Photo: India Today
Once Growing Startup, WeWork Is Now On Verge Of Bankruptcy
WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection. Notably, bets on companies using more of its office-sharing space soured. The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey… read-more
Tags: us company, Startup, business, WeWork, BANKRUPTCY
Courtesy: News 18
Photo: The Indian Express
Elon Musk Urges Public Support To Save Twitter
Tesla CEO and Twitter Owner Elon Musk urged people to save the micro-blogging site from bankruptcy. On February 6, Musk said, "Last 3 months were extremely tough, as had to save Twitter from bankruptcy while fulfilling essential Tesla & SpaceX duties." He added, "Public support is much appreciated!" Notably, after purchasing Twitter, the platform is said to have suffered huge losses, with mass firing and new staff.
Tags: Elon Musk, Twitter CEO, BANKRUPTCY, Tesla CEO, Public Support
Courtesy: India Today
Photo: Business Standard
Regulations Of Insolvency & Bankruptcy Board Modified
The Ministry of Corporate Affairs announced on June 15 that the Insolvency and Bankruptcy Board of India has modified the Insolvency and Bankruptcy Board of India Regulations, 2016. The change makes creditors responsible for sharing information about the corporate debtor's assets and obligations. The amendment also covers how avoidance petitions submitted with the Adjudicating Authority are treated after the corporate insolvency resolution… read-more
Tags: Insolvency, BANKRUPTCY, Insolvency and Bankruptcy Board of India, regulations, creditors
Courtesy: ANI
Photo: CFO Magazine
US EV Manufacturer Electric Last Mile Solutions Intends To File For Bankruptcy
Electric Last Mile Solutions Inc (ELMS), commercial electric vehicle manufacturer in United States on June 12 stated it intends to file for Chapter 7 bankruptcy after reviewing its products and commercialization plans. Securities and Exchange Commission was probing issues raised in previous filings of ELMS. Earlier, it laid off around 24% of its employees. In June 2021, the company became public after merging with blank-check provider Forum… read-more
Tags: Electric Vehicles, Electric Last Mile Solutions Inc, United States, BANKRUPTCY, Securities and Exchange Commission
Courtesy: DNA India
Photo: Revlon, Inc
Cosmetics Brand Revlon Considering To File For Bankruptcy Owing To Massive Debts
Revlon Inc., a major worldwide cosmetics corporation, is preparing to file for Chapter 11 bankruptcy due to a large financial debt burden and supply chain issues. The negotiations are ongoing, but the decision is not final, and the approach might change. Revlon stocks dropped 53 percent in a single day on June 9. The company's sales have supposedly been declining since before the Covid-19 outbreak.
Tags: Cosmetics Brand, revlon, BANKRUPTCY, Debts, Covid-19
Courtesy: DNA India
Photo: SkyRefund
Jet Airways Receives Bankruptcy Court's Approval To Restart
Jet Airways becomes the first airline to restart its operation under India's Insolvency and Bankruptcy Code. The National Company Law Tribunal approved the resolution plan of the Kalrock-Jalan consortium on June 22. However, the company has to repay Rs 600 crores to creditors valid for 90 days after which it will need an extension from the tribunal. Jet Airways had suspended operations in April 2019 due to mounting debts.
Tags: Jet airways, national company law tribunal, BANKRUPTCY, kalrock-jalan
Courtesy: The Times of India
Photo: Tech In Asia
OYO Has Filed Bankruptcy Is Absolutely Untrue And Inaccurate, Clarifies CEO Ritesh Agarwal
OYO's CEO Ritesh Agarwal clarifying about the fake rumours around OYO filing for bankruptcy ‘is absolutely untrue and inaccurate.’ A fake PDF and text message is being circulated on social media saying OYO has filed for bankruptcy. However, the issue was entirely different where a claimant was seeking Rs 16 lakhs from OYO, which was already paid. For the same, OYO has appealed to NCLAT challenging the order.
Tags: Oyo, ritesh agarwal, BANKRUPTCY, NCLAT, Fake News, Social Media
Courtesy: Brifly Exclusive
Photo: Twitter / AnilAmbanii
SBI Claims Ambani Offered $160 Million Personal Guarantees, Tribunal to Verify
In order to verify SBI's claim that Anil Ambani offered personal guarantees of around $160 million when seeking loans, National Company Law Tribune (NCLT) in Mumbai has appointed a bankruptcy administrator. The former billionaire borrowed loans in 2016 on behalf of Reliance Communications Ltd and Reliance Infratel Ltd, which are now claimed to be insolvent. The court rejected "SBI's request for a restriction on Mr Ambani from dealing or… read-more
Tags: SBI, ANIL AMBANI, NCLT, BANKRUPTCY, RELIANCE COMMUNICATIONS
Courtesy: NDTV
