Streetbeat News

Bankruptcy

OIG

Orbital Infrastructure has filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 1:45 pm

OIG

Orbital Infrastructure Group Inc (NASDAQ:OIG) shares are plunging after the company and certain of its subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court. The filing excludes Front Line Power Construction (FLP) and Gibson Technical Services (GTS), which are being sold separately. The company has received commitments for two debtor-in-possession (DIP) financing credit agreements with the FLP Lenders and the GTS Lender, providing $15.0 million of incremental liquidity.

Portfolio Pulse from Shivani Kumaresan

August 24, 2023 | 9:59 am

OIG

Orbital Infrastructure has announced plans to initiate purchase contracts for Front Line Power Construction and Gibson Technical Services. However, the company has also filed for Chapter 11 bankruptcy protection.

Portfolio Pulse from Benzinga Newsdesk

August 24, 2023 | 6:39 am

FTTUSD

Sam Bankman-Fried, founder of the defunct cryptocurrency exchange FTX, is facing difficulties preparing for his upcoming fraud trial due to poor prison conditions. His attorney highlighted inadequate food and lack of medication as significant impediments. Bankman-Fried is facing at least seven criminal charges, including conspiracy and fraud allegations linked to FTX's bankruptcy. The collapse of FTX, due to mismanagement of funds and lack of liquidity, caused significant upheaval in the cryptocurrency sector.

Portfolio Pulse from Murtuza Merchant

August 23, 2023 | 5:19 pm

WeWork is seeking advice for debt restructuring, according to Bloomberg. The company is looking for ways to ease its financial burden after a failed IPO attempt and a bailout from SoftBank.

Portfolio Pulse from Happy Mohamed

August 23, 2023 | 4:45 pm

AAP

ABNB

ADI

ANF

APLS

GRAB

KSS

META

MNK

NFLX

NVO

PTON

New York City's stricter short-term rental regulations have led to a decline in Airbnb listings. Meta Platforms faces scrutiny for allegedly allowing the sale of recalled items on Facebook Marketplace. Mallinckrodt is filing for bankruptcy for the second time due to business declines and lawsuits related to the U.S. opioid epidemic. Apellis Pharmaceuticals released an update on its Syfovre treatment for geographic atrophy. Netflix has seen an increase in U.S. users following a crackdown on password sharing. AT&T has entered the wireless home internet space with Internet Air. Novo Nordisk has enlisted Thermo Fisher Scientific to help with production of its weight-loss drug, Wegovy. Peloton, Analog Devices, Grab Holdings, Abercrombie & Fitch, Advance Auto Parts, Foot Locker, and Kohl's have all released their latest earnings reports.

Portfolio Pulse from Vandana Singh

August 23, 2023 | 2:46 pm

MNK

Pharmaceutical company Mallinckrodt Plc (NYSE:MNK) is set to file for bankruptcy for the second time in less than three years due to business declines and the challenge of meeting payments tied to billions in dollars of settlement to address lawsuits alleging its role in the U.S. opioid epidemic. The company has reached a preliminary restructuring agreement with its creditors, which includes a final payment of $250 million to an opioid-victims compensation trust. The agreement would also reduce the company's total funded debt by about $1.9 billion. The company expects to complete the Chapter 11 process in the fourth quarter of this year.

Portfolio Pulse from Vandana Singh

August 23, 2023 | 1:40 pm

ARAV

Aravive Inc (ARAV) has terminated Phase 1b/P2 trials of batiraxcept due to cash preservation. The company's Phase 3 AXLerate-OC trial did not meet its primary endpoint, leading to a downgrade of ARAV stock by Cantor Fitzgerald and William Blair. The company is exploring strategic alternatives and may cease operations if it fails to raise capital or engage a strategic partner. ARAV shares closed 23.60% lower at $0.16 on Tuesday.

Portfolio Pulse from Vandana Singh

August 22, 2023 | 8:35 pm

ASB

CMA

KEY

UMBF

VLY

S&P has downgraded five banks: KeyCorp, Comerica, Valley National, UMB and Associated Bank. This is part of a wider review of the banking sector by S&P.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 12:07 am

APO

ODFL

YELL

Old Dominion Freight Line Inc (ODFL) has offered $1.5 billion to acquire Yellow Corp’s (YELL) 169 terminals out of bankruptcy, exceeding a previous offer from Estes Express Lines of $1.3 billion. The properties will still undergo a marketing and sale process in which higher offers may be accepted. Yellow’s largest shareholder, MFN Partners LP, and Citadel Credit Master Fund offered to provide $142.5 million to fund Yellow’s liquidation. Citadel recently bought Yellow’s term loan from Apollo Global Management (APO).

Portfolio Pulse from Vandana Singh

August 21, 2023 | 2:09 pm