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FTX, a cryptocurrency exchange, has indicated during a court hearing that it expects to pay its crypto customers in full as part of its bankruptcy liquidation process, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 4:06 pm

BABA

PDD

US-listed Chinese stocks are experiencing increased volatility and trading lower following a Hong Kong court's order to liquidate China Evergrande, a major real estate company in China.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 5:44 pm

BABA

BIDU

EWH

NIO

PDD

A Hong Kong court ordered the liquidation of China Evergrande Group, once China's largest real estate developer. The company's shares plummeted 21% before trading was suspended. CEO Shawn Siu expressed commitment to clients and continuity, planning to work with the liquidator, Alvarez & Marsal Inc. The market impact is mixed, with the Hang Seng Index closing higher and mainland Chinese shares dipping slightly. Chinese companies listed in New York showed varied premarket reactions, with Alibaba up 0.7% and PDD Holdings down 3.3%, while others like JD.com, NIO, and Baidu were mostly flat.

Portfolio Pulse from Piero Cingari

January 29, 2024 | 2:18 pm

EGRNQ

EVGRF

China Evergrande (OTC:EGRNQ) shares were halted following a Hong Kong court's liquidation order due to the company's massive $300 billion debt. The liquidation marks a significant event for China's financial markets, already facing economic slowdowns and a struggling property sector. Earlier, Evergrande's EV unit, China Evergrande New Energy Vehicle Group Ltd (OTC:EVGRF), saw a 23% drop in shares after the arrest of an executive director.

Portfolio Pulse from Benzinga Neuro

January 29, 2024 | 3:12 am

NSTB

Northern Star Investment Corp. II (NSTB) announced it will liquidate its trust account due to its inability to complete a business combination by the January 28, 2024 deadline. The liquidation will distribute approximately $10.48 per share to holders of Public Shares. NSTB expects delisting from NYSE American but intends to continue trading on the OTC Pink post-distribution. The company plans to amend its Charter to remove SPAC provisions and retain the possibility of future acquisitions. Units will separate into Public Shares and Warrants before the Distribution, with no payment for Warrants.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 10:07 pm

ZEVY

Lightning eMotors, Inc. (OTC:ZEVY) is selling substantially all of its assets for $12.6 million in cash to an undisclosed buyer, as part of a receivership transaction. The sale is subject to court approval and the proceeds will be used to pay the company's creditors. Shareholders will not receive any distributions from the sale, and the buyer does not plan to continue the company's business.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:24 pm

GOL

GOL Linhas Aéreas Inteligentes S.A., a Brazilian airline, has announced it will utilize the United States Chapter 11 bankruptcy process to restructure and strengthen its financial position. The company has secured a $950 million new financing commitment to support its business during this process.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 8:20 pm

BZFD

BuzzFeed Inc (NASDAQ:BZFD) and Vice Media are facing financial difficulties, leading to downsizing and asset sales. BuzzFeed's stock has dropped over 97% since its 2021 IPO, and it is now looking to sell its food-focused sites Tasty and First We Feast. Vice Media, overseen by Fortress Investment Group after bankruptcy, is trying to sell Refinery29 after a failed attempt to sell the entire company. Both companies are struggling with a volatile advertising market and reduced traffic, reflecting broader industry challenges for digital media.

Portfolio Pulse from Vandana Singh

January 25, 2024 | 8:06 pm

GOL

Brazilian airline Gol Linhas Aéreas Inteligentes has announced it is filing for Chapter 11 bankruptcy protection. The move is aimed at restructuring the company's debt and ensuring long-term viability. The airline has been facing financial difficulties, exacerbated by the challenges of the COVID-19 pandemic.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 8:02 pm

EGRNQ

FXI

A group of offshore bondholders of China Evergrande is set to join a petition for the company's liquidation. This move could potentially accelerate the restructuring process of the debt-laden property developer. Evergrande, which has been struggling with over $300 billion in liabilities, has been trying to negotiate with creditors and restructure its debts. The involvement of the bondholder group in the liquidation petition may put additional pressure on the company to expedite its restructuring efforts.

Portfolio Pulse from Charles Gross

January 24, 2024 | 9:44 am