Streetbeat News

Bankruptcy

CELUSD

Celsius's CEL token surged 27% following the confirmation of a reorganization plan by the U.S. Southern District of New York Bankruptcy Court. The plan allows for 67%-85% of holdings to be returned to creditors, with customers receiving about 25 cents per CEL token. The reorganization will be overseen by Fahrenheit Holdings, including Arrington Capital and U.S. Bitcoin Corp. Former CEO Alex Mashinsky was released on bond, with his trial set for September 2024. The new company, NewCo, will focus on mining and staking, with plans to stake Liquid Cryptocurrency on the Ethereum network. The upcoming Benzinga's Future of Digital Assets conference will discuss the positive investment trends in the crypto industry.

Portfolio Pulse from Khyathi Dalal

November 10, 2023 | 10:18 pm

BTCUSD

CELUSD

Celsius Network LLC (CRYPTO: CEL) has received approval from a bankruptcy court to reorganize into a Bitcoin (CRYPTO: BTC) mining business owned by creditors. The plan is designed to settle client accounts that have been inaccessible for over a year. The company, which faced financial collapse during a crypto market slump, has garnered support from its creditors for its Chapter 11 bankruptcy route. The restructuring plan has been approved despite accusations of fraudulent activities by former chiefs.

Portfolio Pulse from Murtuza Merchant

November 09, 2023 | 9:49 pm

DBD

Diebold Nixdorf Incorporated (NYSE:DBD) reported a 16.4% Y/Y increase in Q3 net sales to $943.4 million. The company also reported a Q3 gross profit of $239.9 million, compared with $193.8 million a year ago. The growth was primarily driven by demand for DN Series ATMs and integrated cash recycling solutions. Following its financial restructuring and emergence from Chapter 11, the company's shares are trading higher by 11.34% to $21.70.

Portfolio Pulse from Nabaparna Bhattacharya

November 09, 2023 | 6:26 pm

COIN

FTTUSD

SEC Chair Gary Gensler has stated that FTX (CRYPTO: FTT) could operate successfully under new leadership if it adheres to the law. This comes amid reports that Tom Farley, former president of the New York Stock Exchange, is among the top contenders to acquire the bankrupt crypto exchange. Gensler emphasized the importance of building investor trust and ensuring proper disclosures. FTX’s founder, Sam Bankman-Fried, was recently found guilty on all seven criminal counts against him, including fraud and money laundering charges.

Portfolio Pulse from Murtuza Merchant

November 09, 2023 | 3:49 pm

UFAB

Unique Fabricating has filed a voluntary petition for relief under Chapter 7 of Title 11 of the United States Code in U.S. Bankruptcy Court, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 6:19 pm

WE

WeWork Inc has filed for Chapter 11 bankruptcy protection and commenced a comprehensive reorganization to strengthen its capital structure and financial performance. The company plans to cut its commercial office lease portfolio and has entered into agreements with approximately 92% of its secured note holders. The bankruptcy filing shows liabilities ranging from $10 billion to $50 billion and is limited to WeWork locations in the U.S. and Canada.

Portfolio Pulse from Adam Eckert

November 07, 2023 | 1:41 pm

WE

Office-space provider WeWork (NYSE:WE) has filed for Chapter 11 bankruptcy protection, facing liabilities between $10 billion and $50 billion. The filing is limited to the company’s locations in the U.S. and Canada. The company has entered into agreements with a majority of its secured noteholders and plans to cut non-operational leases. WeWork's value has plummeted by 98% since its debut through a special purpose acquisition company in 2021.

Portfolio Pulse from Benzinga Neuro

November 07, 2023 | 2:53 am

SPY

Fed's Cook has stated that the household sector appears 'quite resilient' in terms of debt, although there are emerging signs of stress for those with weak credit. The banking sector remains 'sound and resilient overall', and acute stresses have abated.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 4:05 pm

BAC

JPM

TFC

WFC

A technical glitch at a major clearinghouse has caused direct deposit delays for customers at several leading banks, including JPMorgan Chase & Co (JPM), Wells Fargo & Co (WFC), Bank of America Corp (BAC) and Truist Financial Corp (TFC). The issue has disrupted the flow of payroll deposits and led to a spike in complaints across various banks. The Clearing House (TCH), responsible for operating the payment networks, acknowledged the issue and is working with the affected financial institutions to resolve the matter.

Portfolio Pulse from Michael Cohen

November 03, 2023 | 6:37 pm

BTCUSD

FTTUSD

Former FTX CEO Sam Bankman-Fried was found guilty on seven counts of criminal fraud, causing a drop in major cryptocurrencies. FTX, once a leading cryptocurrency platform, declared bankruptcy in November 2022, less than a year after being valued at $32 billion. The company's token, FTX Token (CRYPTO: FTT), saw a massive drop in valuation. Despite the turmoil, an investment of $1,000 in Bitcoin (CRYPTO: BTC) when Bankman-Fried was arrested would have yielded a 101.5% return in nearly a year.

Portfolio Pulse from Chris Katje

November 03, 2023 | 6:28 pm