8 hours ago
Filing for bankruptcy is typically considered a last resort for debt repayment. But, the rising cost of living — combined with rising debt levels — has led to an increasing number of personal bankruptcies in the U.S. over the past three years.
Even the social stigma around bankruptcy isn't enough to prevent struggling Americans from considering it as an option these days.
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Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going
#americans #even
Even the social stigma around bankruptcy isn't enough to prevent struggling Americans from considering it as an option these days.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP
Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going
#americans #even
23 hours ago
A Chapter 7 bankruptcy generally involves liquidation, but it doesn't necessarily mean the end of the businesses or brands connected to the person or business who filed.
Big Lots, for example, filed for Chapter 7 bankruptcy and was liquidated, but some of its stores and the right to use its name were sold to Variety Wholesalers. That transaction gave Variety Wholesalers the right to reopen between a quarter and half of the chain's roughly 800 stores.
In many cases, however, in a Chapter 7 filing, the brands go away. When it comes to Nick Pihakis, who owns Pihakis Restaurant Group, it's unclear whether any of his company's many restaurants, some of which have already closed, will survive.
The case was filed by Pihakis individually, not by Pihakis Restaurant Group or any affiliated LLCs. Huntsville attorney Kevin Heard of Heard Ary & Dauro is representing Pihakis.
Pihakis has a long list of creditors that has gotten longer since TheStreet last reported on his situation in May.
#wholesalers #heard #brands
Big Lots, for example, filed for Chapter 7 bankruptcy and was liquidated, but some of its stores and the right to use its name were sold to Variety Wholesalers. That transaction gave Variety Wholesalers the right to reopen between a quarter and half of the chain's roughly 800 stores.
In many cases, however, in a Chapter 7 filing, the brands go away. When it comes to Nick Pihakis, who owns Pihakis Restaurant Group, it's unclear whether any of his company's many restaurants, some of which have already closed, will survive.
The case was filed by Pihakis individually, not by Pihakis Restaurant Group or any affiliated LLCs. Huntsville attorney Kevin Heard of Heard Ary & Dauro is representing Pihakis.
Pihakis has a long list of creditors that has gotten longer since TheStreet last reported on his situation in May.
#wholesalers #heard #brands
1 day ago
BIRMINGHAM, England (AP) — Olympic silver medalist Matt Hudson-Smith says he has "a memory like a fish" and doesn't know if he's been paid what he's owed by Grand Slam Track, the league that filed for Chapter 11 bankruptcy protection late last year.
Hudson-Smith spoke Sunday at a press conference ahead of the European championships in Birmingham, England, and addressed four-time Olympic champion Michael Johnson's comments, in an interview with the Telegraph, that he had now "been able to get these athletes paid."
Johnson formed the league by providing star athletes with salaries and appearance fees to compete on a four-event circuit in 2025. There also was prize money at each race but the series was cut short when Grand Slam Track canceled its final meet last June in Los Angeles.
"I'm going to be real, I have a memory like a fish, so I can't remember what's going on," said Britain's Hudson-Smith, a two-time European champion in the 400 meters
A filing in U.S. Bankruptcy Court in Delaware in January listed Hudson-Smith as being owed $147,500.
#birmingham #grand #bankruptcy
Hudson-Smith spoke Sunday at a press conference ahead of the European championships in Birmingham, England, and addressed four-time Olympic champion Michael Johnson's comments, in an interview with the Telegraph, that he had now "been able to get these athletes paid."
Johnson formed the league by providing star athletes with salaries and appearance fees to compete on a four-event circuit in 2025. There also was prize money at each race but the series was cut short when Grand Slam Track canceled its final meet last June in Los Angeles.
"I'm going to be real, I have a memory like a fish, so I can't remember what's going on," said Britain's Hudson-Smith, a two-time European champion in the 400 meters
A filing in U.S. Bankruptcy Court in Delaware in January listed Hudson-Smith as being owed $147,500.
#birmingham #grand #bankruptcy
2 days ago
It may have taken decades, but Heather Locklear and Lorenzo Lamas have finally fallen into one another's arms. Sadly, love doesn't pay the bills, which is something Lamas, who rose to fame starring in nine seasons of "Falcon Crest" and five seasons of "Renegade," needed to learn the hard way. Lamas found himself in a financial pickle when the roles started to dry up, and with added divorce costs and Lamas' many ex-wives who came calling for their alimony, he was out $6,123 a month. On top of that was the cost of raising six children, and it didn't help that the actor had expensive habits. When he filed for bankruptcy in 2004, Lamas was over $600,000 in debt, with items like his Harley-Davidson, Hummer, and private plane hanging over his head.
