Streetbeat News

Bankruptcy

BTCUSD

FTX is seeking court approval for a liquidation plan to repay customers in cash based on November 2022 cryptocurrency prices, which has led to backlash from customers who feel shortchanged. The plan could repay 98% of customers within 60 days if approved.

Portfolio Pulse from Murtuza Merchant

June 25, 2024 | 3:40 pm

CVS

RADCQ

WBA

A U.S. Bankruptcy Judge ruled against MedImpact in a $200 million debt dispute with Rite Aid. MedImpact assumed Elixir's debts when it acquired the company. Rite Aid's bankruptcy plan aims to reduce its debt by $2 billion. CVS Health and Walgreens Boots Alliance are also involved due to reimbursement payments owed.

Portfolio Pulse from Vandana Singh

June 25, 2024 | 1:54 pm

SEDG

SolarEdge Technologies (SEDG) announced that PM&M Electric, a customer owing the company approximately $11.4 million under a secured promissory note, has filed for Chapter 7 bankruptcy. SolarEdge is monitoring the proceedings but cannot guarantee the outcome or timely collection of the owed amount.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 9:37 pm

EFTR

eFFECTOR Therapeutics (EFTR) shares plummeted over 70% after the company announced it will terminate employees, wind down operations, and request delisting from Nasdaq. Craig R. Jalbert has been appointed to oversee the process.

Portfolio Pulse from Henry Khederian

June 24, 2024 | 3:26 pm

EFTR

EFFECTOR Therapeutics shares are trading lower after the company announced it will terminate its employees and wind down operations. The company also plans to voluntarily request a delisting of its securities on the Nasdaq.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 11:41 am

EFTR

eFFECTOR Therapeutics has announced plans to wind down its operations and seek potential strategic alternatives. The company also expects to delist from Nasdaq.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 11:01 am

FSR

GOEV

KARS

NKLA

TSLA

This week in the EV sector, Tesla analysts lowered their expectations ahead of Q2 deliveries, Fisker filed for bankruptcy, Nikola confirmed a 30-for-1 reverse stock split, and Canoo announced a secondary offering. Additionally, Canada is considering tariffs on Chinese EV imports.

Portfolio Pulse from Shanthi Rexaline

June 22, 2024 | 1:15 pm

BAC

JPM

The FDIC and Federal Reserve have identified shortcomings in the living will plans of four major U.S. banks: Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. These plans are crucial for guiding the banks in the event of a collapse. Citigroup's plan was deemed 'not credible,' and all four banks have been asked to address these issues by July 2025.

Portfolio Pulse from Michael Juliano

June 21, 2024 | 8:17 pm

BAC

JPM

The US Federal Reserve has identified shortcomings in the 'living wills' of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. These banks must address the issues in their next resolution plan due by July 2025. The FDIC found a 'deficiency' in Citigroup's plan. The banks are instructed to fix derivatives unwinding and contingency planning, and obtain necessary foreign government actions.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2024 | 4:02 pm

FSRN

Marques Brownlee, a prominent tech YouTuber, expressed his disappointment over Fisker Inc.'s bankruptcy, highlighting the need for more competition in the electric vehicle sector. Fisker, a California-based EV manufacturer, filed for Chapter 11 bankruptcy with assets ranging from $500 million to $1 billion and liabilities between $100 million to $500 million. The company had been struggling financially, leading to delisting from the NYSE, failed investment talks, and layoffs.

Portfolio Pulse from Benzinga Neuro

June 19, 2024 | 1:33 am