Bankruptcy

Crypto exchange FTX said it expects to negotiate U.S. government claims in its bankruptcy down to $3 billion to $5 billion, leaving no money for shareholders and contradicting a "reckless and false" claim by founder Sam Bankman-Fried that FTX's collapse caused no harm. FTX revealed those estimates in court documents on Wednesday in response to founder Sam Bankman-Fried's claims that he should receive a light prison sentence because FTX will be able to repay its customers "in full". Bankman-Fried was convicted in November…

The company behind a phone app for determining a food’s nutritional value has amassed $32 million in debt and still owes back pay to two dozen ex-employees as it shuts down. Opsis Health, of Highlands Ranch, filed for Chapter 7 bankruptcy March 15, less than one year after it launched Plateful, the company’s signature phone app. Chapter 7 requires a company to liquidate its assets and distribute them among those it owes money to. Plateful allows users to scan 1 million foods, then assigns those foods both a nutritional…

Fisker has reportedly hired “restructuring advisers to assist with a possible bankruptcy filing,” according to the Wall Street Journal on Wednesday. Update: Fisker responded with a statement, included below. Fisker has been going through a rough time lately, with its stock possibly being delisted due to low share prices. It also indicated in its recent quarterly report that there is “substantial doubt” that it can continue operating, and that it was seeking outside investment. This despite a 300% jump…

On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla’s delivery estimates dropping, a NACS extension cable, a possible Fisker bankruptcy, and more. The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel. As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.…

The fires are out at Tilford’s Wood Fired Pizza. The business, one of the original concepts in Edgewater Public Market, closed its doors and filed for Chapter 7 bankruptcy as Tilford’s Edgewater LLC on March 1. Chapter 7 bankruptcies are typically a liquidation process, where a trustee is appointed to oversee a selloff of the debtor’s assets. Tilford’s owes $605,939 to 14 creditors, according to court filings, and has assets worth $18,326. Burton and his wife opened Tilford’s Wood Fired Pizza as a food truck in 2016…

Rocket LV0006 tilts during liftoff.Astra / NASASpaceflightSpace company Astra will go private in a cut-rate deal with its founders after a dismal run as a publicly-traded stock.Astra co-founders Chris Kemp and Adam London – CEO and CTO, respectively – signed an agreement with the company's board to acquire all outstanding common stock at 50 cents a share. The deal is expected to close in the second quarter.A special committee of the board, with Kemp and London abstaining, voted in favor of the take-private plan. After the…

The land Cindy and Ronald McCormick bought for their “forever” home in the rolling hills of eastern Adams County came with a stunning view of the Front Range. It also came with an out-of-service oil well, an open pit, aging storage tanks, a dilapidated shed and a broken promise from a company to clean it all up. After learning that the company, Painted Pegasus Petroleum, went bankrupt, leaving nearly 200 wells across the county for others to take care of, the McCormicks decided to join a lawsuit seeking damages. The…

For much of the last decade, almonds have been such a lucrative crop that growers and investment firms have poured money into planting new orchards across vast stretches of California farmland.Now, the almond boom has fizzled and the industry has entered a slump. Prices have dropped over the last several years, and the state’s total almond acreage has started to decrease as growers have begun to tear out orchards and plant other crops. Aggressive and impactful reporting on climate change, the…

Tattered Cover lost $340,000 last month and expects to remain in the red this month, a fiscal shortcoming that arrives as the bookseller is trying to chart a course to profitability. The bankrupt company took in $630,000 in January — more than it had projected it would — but spent $970,000, according to a monthly update it filed Feb. 21 with the U.S. Bankruptcy Court. That same report projects a $110,000 loss for February. “This is a seasonal business,” CEO Brad Dempsey said in an interview Monday. “Our sales essentially…

Ingrid Lunden / TechCrunch: Thrasio, which raised $3B+ in equity and debt to acquire third-party Amazon sellers, files for Chapter 11 bankruptcy and secures $90M in emergency funding — Thrasio, the U.S. start-up that raised billions of dollars and popularized the concept of e-commerce aggregation … Ingrid Lunden / TechCrunch: Thrasio, which raised $3B+ in equity and debt to acquire third-party Amazon sellers, files for Chapter 11 bankruptcy and secures $90M in emergency funding …