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SINGAPORE, Jan 22, 2024 (AFP) – South Korean entrepreneur Do Kwon’s Terraform Labs, whose cryptocurrencies crashed dramatically in 2022, is seeking bankruptcy protection in the United States, according to court documents filed Sunday. The collapse of the Singapore-based firm’s TerraUSD and Luna wiped out around $40 billion in investments and caused wider losses in the global crypto market estimated at more than $400 billion. Kwon, who co-founded Terraform in 2018, was arrested last year in […]
NEW YORK, Aug 18, 2023 (AFP) – Embattled Chinese property giant Evergrande Group filed for bankruptcy protection in the United States on Thursday, court documents showed, a measure that protects its US assets while it attempts to restructure. Evergrande, once China’s top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities, as it came under intense pressure after officials tightened scrutiny on the real estate industry. The company’s […]
by Thomas URBAIN The US banking system has been gripped in recent days by a series of convulsions that has seen the collapse of three banks and authorities undertaking extraordinary measures to reassure depositors. It all began Wednesday night with a liquidation announcement from the small regional Silvergate Bank, a favorite among the cryptocurrency crowd. The California business was swept up in several crypto mishaps, particularly the implosion of exchange platform FTX, before facing a […]
New York, United States | AFP | by Juliette MICHEL The surprisingly rapid implosion of Silicon Valley Bank has markets jittery over a potential sign of widespread turmoil, but analysts see only a limited risk of financial contagion. SVB’s woes are the result of “idiosyncratic stresses and not one that we see as systemic that would affect the banking industry,” said CFRA Research’s Ken Leon, saying stricter US regulations enacted after the 2008 financial crisis […]
Sri Lanka’s president said Wednesday the island nation will remain bankrupt for at least three more years as he works to repair battered government finances following an unprecedented economic crisis. Ranil Wickremesinghe took office last year at the peak of national unrest sparked by months of food, fuel and medicine shortages. He has since pushed through tax hikes and negotiated with international creditors after a default on Sri Lanka’s foreign debt to clear the way for […]
Washington, United States (AFP) Disgraced cryptocurrency tycoon Sam Bankman-Fried was arrested Monday in the Bahamas at the request of the United States, according to US officials seeking to charge him after the spectacular collapse of his FTX platform. The arrest comes on the eve of Bankman-Fried’s scheduled appearance at a US Congress hearing in which he was to testify under oath about the crypto exchange’s overnight demise. The 30-year-old had in recent weeks defied […]
Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.https://t.co/adaAx6me4r — BlockFi (@BlockFi) November 28, 2022 New York, United States (AFP) BlockFi, a lender in the troubled cryptocurrency universe, announced Monday it had filed for bankruptcy protection in the latest ripple effect from the FTX collapse. The Chapter 11 filing in a US Bankruptcy Court in New Jersey will allow BlockFi and eight affiliates to “stabilize its business and provide the company […]
New York, United States | AFP | by Julie CHABANAS The new chief executive of troubled cryptocurrency platform FTX said Saturday the company was making “every effort to secure all assets” following unauthorized transactions potentially worth hundreds of millions of dollars. “Unauthorized access to certain assets has occurred,” CEO John Ray said in a statement posted to Twitter by FTX’s general counsel, Ryne Miller. FTX officials did not detail the quantity of unauthorized transactions made, […]
London, United Kingdom | AFP | UK fashion retailer Joules on Monday announced it was on the brink of collapse, as decades-high inflation hits business costs and consumer spending. Joules, famous for its posh wellies, intends on appointing administrators to try to salvage some of the business, having failed to secure an emergency injection of cash, a statement said. It added that trading of its shares had been suspended. Joules employs around 1,600 staff, while […]
New York, United States | AFP | Crisis-struck cryptocurrency platform FTX has gone bankrupt in the United States and its chief executive Sam Bankman-Fried has resigned, it said Friday, the latest blow in a saga that has reverberated across the digital currency landscape. The filing comes after the world’s biggest cryptocurrency platform Binance agreed to buy its rival earlier this week but backed out, leading market players to consider possible regulator responses. FTX Group announced […]
Philippine Airlines has said it has emerged from bankruptcy after a US court approved its plan to slash up to $2 billion in debt and obtain additional capital. The national carrier of the Philippines had filed for bankruptcy in the United States in September, seeking relief from creditors as it tried to survive the devastation unleashed on the airline industry by the coronavirus pandemic. Its court-approved reorganisation plan includes a $2 billion debt reduction and […]
Philippine Airlines said Saturday it was filing for bankruptcy in the United States to slash $2 billion in debt as it tries to survive an industry gutted by the coronavirus pandemic. The national carrier of the Philippines said the filing will allow it to restructure contracts and cut debt by at least $2 billion while getting $655 million in fresh capital when it emerges from the Chapter 11 process. PAL will also downsize its fleet […]
