Bankruptcy

Global e-scooter company Bird has seen better days – it has confirmed that it is filing for bankruptcy for its service in the US, while keeping its Canadian and European markets intact for the time being. Bird released a press release this morning announcing it has entered “into a financial restructuring process aimed at strengthening its balance sheet and better positioning the company for long-term, sustainable growth.” The company said it will continue to “operate as usual” during the process by…

After laying off nearly a quarter of its staff last year, e-scooter rental company Bird has filed for Chapter 11 bankruptcy, the company announced. Existing lenders have agreed to purchase the assets and the company is being kept afloat via a $25 million loan from Apollo Global Management (Yahoo and Engadget's owner) and second-lien lenders, according to The Wall Street Journal.The company will continue to operate as normal and "has sufficient liquidity to meet financial obligations to city partners, vendors, suppliers,…

Bird has filed for Chapter 11 bankruptcy, capping off a turbulent year for the electric scooter company. In a press release today, Bird confirmed that it had entered into a “financial restructuring process aimed at strengthening its balance sheet,” with the company continuing to operate as normal in pursuit of “long-term, sustainable growth.” Founded in 2017 by former Lyft and Uber executive Travis VanderZanden, Bird is one of numerous startups to introduce dockless micromobility platforms…

Farfetch, the beleaguered luxury e-commerce platform that has spent months teetering on the brink of bankruptcy, has found its white knight: The retailer said Monday that Coupang, described as South Korea's answer to Amazon, would acquire it, providing a $500 million lifeline.Farfetch, which is based in London, was once feted as the most dominant force in luxury fashion. It went public on the New York Stock Exchange in 2018, and as consumers and luxury brands flocked to the site, its value shot up, reaching more than $23…

Ebix Inc, the parent entity for Indian payments and remittance company EbixCash, has filed for bankruptcy protection in a North Texas court after defaulting on a $617 million loan, according to a Bloomberg report.This happened after the software services company for the insurance and healthcare sector failed to repay its dues against a $600 million credit facility from American banks. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science…

Credit: Monstera Production from Pexels Going into 2022, Zehra Parlak received a warning from her accountant: A looming change to the federal tax code threatened to torpedo the future of Qatch Technologies, the biomedical company she had founded six years earlier based on her postdoctoral research at Duke University. There was little she could do to…

Lightning eMotors, which designs and manufactures electric vehicles for commercial and government fleets, agreed Thursday to have the Loveland-based company placed into receivership, signaling its default on its loans and financing. The company filed its agreement with the U.S. Securities and Exchange Commission. The company’s assets will be sold to pay its debts. The action follows a lawsuit by Cupola Infrastructure Income Fund, which sought to have a receiver appointed. The Greenwood Village company said it loaned…

Despite its penchant for raw food in the kitchen, Sushi Ronin is burning money in the courtroom. The LoHi sushi joint filed for Chapter 11 bankruptcy protection last month, nearly three years into a nasty legal battle between the business’ majority owner and initial investor, where each alleges misconduct and blames the other for the restaurant’s failure to ever turn a profit. “At this point, this lawsuit is just very, very vindictive,” said Alex Gurevich, Sushi Ronin’s majority owner. Chapter 11 bankruptcies are meant to…

Elon Musk's verbal assault on advertisers who have shunned X (formerly Twitter) threatens to sink the social network further, with the tycoon warning of the platform's demise, just one year after taking control."If somebody's gonna try to blackmail me with advertising, go fuck yourself," a visibly furious Musk told an interviewer in New York in front of an audience of the US business elite this week. Musk was lashing out at the advertisers who had abandoned his platform after Media Matters, a left-wing media watchdog…

Just over a month after Volta Trucks announced it was filing for bankruptcy, shareholder and lender Luxor Capital Group looks to breathe new life into the commercial EV startup, potentially salvaging hundreds on jobs in the UK. Volta Trucks is a London-based commercial EV startup that operated for nearly four years with hopes of reaching deliveries of its flagship commercial truck, the Volta Zero. We’ve followed the company closely for much of that journey, from a mere vehicle design sketch in 2019…