Streetbeat News

Bankruptcy

UPH

UpHealth's subsidiary, UpHealth Holdings, has filed for Chapter 11 bankruptcy, leading to a decrease in UpHealth's share prices.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 1:19 pm

UPH

UpHealth has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. The company intends to use the court-supervised process to mitigate financial impact and facilitate a fair resolution through an appeals process following a trial court decision. UpHealth expects to continue operating normally.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 12:04 pm

HSTO

Histogen has announced that its board has approved a complete liquidation and dissolution of the company, including the distribution of remaining cash to stockholders following an operational winddown. The company has discontinued all clinical development programs and reduced its workforce.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:06 pm

BTCUSD

COIN

ETHUSD

FTTUSD

SOLUSD

Despite the token sale by bankrupt exchange FTX, the crypto market is expected to remain stable, according to Coinbase. FTX's holdings include $1.16 billion in Solana, $560 million in Bitcoin, and $192 million in Ether. FTX has been granted permission to liquidate and reinvest these assets to settle its debts. Coinbase has implemented protective measures capping initial sales at $50 million per week, which could increase to $100 million and potentially $200 million with approval from FTX's debtors.

Portfolio Pulse from Murtuza Merchant

September 18, 2023 | 3:27 pm

DIA

SPY

The article reflects on the 15th anniversary of Lehman Brothers' bankruptcy and its impact on the stock market. It also discusses the performance of investments in SPDR S&P 500 ETF Trust (SPY) and SPDR Dow Jones Industrial Average ETF Trust (DIA) since the bankruptcy. A $1,000 investment in SPY in 2008 would be worth $4,944.69 today, a return of +394.5%. Similarly, a $1,000 investment in DIA would be worth $4,458.52 today, a return of +345.9%.

Portfolio Pulse from Chris Katje

September 16, 2023 | 1:57 pm

BBBYQ

OSTK

Former employees of Bed Bath & Beyond Inc. (OTC:BBBYQ) have filed a lawsuit against the committee overseeing its 401(k) retirement plan, alleging a loss exceeding $5 million from their MassMutual investment account. The account suffered a 10% loss due to rising interest rates. The lawsuit follows Bed Bath & Beyond's bankruptcy and the termination of its 401(k) plan. Overstock.Com, Inc. (NASDAQ:OSTK) recently acquired the Bed Bath & Beyond brand name, intellectual property, and ecommerce platform.

Portfolio Pulse from Nabaparna Bhattacharya

September 15, 2023 | 11:30 am

In a recent interview with CNBC, Ford's CEO stated that the company would have gone bankrupt if the United Auto Workers' (UAW) proposal had been in effect in previous years.

Portfolio Pulse from Benzinga Newsdesk

September 14, 2023 | 8:22 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) has announced it will no longer fund BioSteel Sports Nutrition Inc., a business unit that represented about 60% of the company's Q1 FY2024 adjusted EBITDA loss. The company is exploring strategic alternatives for BioSteel, including a potential sale. This move is part of Canopy's strategy to streamline operations and cut costs.

Portfolio Pulse from Jelena Martinovic

September 14, 2023 | 3:05 pm

BRPHF

BTCUSD

FTTUSD

SOLUSD

The U.S. Bankruptcy Court has granted permission to crypto exchange FTX to liquidate its cryptocurrency assets, valued at over $3.4 billion, to settle debts with creditors. FTX can now sell, stake and hedge its cryptocurrency assets. The exchange has also expressed interest in bringing on board Mike Novogratz from Galaxy Digital as an advisor. FTX disclosed its possession of $1.16 billion in Solana and an estimated $560 million in Bitcoin.

Portfolio Pulse from Murtuza Merchant

September 13, 2023 | 7:29 pm

RKLB

Rocket Lab USA, Inc (NASDAQ:RKLB) has acquired Virgin Orbit's former facility for $16.1 million during its bankruptcy auction, significantly below its actual worth. The 144,000-square-foot complex will house the production of the Rutherford engine and serve as the development and production hub for the new Archimedes engine, which will power their Neutron launch vehicle. The acquisition is valued at around $100 million, a fraction of the cost of building a new facility.

Portfolio Pulse from Anusuya Lahiri

September 13, 2023 | 4:01 pm