lots' Chapter 11 bankruptcy filing presents a growth opportunity for Ollie's Bargain Outlet. Big Lots plans to sell its assets and close some stores, which could allow Ollie's to expand its store count and market share. Analyst Matthew Boss suggests Ollie's could benefit from Big Lots' store closures, potentially increasing its store count by 13.5% in the coming years.

Portfolio Pulse from Michael Juliano

September 09, 2024 | 10:50 pm

EGIO

Edgio Inc (NASDAQ:EGIO) shares plummeted 80% after the company filed for Chapter 11 bankruptcy to facilitate a business sale. Supported by Lynrock Lake Master Fund LP, Edgio entered a $110 million credit bid and secured $15.6 million in financing to maintain operations.

Portfolio Pulse from Henry Khederian

September 09, 2024 | 7:40 pm

EGIO

Edgio, Inc. has filed for Chapter 11 bankruptcy to facilitate a sale process, with Lynrock Lake Master Fund LP as the stalking horse bidder. Lynrock has agreed to acquire Edgio's assets through a $110 million credit bid. The process aims to ensure continued operations under new ownership.

Portfolio Pulse from Benzinga Newsdesk

September 09, 2024 | 1:34 pm

EGIO

Edgio has filed for Chapter 11 bankruptcy and entered into a stalking horse asset purchase agreement as part of an in-court sale process. The company aims to continue operations and service delivery during this period.

Portfolio Pulse from Benzinga Newsdesk

September 09, 2024 | 1:31 pm

BIG

Big Lots shares are declining following the announcement of a sale agreement with Nexus Capital and the initiation of a voluntary chapter 11 process.

Portfolio Pulse from Benzinga Newsdesk

September 09, 2024 | 1:00 pm

BIG

Big Lots, Inc. (NYSE:BIG) has filed for Chapter 11 bankruptcy and agreed to sell its assets to Nexus Capital Management. The company aims to continue operations during the process and has secured $707.5 million in financing. The economic climate, marked by high inflation and interest rates, has pressured Big Lots, leading to this decision.

Portfolio Pulse from Shanthi Rexaline

September 09, 2024 | 7:01 am

BIG

Big Lots has entered a sale agreement with Nexus Capital and initiated a voluntary Chapter 11 process to facilitate restructuring and ownership transition. The company aims to achieve profitability by 2025 and has secured interim financing to support operations.

Portfolio Pulse from Benzinga Newsdesk

September 09, 2024 | 6:31 am

BIG

Big Lots Inc (NYSE:BIG) shares rose by 9.77% after the company postponed its Q2 fiscal 2024 financial results release to September 12. The company is expected to report an EPS loss of $3.46 on $1.044 billion in revenue. Concerns about potential bankruptcy have emerged due to declining sales, and Big Lots is seeking investors to avoid Chapter 11. The company has $289 million in liquidity, $44 million in cash, and $573.8 million in long-term debt.

Portfolio Pulse from Henry Khederian

September 06, 2024 | 2:24 pm

DRI

Red Lobster is nearing an exit from Chapter 11 bankruptcy with a plan to be acquired by RL Investor Holdings LLC, backed by Fortress Investment Group. The acquisition aims to reinvigorate the brand with over $60 million in new funding. Red Lobster will operate independently with a new CEO, Damola Adamolekun, and plans to focus on its 544 locations across the U.S. and Canada.

Portfolio Pulse from Chris Katje

September 06, 2024 | 2:02 pm