Friday, November 22

Tag: Bankruptcy

SoftBank Loses $6.2 Billion in Quarter as WeWork Weighs on Investments
9Nov By adminNo Comments
World

SoftBank Loses $6.2 Billion in Quarter as WeWork Weighs on Investments

TOKYO—SoftBank Group sank deeper into the red in the July-September period as it reported write-downs related to the bankruptcy of office-sharing company WeWork and technology shares stayed under pressure amid rising interest rates in the U.S.The Japanese technology investor posted a net loss of 931.1 billion yen, equivalent to $6.2 billion, for the quarter ended Sept. 30. That is compared with a 477.6 billion yen loss in the April-June quarter and 3.034 trillion yen profit a year earlier, when it unwound its stake in Alibaba Group Holding.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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WeWork — once one of the world’s hottest startups — declares bankruptcy
7Nov By adminNo Comments
Money

WeWork — once one of the world’s hottest startups — declares bankruptcy

WeWork, the formerly high-flying shared office space company that was once among the world's most valuable startups, filed for bankruptcy on Monday after years of deteriorating financial performance. "To successfully achieve its goals, WeWork Inc. and certain of its entities filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and intend to file recognition proceedings in Canada under Part IV of the Companies' Creditors Arrangement Act (the "CCAA Recognition Proceedings")," the company said in a statement. "WeWork's locations outside of the U.S. and Canada are not part of this process. WeWork's franchisees around the world are similarly not affected by these proceedings."WeWork's collapse caps a startling decline for a company that was valued at $47 billion in early 2019 aft...
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WeWork Files for Bankruptcy – WSJ
7Nov By adminNo Comments
World

WeWork Files for Bankruptcy – WSJ

Nov. 6, 2023 9:19 pm ET|WSJ ProWeWork filed for bankruptcy, capping the flexible-office-space venture’s remarkable collapse after once being the nation’s most valuable startup. The company filed for chapter 11 protection in the U.S. Bankruptcy Court in New Jersey. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Our Intelligence. Your Advantage.Sign in or subscribe for access to peerless insight & analysis, curated data & interactives, and networking events.
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Adam Neumann Wounded WeWork, an Office Market Bust Finished It Off
2Nov By adminNo Comments
World

Adam Neumann Wounded WeWork, an Office Market Bust Finished It Off

Listen to article(2 minutes)WeWork rode the wave of the venture-capital frenzy, building a global real-estate empire worth more than any other U.S. startup before buckling and laying off thousands when funding ran dry under its turbulent co-founder and former chief executive Adam Neumann. Ultimately, though, it was a historic office market bust that doomed the desk-rental giant. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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EV startup Volta Trucks files for bankruptcy
17Oct By adminNo Comments
Technology

EV startup Volta Trucks files for bankruptcy

Volta Trucks has declared bankruptcy in Sweden after four years in business. The EV manufacturers' board announced the news in a statement that thanked its workers and pointed to its existing accomplishments and unattained potential. "We created the world's first purpose-built 16-tonne all-electric truck, including a unique cab and chassis design, that would have contributed to decarbonising the environment and enhanced the health and safety and air quality of urban centres." The company had piloted its delivery vehicle, Volta Zero, in five European countries and originally planned to expand to Los Angeles in mid-2023.Volta Trucks blames its situation, in part, on that of another bankruptcy: Its battery supplier, Proterra, filed for bankruptcy protection in August following cost-trimming ...
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Rite Aid’s Tactic For Opioid Litigation: Bankruptcy Without A Deal
16Oct By adminNo Comments
World

Rite Aid’s Tactic For Opioid Litigation: Bankruptcy Without A Deal

Oct. 16, 2023 7:27 pm ET|WSJ ProRite Aid appears to be pursuing a novel strategy to handle a huge number of opioid-related lawsuits by sidestepping plaintiffs until after filing for bankruptcy.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Our Intelligence. Your Advantage.Sign in or subscribe for access to peerless insight & analysis, curated data & interactives, and networking events.
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Rite Aid Files for Bankruptcy, Undone by Years of Losses
16Oct By adminNo Comments
World

Rite Aid Files for Bankruptcy, Undone by Years of Losses

Updated Oct. 15, 2023 10:35 pm ETYour local Rite Aid drugstore could soon disappear, a casualty of years of losses and failed mergers. In the end, Rite Aid was too small and too poor to pay the costs of lawsuits related to the opioid epidemic.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Rite Aid Files for Bankruptcy, Undone by Years of Losses
16Oct By adminNo Comments
World

Rite Aid Files for Bankruptcy, Undone by Years of Losses

Your local Rite Aid drugstore could soon disappear, a casualty of years of losses and failed mergers. In the end, Rite Aid was too small and too poor to pay the costs of lawsuits related to the opioid epidemic.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Bankruptcy Judge Jones to Stop Handling Major Cases After Relationship With Lawyer Revealed
14Oct By adminNo Comments
World

Bankruptcy Judge Jones to Stop Handling Major Cases After Relationship With Lawyer Revealed

Updated Oct. 14, 2023 9:59 am ET|WSJ ProHouston bankruptcy judge David R. Jones is stepping down from handling large corporate reorganizations following revelations that he had a romantic relationship with a bankruptcy lawyer whose firm filed cases in his court.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Our Intelligence. Your Advantage.Sign in or subscribe for access to peerless insight & analysis, curated data & interactives, and networking events.
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