Streetbeat News

Bankruptcy

TRKA

Troika Media Group, Inc. (TRKA), a consumer engagement and customer acquisition group, has announced a strategic Chapter 11 bankruptcy filing. The company has entered into a restructuring support agreement with Blue Torch Finance LLC, its senior secured lenders. Under this agreement, Blue Torch will acquire substantially all of Troika's assets through a stalking horse credit bid.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 8:08 am

NOGN

RILY

Nogin has entered Chapter 11 bankruptcy proceedings and has received a stalking horse bid in combination with debtor in possession financing from B. Riley Financial.

Portfolio Pulse from Charles Gross

December 06, 2023 | 10:04 pm

SAIA

Saia, Inc. (NASDAQ:SAIA) has won the bid to acquire 17 terminals from Yellow Corporation during its Chapter 11 bankruptcy proceedings, with a purchase price of $235.7 million. These terminals are located across various states in the U.S., expanding Saia's operational footprint.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 12:46 pm

AAPL

A check signed by Apple Inc co-founder Steve Jobs in 1976 is expected to fetch over $20,000 at auction. The check, which references the 'Apple Computer Company,' is a rare collectible as Jobs was known for rarely giving autographs. In the past, items signed by Jobs have sold for high amounts, with a letter declining an autograph request selling for $479,939 in 2021. The auction for the check is currently active with bids exceeding $22,000. Radio Shack, mentioned in the check's history, filed for bankruptcy in 2015.

Portfolio Pulse from Benzinga Neuro

December 05, 2023 | 6:13 am

CI

CVS

DGX

HUM

UNH

WBA

The U.S. Supreme Court is reviewing a bankruptcy settlement involving Purdue Pharma and the Sackler family over the opioid crisis. Purdue filed for Chapter 11 in 2019 due to lawsuits alleging OxyContin's role in the crisis. The settlement could grant the Sacklers immunity for a financial contribution, sparking debate over bankruptcy law's use to protect individuals from mass-tort liabilities. Initially approved in 2021, the settlement offers $10 billion to creditors. The Biden administration opposes the deal, citing abuse of bankruptcy protections, noting the Sacklers withdrew $11 billion from Purdue before the $6 billion settlement. The 2nd U.S. Circuit Court upheld the settlement, but protests continue against the Sacklers.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 4:29 pm

JNJ

TEVA

The U.S. Supreme Court is set to hear arguments regarding Purdue Pharma's $6 billion settlement over its opioid OxyContin. The settlement would provide funds for addiction treatment and grant the Sackler family immunity from lawsuits. Critics argue the non-debtor release in the settlement unfairly protects the Sacklers. The decision could influence future bankruptcy law applications and corporate liability. Pharmaceutical companies like Johnson & Johnson and Teva Pharmaceutical Industries have also faced legal issues related to opioids.

Portfolio Pulse from Maureen Meehan

December 03, 2023 | 7:33 pm

CEL

Cryptocurrency platform Zipmex is offering creditors compensation as part of its restructuring, with proposed rates between 3.35 and 29.35 cents per dollar. The company has a $97.1 million debt, including losses from Babel Finance and exposure to bankrupt Celsius Network. Major creditors are demanding an independent financial evaluation of Zipmex. The company had previously suspended withdrawals and sought creditor protection, and a funding deal with V Ventures fell through when a payment was missed in March.

Portfolio Pulse from Murtuza Merchant

November 29, 2023 | 6:56 pm

SPY

Fed's Mester emphasizes the need for increased resilience of non-bank financial firms and a more credible bank resolution mechanism. She suggests that regulation should focus on the market value of bank balance sheets.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 6:49 pm

GBTC

MSTR

Andrew Tate compared Michael Saylor's responsible business practices at MicroStrategy with Sam Bankman-Fried's fraudulent activities at FTX. Tate highlighted Saylor's net-benefit approach to business, contrasting it with Bankman-Fried's 0-benefit strategy, which led to his conviction on fraud charges. Tate also discussed the potential SEC approval of a Bitcoin ETF, mentioning several contenders for the ETF including Grayscale, Ark/21 Shares, Bitwise, BlackRock, VanEck, WisdomTree, Valkyrie, Invesco Galaxy, and Fidelity Wise Origin.

Portfolio Pulse from Mehab Qureshi

November 29, 2023 | 12:04 pm

BRD

Beard Energy Transition Acquisition Corp. (BRD) and Suntuity Renewables have mutually agreed to terminate their business combination agreement. Consequently, BRD will not proceed with the special meeting to extend the deadline for a business combination and intends to dissolve and liquidate. BRD will redeem all outstanding Class A common stock at approximately $10.74 per share, with the last trading day on December 11, 2023. BRD's warrants will expire worthless, and the company will cease operations after December 12, 2023, except for winding up its business. BRD will also delist from the NYSE and terminate the registration of its securities.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:14 pm