Tag: bankruptcy

Wirecard administrator eyes piece-by-piece sell-off

FRANKFURT AM MAIN, Germany (AFP) —  The unprecedented scandal at German payments processor Wirecard could lead to the group being sold off piecemeal, after its insolvency administrator said investors are eyeing profitable business units. A provisional committee of Wirecard creditors signed off on an international search for buyers Tuesday and confirmed lawyer Michael Jaffe as administrator. “Many investors from all over the world have already signaled interest in buying the core business or independent business […]

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Shares in Latin America’s biggest airline plunge after bankruptcy filing

by Miguel SANCHEZ SANTIAGO, Chile (AFP) — Shares in Latin America’s largest airline plunged on the New York and Santiago stock exchanges on Tuesday after LATAM filed for bankruptcy in the US. LATAM has suffered a drastic slump in business due to the coronavirus pandemic, which has hit travel and tourism all over the world. Last month the airline scaled back operations by 95 percent. “LATAM entered this crisis as a healthy and profitable group […]

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USA Rugby files for bankruptcy as COVID-19 worsens financial woes

LOS ANGELES, United States (AFP) — USA Rugby, its financial troubles exacerbated by the coronavirus pandemic, has filed for bankruptcy, the federation said on Monday. In a statement posted on its website, USA Rugby said it had filed for Chapter 11 bankruptcy, which allows financially struggling organizations to reorganize and restructure debt. “Existing financial challenges have been accelerated by the impact of the Covid-19 pandemic on rugby activities,” USA Rugby said. Sport around the world […]

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California power firm to pay $1.7 bn over wildfires

  LOS ANGELES, United States (AFP) — A California energy supplier has reached a nearly $1.7 billion settlement with regulators for its role in causing devastating wildfires in 2017 and 2018 that killed more than 100 people in total. Faulty Pacific Gas and Electric power lines were blamed for sparking last year’s so-called Camp Fire in northern California, the deadliest in the state’s modern history. Under the draft deal published Tuesday, PG&E shareholders will foot […]

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Bitcoin exchange president’s death puts millions out of reach

OTTAWA, Canada (AFP) — A Canadian cryptocurrency exchange was granted bankruptcy protection on Monday after its president took passwords for accounts containing Can$180 million ($137 million US) to his grave when he died suddenly. In a statement, QuadrigaCX said it sought protection from creditors after weeks of attempting to “locate and secure our very significant cryptocurrency reserves” following the death of its president Gerald Cotten. Nova Scotia’s high court granted the application made by Cotten’s […]

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Toys ‘R’ US to shut down US operations

WASHINGTON, United States (AFP) — Toys ‘R’ Us said late Wednesday it will liquidate all of its US stores, heralding the end of what had been a pillar of the toy industry. “This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years,” CEO Dave Brandon said in a statement. © Agence France-Presse

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Toys ‘R’ Us to shut or sell all US stores: reports

NEW YORK, United States (AFP) — Toys ‘R’ US plans to sell or close all of its US stores, potentially hitting 33,000 jobs, US media reported Wednesday. The debt-plagued retailer, which filed for bankruptcy protection in September, told employees that the retailer planned to file liquidation papers ahead of a Thursday court hearing, The Wall Street Journal and The Washington Post reported. “We’re putting a for sale sign on everything,” CEO David Brandon said on a […]

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Japanese airbag maker Takata files for bankruptcy

  (Reuters) — Embattled airbag maker Takata Corp on Monday (June 26) filed for bankruptcy protection in Japan and said it would seek $1.588 billion in financial aid from U.S.-based auto parts supplier Key Safety Systems (KSS). The KSS deal would help it deal with the fallout from its defective airbag inflators at the center of the global auto industry’s biggest ever recall, Takata CEO Shigehisa Takata said in a news conference in Tokyo on […]

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Tokyo stocks down at break, Takata dives on bankruptcy fears

TOKYO, Japan (AFP) — Tokyo stocks slipped Thursday morning with troubled airbag supplier Takata diving by more than half as it appeared to be headed for bankruptcy court. The benchmark Nikkei 225 index lost 0.10 percent, or 20.54 points, to sit at 20,118.25 by the break, while the Topix index of all first-section issues edged down 0.03 percent, or 0.42 points, to 1,611.14. © Agence France-Presse

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Takata close to filing for bankruptcy: report

TOKYO, Japan (AFP) — Japan’s scandal-hit airbag maker Takata is expected to file for bankruptcy protection as early as this month as it prepares to sell its assets to a United States company, a report said Friday. Takata will make a formal decision about the bankruptcy filing at its board meeting this month, the leading business daily Nikkei reported, without citing sources. American autoparts maker Key Safety Systems, owned by China’s Ningbo Joyson Electronic, will […]

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