Streetbeat News

Bankruptcy

RIDE

EV maker Lordstown Motors Corp (NASDAQ:RIDE) has filed for bankruptcy protection after a dispute with Foxconn over a $170 million investment. The company has started the sales process for its Endurance truck and other assets, and filed litigation against Hon Hai Precision Industry Co Ltd and Foxconn Ventures Pte Ltd.

Portfolio Pulse from Anan Ashraf

June 27, 2023 | 7:16 am

DISH

DISH Network Corp's stock is trading lower after COO Narayan R. Iyengar resigned last week. The company has been struggling to sell assets and battling insider speculation of possible bankruptcy.

Portfolio Pulse from Anusuya Lahiri

June 26, 2023 | 4:49 pm

AAPL

BILL

BZ

ROKU

The FDIC mistakenly released an unredacted document revealing Sequoia Capital had $1 billion deposited with Silicon Valley Bank (SVB) at the time of its collapse. Other major depositors included Kanzhun Ltd, Circle Internet Financial Ltd, BILL Holdings Inc, and ROKU. The FDIC's decision to cover all depositors at SVB and Signature Bank cost the deposit insurance fund about $15.8 billion.

Portfolio Pulse from AJ Fabino

June 23, 2023 | 3:18 pm

FTTUSD

Alameda Research, the hedge fund division of the bankrupt FTX group, is seeking to reclaim $700 million allegedly spent by its founder, Sam Bankman-Fried, to gain access to high-profile individuals. Court documents claim that Bankman-Fried used the companies under his control as a slush fund, with no commensurate benefit to Alameda Research.

Portfolio Pulse from Murtuza Merchant

June 23, 2023 | 3:02 pm

UP

Wheels Up Experience Inc (NYSE:UP) shares are down 6% after the company issued a statement addressing bankruptcy rumors and announcing redesigned programs to drive profitability. Wheels Up is working with advisors to secure new strategic investments, raise capital, and execute strategic divestitures. The Board of Directors approved a 1-for-10 reverse stock split.

Portfolio Pulse from Lekha Gupta

June 23, 2023 | 2:26 pm

SRGA

Surgalign Holdings, Inc. has received a NASDAQ delisting notice following its Chapter 11 bankruptcy filing. The company's stock, SRGA, may be delisted from the exchange.

Portfolio Pulse from Benzinga Newsdesk

June 23, 2023 | 12:31 pm

MNK

Mallinckrodt Plc (NYSE:MNK), a financially distressed pharmaceutical company, has paid senior executives $3.4 million in retention bonuses ahead of a possible bankruptcy. The company recently postponed a $200 million payment to a settlement trust for opioid victims and missed interest payments to senior bondholders and lenders. MNK shares are down 21.6% at $1.20.

Portfolio Pulse from Vandana Singh

June 22, 2023 | 6:45 pm

DIS

Fortress Investment Group's $225 million stalking horse bid has been declared the winning offer for Vice Media as it exits bankruptcy. GoDigital presented a bid at a $300 million valuation, but Fortress had reservations about their funding. Vice will propose the sale to the bankruptcy court on Friday.

Portfolio Pulse from Vandana Singh

June 22, 2023 | 4:36 pm

BBBYQ

OSTK

Overstock.com has won an auction for the intellectual property and digital assets of Bed Bath & Beyond for $21.5 million. The deal does not include keeping Bed Bath & Beyond's stores open or Buy Buy Baby assets.

Portfolio Pulse from Erica Kollmann

June 22, 2023 | 3:45 pm

BBBYQ

OSTK

Overstock.com has won an auction for the intellectual property and digital assets of bankrupt home goods retailer Bed Bath & Beyond for $21.5 million. The deal does not include keeping Bed Bath's stores open. Bed Bath is running a separate sale process for its Buy Buy Baby chain.

Portfolio Pulse from Benzinga Newsbot

June 22, 2023 | 10:39 am