Bankruptcy

Daniel Acker | Bloomberg | Getty ImagesCosmetics giant Revlon filed for Chapter 11 bankruptcy protection on Wednesday evening as it grappled with a cumbersome debt load and a snarled supply chain.The company said it expects to receive $575 million in debtor-in-possession financing from its existing lender base, which will help to support its day-to-day operations."Today's filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future…

Revlon Inc. filed for bankruptcy, potentially ending a decadeslong bet on the beauty products company by Ronald Perelman, its billionaire controlling shareholder. Mr. Perelman bought Revlon in 1985 and built a reputation for always riding to its rescue when its future looked bleak, often through rescue loans or cash infusions. Now he faces losing control of the cosmetics business as it confronts a heavy debt load, inflation and supply-chain pressures and competitive threats. Revlon…

Electric Last Mile Solutions said in a filing the US commercial electric vehicle startup had commenced bankruptcy proceedings and blamed a lack of funding for the decision. The company said that investigations by the US Securities and Exchange Commission and an internal committee into the share purchases of former CEO Jim Taylor and Chairman Jason Luo leading to their resignation made it "extremely challenging" to secure funding. The Troy, Michigan-based company, which ceased all operations, said it received a notice from…

Elon Musk says that electric vehicle startups Lucid and Rivian are tracking toward bankruptcy unless something changes. During an interview with the Tesla Silicon Valley Owners Club, Tesla CEO Elon Musk said that both Lucid Motors and Rivian, two US-based electric vehicle startups, are trending toward bankruptcy. The CEO said: Unless something changes significantly with Rivian and Lucid, they will both go bankrupt. They are tracking toward bankruptcy. Musk added: I hope they can do something, but unless they…

The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company's facility in Mishawaka, Indiana.Electric Last Mile SolutionsEV start-up Electric Last Mile Solutions said late Sunday it plans to file for bankruptcy less than a year after it went public via a merger with a special purpose acquisition company.The Michigan-based maker of electric commercial vans said in a release that interim CEO…

Representational image. (Credits: Shutterstock)The move comes after the Troy, Michigan-based company disclosed a probe by the U.S. Securities and Exchange Commission and withdrew all its previously issued business outlook in MarchReuters Last Updated:June 13, 2022, 19:07 ISTFOLLOW US ON:U.S. commercial electric vehicle maker Electric Last Mile Solutions Inc (ELMS) said on Sunday it is planning to file for Chapter 7 bankruptcy, after a review of its products and commercialization plans. The move comes after the Troy,…

US commercial electric vehicle maker Electric Last Mile Solutions Inc (ELMS) said that it is planning to file for Chapter 7 bankruptcy, after a review of its products and commercialization plans. The move comes after the Troy, Michigan-based company disclosed a probe by the US Securities and Exchange Commission and withdrew all its previously issued business outlook in March. ELMS had said the SEC was investigating matters discussed in prior filings including disagreements with an accounting firm and compliance with the…

Revlon Inc. is preparing to file for chapter 11 protection as soon as next week after struggling to keep up with competition from newer cosmetic brands, people familiar with the matter said. Revlon, which has struggled with the increasing popularity of new brands from social-media influencers such as Kylie Jenner and others, narrowly escaped bankruptcy in 2020 as masked-up, stuck-at-home consumers cut back on makeup and accessories during the pandemic. Revlon Inc. is preparing to…

The premium Apple reseller Simply Mac has reportedly told its employees that it plans to cease operations immediately and terminate all of its employees, as the company prepares to file for bankruptcy. MacRumors' Joe Rossignol reports: In a letter to employees today, obtained by MacRumors from multiple sources, Simply Mac CEO Rein Voigt said the company is shutting down its operations and terminating all employees effective immediately in anticipation of filing for Chapter 7 bankruptcy in the United States, which will…

Infowars is jettisoning its bankruptcy case after families of Sandy Hook school shooting victims who are suing the conspiracy site’s founder, Alex Jones, withdrew from the chapter 11 process. The outcome described in court papers filed this week is the culmination of a failed legal strategy initiated by Infowars in April that attempted to tap the power of chapter 11 to settle defamation lawsuits that Mr. Jones’s lawyers have said threaten him with financial ruin. Infowars is jettisoning…