Bankruptcy

A Carvana sign and signature vending machine in Tempe, Ariz.Michael Wayland/CNBCPHOENIX – As layoffs and cost cuts roil Wall Street, from retail and shipping to tech and media, embattled online used car sales giant Carvana says its own restructuring is in the rear view.Carvana over the last 18 months aggressively restructured its operations and debt amid bankruptcy concerns to pivot from growth to cost-cutting. They were crucial moves for the company and its largest shareholders, including CEO and Chairman Ernie Garcia…

A U.S. unit of Indian education technology startup Byju's has filed for Chapter 11 bankruptcy proceedings in the U.S. court of Delaware, listing liabilities in the range of $1 billion to $10 billion.Byju's Alpha unit listed its assets in the range of $500 million to $1 billion, according to a court filing, which showed estimated creditors in the range of 100 to 199.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM LucknowIIML…

Edtech major Byju’s beset with internal and external challenges rolled out a rights issue to raise up to $200 million. In its desperate attempt to raise much-needed capital, it's ready to take a 99% cut in valuation. This and more in today’s ETtech Top 5.Also in the letter:■ YouTube Shorts vs Instagram Reels■ BluSmart raises $25 million■ Explained: Apple makes changes in EUByju’s seeks $200 million in rights issue at 99% valuation cut Desperate for funds, troubled edtech firm Byju’s has kickstarted a rights…

A group of US lenders has petitioned the bankruptcy court in India to initiate insolvency proceedings against Byju’s, exacerbating the challenges for a company which is desperately scouting for funds to keep operations running amid a slowdown in the edtech sector and regulatory scrutiny.The lenders have been in negotiation with the company over prepayment of a $1.2 billion term loan taken by its US subsidiary, Byju's Alpha, even as the two sides also continued to fight a legal battle in US courts.Elevate Your Tech Prowess…

A former backup quarterback for the Denver Broncos who is being sued by the company that he founded has listed his once-bankrupt mansion in Cherry Hills Village for sale. The mansion on Mockingbird Lane, a seven-bedroom and 10-bathroom estate built in 2002, is listed at $9.5 million. A Jan. 14 listing calls it “the finest luxury home in Cherry Hills Village.” “The exterior’s classic architecture exudes sophistication, featuring a combination of brick and stone with lush landscaping,” it said. “As you step inside, you’ll…

Singapore-based Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022.  Terraform Labs confirmed that it had filed for Chapter 11 protection in the U.S. as “a strategic step that will enable it to continue its operations and support litigation pending in Singapore and U.S. litigation involving the Securities and Exchange Commission.”  It also said it would “meet all…

Terraform Labs, the company that wiped out $40 billion from the crypto market with the collapse of its TerraUSD and Luna stablecoins, has finally filed for Chapter 11 bankruptcy protection on Sunday. Bloomberg reports that the crypto firm's estimated assets and liabilities are both in the range of $100 million to $500 million, with the estimated number of creditors being somewhere between 100 and 199. Co-founder and former CEO Do Kwon is listed as the majority shareholder at 92 percent, with an address registered in…

Terraform Labs, the company behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets, filed for Chapter 11 bankruptcy in the United States, according to court papers filed on Sunday.Singapore-based Terraform labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100-$500 million.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIM KozhikodeIIMK Senior Management…

The VanMoof X3 was the perfect fit. Both my 6-foot-1 husband and my 5-foot-2 self could ride the e-bike comfortably. We live in Paris, and the X3 had many features to ward off thieves, including an integrated wheel lock, a motion-based alarm and location tracking via Apple’s Find My network.I’ve reviewed a number of e-bikes and ultimately chose VanMoof’s $2,300 X3 because it looked cool and ticked so many boxes. Then, last July, the Dutch e-bike maker declared bankruptcy.Copyright ©2024Dow Jones & Company, Inc. All…

The New York Department of Financial Services said Digital Currency Group subsidiary Genesis Global trading will pay an $8 million penalty and surrender its license from the regulator after an investigation found significant failings in the company's anti-money laundering and cybersecurity programs. Genesis - a cryptocurrency market-maker and brokerage firm - failed to maintain an effective compliance program for anti-money laundering and Bank Secrecy Act requirements and did not file sufficient Suspicious Activity…