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Ascend Elements said on Friday it has started Chapter 11 bankruptcy proceedings in the U.S., a heavy blow to investors who had sunk nearly $900 million into the company. Linh Austin, Ascend’s CEO, announced the decision in a post on LinkedIn late Thursday night. He said the company faced “insurmountable” financial challenges. Ascend’s filing comes…
“Red Lobster likely closing more restaurants after shuttering 130: CEO” Red Lobster is considering closing more locations as it continues to reevaluate its restaurant footprint in the wake of its 2024 bankruptcy. The seafood chain shuttered roughly 130 restaurants when it went through the bankruptcy process and Red Lobster CEO Damola Adamolekun told The Wall Street Journal in…
“Saks Global headed toward bankruptcy after missing debt payment: report” Saks Global is reportedly headed toward bankruptcy after missing payment for the debt it took on to acquire Nieman Marcus. The largest luxury retailer in the world, whose brands include Saks Fifth Avenue, Bergdorf Goodman and Saks off 5th, missed a $100 million payment to…
The distribution marks the third payout to creditors of the former exchange as it continues dispensing up to $16.5 billion in funds. The FTX Recovery Trust, the entity overseeing the distribution of funds from the bankrupt crypto exchange, announced a third tranche of distributions to creditors, worth about $1.6 billion. According to a Friday announcement,…
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation. Today in crypto, Republicans suffered their first setback in Congress on crypto legislation, Bitcoin-powered darknet marketplace Abacus Market has gone offline amid suspected law enforcement pressure, and…
Thousands of savers face potential losses after a $2.7 million shortfall was discovered at Ziglu, a British crypto fintech that entered special administration. Thousands of savers face the grim prospect of losing their investments after administrators uncovered a 2 million pounds ($2.7 million) shortfall at Ziglu, a British cryptocurrency fintech that collapsed earlier this year….
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation. Today in crypto, Pump.fun ICO raises $500 million, BlockFi’s bankruptcy administrator and the DOJ have settled a $35 million crypto asset transfer lawsuit, and US-based spot Bitcoin…
BlockFi’s bankruptcy administrator and the DOJ have settled a $35 million crypto asset transfer lawsuit. The administrator overseeing BlockFi’s bankruptcy wind-down and the US Department of Justice (DOJ) have reached a settlement to dismiss a $35 million crypto asset transfer lawsuit involving the crypto lender. The agreement was approved by Judge Michael B. Kaplan of…
Ripple shareholder Linqto has filed for bankruptcy following months of controversy around securities laws violations, with the first hearing expected on Tuesday. Linqto, a private investment platform that allows investors to buy shares in pre-initial public offering companies, has filed for Chapter 11 bankruptcy. The company also holds 4.7 million Ripple shares bought on the…
The recently-pardoned founder of Nikola, Trevor Milton, has been fighting a subpoena from the creditors of his bankrupt electric trucking company. The official committee of unsecured creditors in the bankruptcy case sent the subpoena to Milton’s lawyers on April 1, according to a recent filing. Milton owed Nikola nearly $100 million before it filed for…