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“# Judge rejects motion to freeze Cred’s crypto assets in bankruptcy case ” U.S. Bankruptcy Judge John Dorsey has denied an emergency motion filed by 15 customers of the embattled crypto lending firm Cred Inc. to freeze crypto assets held by the firm on exchanges amid its Chapter 11 bankruptcy proceedings. More than one dozen…
“#OxyContin maker Purdue Pharma pleads guilty to criminal charges” OxyContin maker Purdue Pharma formally admitted to its role in the nationwide opioid epidemic on Tuesday by pleading guilty to three criminal charges. Company chairman Steve Miller entered the plea on behalf of Purdue — controlled by the Sackler family, who were once fixtures on the…
“#Regal’s owner Cineworld gets $750M lifeline to avoid bankruptcy” Regal Entertainment’s UK-based owner Cineworld said Monday that it secured a financial lifeline to help it avoid a bankruptcy filing. Lenders will provide the movie-theater owner with a $450 million loan to help it keep afloat through the coronavirus pandemic. Other lenders will provide Cineworld with…
“#Mega-music retailer Guitar Center filing for Chapter 11 bankruptcy” They can’t string this out any longer. Guitar Center, the nation’s largest musical instrument retailer, is filing for bankruptcy, according to a report. With the economy out of tune due to the coronavirus pandemic, the mega-music chain said it’s filing for Chapter 11 protection as it…
“#Wendy’s wants to buy nearly 400 restaurants out of bankruptcy” Wendy’s disclosed Thursday it has submitted a bid to buy nearly 400 restaurants under its own name and operated by bankrupt franchisee NPC Quality Burgers. NPC filed for bankruptcy protection in July and started a process to sell its assets, including its interests in Wendy’s…
“#Regal Cinemas owner Cineworld eyes UK theater closures, rescue deal” Regal Cinemas owner Cineworld, the world’s second-largest movie theater operator, is considering a rescue deal that could spur permanent UK cinema closures. The deal, dubbed “Company Voluntary Arrangement,” would help the company weather the pandemic by restructuring and renegotiating its growing $8.2 billion pile of…
“#Nearly 300 firms that got COVID-19 loans have folded: report” Nearly 300 American businesses have folded despite receiving hundreds of millions of dollars in federal loans meant to keep them afloat during the coronavirus pandemic, a new report says. Some 285 companies that got aid from the Trump administration’s Paycheck Protection Program have filed for…
“#JCPenney set to emerge from bankruptcy after court approval” J.C. Penney is on course to emerge from bankruptcy by Thanksgiving, after a US bankruptcy court approved the sale of the ailing 118-year-old retailer to its two largest landlords and its primary lenders. The US Bankruptcy Court for the Southern District of Texas approved a purchase…
“# Cred customers demand answers after platform files for bankruptcy ” United States-based cryptocurrency lending service Cred filed for Chapter 11 bankruptcy protection on Saturday, leaving many customers searching for solutions to get their funds. According to court documents, the legal team for Cred CEO Daniel Schatt filed bankruptcy papers for the company in the…
“#AMC quarterly loss grows to $900M amid pandemic” AMC Entertainment’s third-quarter loss widened to more than $900 million as it to get pummeled by the economic fallout from the coronavirus. The nation’s largest movie theater chain, which had reported a $54.8 million loss in the year-ago quarter, said revenue for the period ended Sept. 30…