Streetbeat News

Bankruptcy

CTRYY

Country Garden Holdings Co. Ltd. (OTCPK: CTRYY), a leading property developer in China, is facing a potential debt default with a debt load of $187 billion. The company must settle a sum of $22.5 million in coupons by Sept. 6, marking the end of a 30-day grace period. Failure to meet this payment could lead to creditors declaring a default, potentially triggering a more significant crisis than the one experienced by China Evergrande Group. Despite fulfilling its obligations on a ringgit-denominated bond and securing an extension with domestic investors regarding yuan-denominated bonds, the company still owes dollar interest payments.

Portfolio Pulse from Piero Cingari

September 04, 2023 | 7:17 pm

HOOD

Financial statements reveal transactions favoring top executives at FTX, a cryptocurrency exchange, before its downfall in late 2022. Notably, $2.51 million was transferred from FTX to the American Yacht Group for Sam Trabucco, former co-CEO of Alameda Research. Cash payments were also made to several FTX executives, including Bankman-Fried and co-founder Gary Wang. Additionally, Bankman-Fried and Wang acquired shares of Robinhood (NASDAQ:HOOD) in spring 2022, which were later seized by the U.S. Department of Justice and repurchased by Robinhood.

Portfolio Pulse from Bibhu Pattnaik

September 03, 2023 | 2:12 pm

FXI

Evergrande's wealth unit has announced that it is unable to repay investors this month, according to Reuters. This news may have implications for the iShares China Large-Cap ETF (FXI), which has exposure to Evergrande.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 12:07 pm

MNKTQ

Mallinckrodt plc (OTC:MNKTQ) has received approval from the U.S. Bankruptcy Court for its 'First Day' motions related to its voluntary Chapter 11 petitions. The court has granted Mallinckrodt access to $150 million of the $250 million of commitments for new financing from its creditors. The company will also continue paying employee wages, salaries, and benefits without interruption. Mallinckrodt's financial restructuring plan will reduce the company's total funded debt by approximately $1.9 billion.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 3:57 pm

RIDEQ

On August 20, the bankruptcy court denied a motion to dismiss Lordstown Motors' Chapter 11 cases or to convert them to cases under Chapter 7.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 1:08 pm

AGIL

AgileThought, a software development company, has announced that it will undergo a 90-day Chapter 11 reorganization process under the U.S. Bankruptcy Code.

Portfolio Pulse from Benzinga Newsdesk

August 28, 2023 | 6:17 pm

AGIL

AgileThought Inc has filed for voluntary Chapter 11 bankruptcy, listing both assets and liabilities in the range of $100M-$500M.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 5:11 pm

RAD

TUP

YELL

Rite Aid Corporation (RAD) shares are trading higher after a significant drop on Friday. The company is reportedly preparing for a bankruptcy filing due to lawsuits related to the opioid crisis. The stock has attracted attention from retail investors and short-sellers, with 16% of available shares being sold short. Retail investors have also shown interest in other struggling companies, including Yellow Corporation (YELL) and Tupperware Brands Corporation (TUP).

Portfolio Pulse from Erica Kollmann

August 28, 2023 | 4:36 pm

MNK

Mallinckrodt Plc (NYSE:MNK) has filed for a second bankruptcy in three years in the U.S. The restructuring plan aims to reduce its debt by about $1.9 billion and is expected to be completed in Q4 2023. The company also plans to make a final, one-time payment of $250 million to support the Trust's mission to address the U.S. opioid crisis. MNK shares are up 3.03% at $0.5 on the last check Monday.

Portfolio Pulse from Vandana Singh

August 28, 2023 | 1:55 pm

EGRNF

China Evergrande Group (OTC:EGRNF) has extended the creditors' voting record time related to its offshore debt restructuring plan. The company lost around 80% of its market value, equivalent to $2 billion, after shares resumed trading on August 28. Evergrande seeks approval from over 75% of the holders of each debt class to support the plan, which offers creditors options to swap debt for new bonds and equity-linked instruments. The company has been in crisis with debt defaults, unfinished homes, and unpaid suppliers. Evergrande reported an H1 FY23 net loss of RMB(33.0) billion ($4.53 billion), which narrowed from RMB(66.4) billion a year ago on higher revenues.

Portfolio Pulse from Lekha Gupta

August 28, 2023 | 10:52 am