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Bankruptcy

BTCUSD

ETHUSD

Cameron Winklevoss, co-founder of crypto exchange Gemini, has proposed a final offer to resolve debt-restructuring talks with Genesis, a bankrupt digital-asset firm owned by Digital Currency Group (DCG). The offer includes $1.5 billion in forbearance payments and fresh loans. DCG has reportedly missed a $630 million payment to Genesis. Winklevoss warned that failure to agree to the deal could result in lawsuits against DCG and its founder, Barry Silbert. Genesis reported over $3 billion in claims from its top 50 creditors in a January court filing.

Portfolio Pulse from Mehab Qureshi

July 04, 2023 | 3:41 am

MNST

Monster Beverage Corporation (NASDAQ:MNST) has entered into an Asset Purchase Agreement with Vital Pharmaceuticals, Inc and its debtor affiliates, Bang Energy. Under the agreement, Monster will acquire substantially all of Bang Energy's assets, including a beverage production facility in Phoenix, Arizona. The deal is part of Monster's strategy to capitalize on the growing energy drink market. Bang Energy filed for Chapter 11 bankruptcy in October 2022. Monster held around $3 billion in cash and equivalents as of March 31, 2023. MNST shares are currently trading lower by 1.29% at $56.70.

Portfolio Pulse from Shivani Kumaresan

July 03, 2023 | 1:48 pm

TTCF

Tattooed Chef Inc (NASDAQ:TTCF) shares have dropped by 44.34% after the company announced its intention to file for voluntary Chapter 11 Bankruptcy protection. The company will continue operations during Chapter 11, funded by debtor-in-possession financing. It will market its assets and solicit bids under Section 363 of the Bankruptcy Code.

Portfolio Pulse from Henry Khederian

July 03, 2023 | 1:26 pm

BAC

Bank of America (BAC) has initiated discussions with the Federal Reserve to understand the discrepancies in comprehensive income over a 9-quarter stress period between the Fed's CCAR results and the company's Dodd-Frank Stress Test results.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 12:50 pm

TTCF

Tattooed Chef has announced its intention to file for voluntary Chapter 11 Bankruptcy protection, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 12:36 pm

FBIO

MCOM

TSLA

TTCF

The article lists the top gainers and losers in pre-market trading. Notable gainers include Micromobility.com, Fortress Biotech, IMAC Holdings, and Tesla, which reported record delivery numbers for Q2. On the other hand, Tattooed Chef fell by 46.9% after announcing its intention to file for voluntary Chapter 11 Bankruptcy protection. Other losers include Baudax Bio, VBI Vaccines, and Agile Therapeutics.

Portfolio Pulse from Lisa Levin

July 03, 2023 | 12:15 pm

MNST

Monster Beverage Corporation has entered into an asset purchase agreement with Vital Pharmaceuticals, which filed for Chapter 11 protection in October 2022. The terms of the deal were not disclosed. The transaction is aimed at capitalizing on the growing energy drink market.

Portfolio Pulse from Benzinga Newsdesk

July 03, 2023 | 12:09 pm

MENA

NIO

TSLA

TTCF

Tesla reported record Q2 deliveries, exceeding estimates, and its shares gained 1.7%. Moderna submitted a regulatory application for an updated COVID-19 vaccine to the European Medicines Agency, and its shares gained 0.2%. NIO reported a 17.4% YoY slump in June deliveries but a 74% increase from May, and its shares gained 0.4%. Li Auto reported a 150.1% YoY surge in June deliveries, and its shares climbed 0.9%. Tattooed Chef intends to file for voluntary Chapter 11 Bankruptcy protection, and its shares dipped 37.8%.

Portfolio Pulse from Lisa Levin

July 03, 2023 | 8:02 am

JPM

WFC

The Federal Reserve's annual bank stress test predicts that over $541 billion could exit the U.S. banking system in a severely adverse scenario. Despite this, all 23 of the largest U.S. banks tested would have sufficient capital to absorb these losses and continue lending. Banks including JPMorgan Chase & Co, Wells Fargo & Co, and Morgan Stanley are planning to raise their quarterly dividends after clearing the stress test.

Portfolio Pulse from Bibhu Pattnaik

July 02, 2023 | 7:17 pm

AAPL

COIN

DIS

LCID

NVDA

The major U.S. stock market indexes each gained over 2% this week, marking a positive end to the second quarter of 2023. Seth Klarman, CEO of Baupost Group, praised Coinbase Global Inc for its smart moves. Apple Inc. is poised for a significant growth renaissance over the next 12 to 18 months, according to Wedbush's Daniel Ives. The recent resurgence of Bitcoin has sparked a surge in meme coins like Pepe, Dogecoin, and Shiba Inu. However, Lucid Group, Inc. and Rivian Automotive, Inc. could face bankruptcy, according to Future Fund managing partner Gary Black. The U.S. government's potential export restrictions on AI chips to China could impact companies like Nvidia Corporation. Brandon Nispel of KeyBanc Capital Markets has downgraded Walt Disney Co. from Overweight to Sector Weight.

Portfolio Pulse from Michael Cohen

July 01, 2023 | 2:50 pm