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Bankruptcy

LUNAUSD

LUNCUSD

Terraform Labs and its founder Do Kwon have agreed to a $4.47 billion settlement with the SEC after being found guilty of defrauding cryptocurrency investors during the Terra (LUNA) collapse. The judgment includes $4.05 billion of disgorgement and a $420 million civil fine, but much of this is unlikely to be paid due to Terraform's bankruptcy. Kwon is banned from cryptocurrency transactions and must transfer $204.3 million to Terraform's bankruptcy estate.

Portfolio Pulse from Aniket Verma

June 13, 2024 | 5:46 am

JNJ

Ovarian cancer victims have filed a motion to halt Johnson & Johnson's new bankruptcy filing outside New Jersey, citing concerns over further delays in compensation.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:27 pm

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Nevada Copper (OTC:NEVDF) has filed for Chapter 11 bankruptcy due to operational setbacks and financing challenges, despite high copper prices. Elliott Investment Management has committed to support the company with $60 million in debtor-in-possession financing. Pala Investments and Mercuria Energy Group, key backers, decided against providing additional funds. The company's CEO, Randy Buffington, has stepped down, and Tom Albanese has taken over as chairman.

Portfolio Pulse from Stjepan Kalinic

June 12, 2024 | 6:04 pm

WEWKQ

WeWork CEO David Tolley steps down as the company emerges from Chapter 11 bankruptcy. WeWork has significantly reduced its lease obligations, debt, and operational costs, and raised $400 million in new equity capital. The company plans to name a new CEO and board of directors.

Portfolio Pulse from Michael Juliano

June 11, 2024 | 7:13 pm

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PTRA

RIDE

Electric vehicle startup Arrival SA (OTC:ARVLF) has declared bankruptcy, joining other EV makers like Lordstown Motors and Proterra. The company filed for bankruptcy on May 16, and the court declared it bankrupt on May 22. Arrival had $43 million in cash but faced a $155.7 million loss in the first half of 2023. The company was delisted from Nasdaq earlier this year due to non-compliance with listing standards.

Portfolio Pulse from Anan Ashraf

June 11, 2024 | 8:24 am

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TSLA

The article discusses key events in the electric vehicle (EV) sector for the week ending June 7. Tesla is pushing for shareholder approval of Elon Musk's 2018 pay package, Rivian launched revamped R1 vehicles, Nikola received shareholder approval for a reverse stock split, and Fisker defaulted on a loan payment. Ford's CEO emphasized the importance of affordable EVs, and the KraneShares Electric Vehicles and Future Mobility Index ETF saw a decline.

Portfolio Pulse from Shanthi Rexaline

June 08, 2024 | 1:36 pm

ISUN

iSun and its units have filed for Chapter 11 bankruptcy reorganization. They expect to continue operations as usual during the proceedings and have filed motions for court approval of initial actions.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 9:31 pm

MOTS

Motus Gi Holdings announced that after completing a review of strategic options, the board has approved the liquidation and dissolution of the company.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 8:33 pm

SAVE

Spirit Airlines has announced that it is not evaluating Chapter 11 bankruptcy at this time, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 1:16 pm

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Exicure has announced that its current cash and cash equivalents are insufficient to continue funding operations, and it requires additional funding in the very near term.

Portfolio Pulse from Benzinga Newsdesk

June 06, 2024 | 8:03 pm