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Bankruptcy

EGRNF

Shares of China Evergrande Group (OTC:EGRNF) plunged 87% as trading resumed after a 17-month pause. The company reported a loss of 39.25 billion yuan ($5.38 billion) for six months ending June, a significant drop from the previous year. However, the company's revenue showed an upward trend. Evergrande, which filed for Chapter 15 bankruptcy protection in a U.S. court in July, had total liabilities of 2.39 trillion yuan ($327.70 billion) as of June 2023.

Portfolio Pulse from Benzinga Neuro

August 28, 2023 | 9:37 am

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Pharmaceutical company Mallinckrodt has initiated voluntary prepackaged Chapter 11 bankruptcy proceedings. The move is aimed at resolving several lawsuits and reducing the company's debt.

Portfolio Pulse from Benzinga Newsdesk

August 28, 2023 | 5:04 am

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Rite Aid Corp (NYSE:RAD) is reportedly on the brink of bankruptcy due to its role in the opioid crisis and a significant debt burden exceeding $3.3 billion. The company is facing numerous lawsuits and has seen its stock value drop by over 80% within a year. Other pharmaceutical companies like Purdue Pharma, Mallinckrodt Plc (NYSE:MNK), and Endo International Plc (OTC:ENDPQ) have also faced bankruptcy due to opioid-related litigations.

Portfolio Pulse from Vandana Singh

August 25, 2023 | 5:52 pm

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Rite Aid Corporation is reportedly preparing to file for Chapter 11 bankruptcy within weeks, which would halt ongoing opioid lawsuits. This news has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 4:08 pm

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Rite Aid is reportedly preparing to file for Chapter 11 bankruptcy within weeks. The move is seen as a strategy to address ongoing opioid lawsuits, according to sources cited by the Wall Street Journal.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 4:01 pm

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WeWork Inc (NYSE:WE) is on the brink of bankruptcy, with its stock plunging 99% since its public listing in October 2021. Creditors, including BlackRock Inc (NYSE:BLK), King Street Capital, and Brigade Capital, are considering a bankruptcy filing for the company. The potential bankruptcy could allow WeWork to exit some of its costly commercial real estate leases and may result in creditors taking control of the company. WeWork's major shareholder, SoftBank Group Corp (OTC: SFTBY) (OTC: SFTBF), could be significantly impacted if bankruptcy nullifies WeWork's publicly traded stock.

Portfolio Pulse from Vandana Singh

August 25, 2023 | 11:56 am

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US stocks traded lower with the Dow Jones falling around 250 points. Dollar Tree Inc reported better-than-expected earnings and sales results for its second quarter, raising its sales guidance for FY23. TDCX Inc, Guess?, Inc, and Backblaze, Inc shares rose following positive earnings reports and raised outlooks. Orbital Infrastructure Group, Inc, Societal CDMO, Inc, and Petco Health and Wellness Company, Inc shares fell due to bankruptcy filing, pricing of public offering, and disappointing Q2 results respectively.

Portfolio Pulse from Lisa Levin

August 24, 2023 | 6:21 pm

Wall Street funds are discussing a potential bankruptcy plan for WeWork. The interim chief of WeWork has stated that the company is currently negotiating with landlords in an attempt to avoid bankruptcy.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 6:09 pm

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Several stocks experienced significant movement in Thursday's mid-day session. Notable gainers included Electriq Power Holdings, Bruush Oral Care, VinFast Auto, Nemaura Medical, TDCX, Guess?, ESGL Holdings, Backblaze, OSI Systems, The Glimpse Group, Build-A-Bear Workshop, Splunk, Pieris Pharmaceuticals, China SXT Pharmaceuticals, SharkNinja, Aviat Networks, Groupon, Esports Entertainment Group, Foot Locker, FOXO Technologies, Weibo Corporation, and NVIDIA Corporation. On the other hand, stocks that fell included Orbital Infrastructure Group, Societal CDMO, AMC Entertainment Holdings, Cheetah Net Supply Chain Service, AgileThought, Momentus, Lendway, Moxian, Mullen Automotive, Petco Health and Wellness Company, GRI Bio, BTC Digital, T2 Biosystems, LQR House, Spirit AeroSystems Holdings, Invitae Corporation, Unifi, Opera Limited, Kiora Pharmaceuticals, Graphex Group Limited, C3.ai, Fulcrum Therapeutics, Zuora, Dollar Tree, and Burlington Stores.

Portfolio Pulse from Lisa Levin

August 24, 2023 | 5:22 pm

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US stocks turned lower with the Dow Jones falling more than 200 points and NASDAQ falling 1.35%. Initial jobless claims fell by 10,000 to 230,000. TDCX Inc., Guess?, Inc., and Backblaze, Inc. saw their shares rise following positive Q2 earnings and raised revenue outlooks. Orbital Infrastructure Group, Inc., Societal CDMO, Inc., and Petco Health and Wellness Company, Inc. saw their shares drop due to bankruptcy filings, public offering pricing, and Q2 results respectively.

Portfolio Pulse from Lisa Levin

August 24, 2023 | 4:03 pm