Lamas filed for bankruptcy a second time in 2014. Where the actor had over $400,000 in ***** ets in '04, in the '14 listing, he was down to just $9,100, with only $430 in the bank. The good news was that his debt had been cut in half. The bad news was that even half the debt was still over $300,000. The "Bold and the Beautiful" star opened up on "Oprah: Where Are They Now" (via HuffPost), saying, "My greatest regret would be that I took my success for granted, because it was given to me at such a young age. I thought my acting career was going to just last forever ..." But the star wasn't going to sit around and wait to see what would happen. He took responsibility and found a way out of the hole he had dug.
Read more: Things You Don't Know About Cote De Pablo
Lorenzo Lamas/X
The son of Hollywood legends Arlene Dahl and Fernando Lamas, Lorenzo Lamas was in his 40s when he had to do something he had never done before: get a regular job. Being a man with many talents, Lamas landed a pretty cool job, becoming a helicopter pilot touring people around Los Angeles and New York, but the change in profession wasn't easy for him, explaining, "It was a very difficult lesson to learn at 40 years old." But it was a lesson that taught the star what he needed to learn, as he went on to opine, "Put some money away and not spend it so ... frivolously on boats and airplanes and houses behind gates, and all that stuff that really doesn't matter."
#something
Lamas filed for bankruptcy a second time in 2014. Where the actor had over $400,000 in ***** ets in '04, in the '14 listing, he was down to just $9,100, with only $430 in the bank. The good news was that his debt had been cut in half. The bad news was that even half the debt was still over $300,000. The "Bold and the Beautiful" star opened up on "Oprah: Where Are They Now" (via HuffPost), saying, "My greatest regret would be that I took my success for granted, because it was given to me at such a young age. I thought my acting career was going to just last forever ..." But the star wasn't going to sit around and wait to see what would happen. He took responsibility and found a way out of the hole he had dug.
Read more: Things You Don't Know About Cote De Pablo
Lorenzo Lamas/X
The son of Hollywood legends Arlene Dahl and Fernando Lamas, Lorenzo Lamas was in his 40s when he had to do something he had never done before: get a regular job. Being a man with many talents, Lamas landed a pretty cool job, becoming a helicopter pilot touring people around Los Angeles and New York, but the change in profession wasn't easy for him, explaining, "It was a very difficult lesson to learn at 40 years old." But it was a lesson that taught the star what he needed to learn, as he went on to opine, "Put some money away and not spend it so ... frivolously on boats and airplanes and houses behind gates, and all that stuff that really doesn't matter."
#something
2 days ago
A Chapter 7 bankruptcy generally involves liquidation, but it doesn't necessarily mean the end of the businesses or brands connected to the person or business who filed.
Big Lots, for example, filed for Chapter 7 bankruptcy and was liquidated, but some of its stores and the right to use its name were sold to Variety Wholesalers. That transaction gave Variety Wholesalers the right to reopen between a quarter and half of the chain's roughly 800 stores.
In many cases, however, in a Chapter 7 filing, the brands go away. When it comes to Nick Pihakis, who owns Pihakis Restaurant Group, it's unclear whether any of his company's many restaurants, some of which have already closed, will survive.
The case was filed by Pihakis individually, not by Pihakis Restaurant Group or any affiliated LLCs. Huntsville attorney Kevin Heard of Heard Ary & Dauro is representing Pihakis.
Pihakis has a long list of creditors that has gotten longer since TheStreet last reported on his situation in May.
#wholesalers #group
Big Lots, for example, filed for Chapter 7 bankruptcy and was liquidated, but some of its stores and the right to use its name were sold to Variety Wholesalers. That transaction gave Variety Wholesalers the right to reopen between a quarter and half of the chain's roughly 800 stores.
In many cases, however, in a Chapter 7 filing, the brands go away. When it comes to Nick Pihakis, who owns Pihakis Restaurant Group, it's unclear whether any of his company's many restaurants, some of which have already closed, will survive.
The case was filed by Pihakis individually, not by Pihakis Restaurant Group or any affiliated LLCs. Huntsville attorney Kevin Heard of Heard Ary & Dauro is representing Pihakis.
Pihakis has a long list of creditors that has gotten longer since TheStreet last reported on his situation in May.
#wholesalers #group
3 days ago
Michael Johnson has admitted the fallout from Grand Slam Track (GST) was "the most stress" he had faced for a long time and clarified the financial situation after its controversial demise, including an alleged "secret" payment to himself.
The four-time Olympic champion was at the heart of the league, which had its inaugural season in 2025 with meets in Kingston, Jamaica and in the US cities of Miami and Philadelphia.
The inaugural event in Kingston was in front of a barely third-full stadium, while the fourth and final meet scheduled in Los Angeles in June was cancelled and Grand Slam Track filed for bankruptcy in December 2025.
Grand Slam Track controversially collapsed under Michael Johnson's watch (AFP/Getty)
In March 2026, a legal filing by GST's creditors accused Johnson of "secretly" paying himself $500,000 (£370,000) days before the season collapsed, a claim a GST representative said at the time was "unfounded and false".
#grand #slam #himself #season
The four-time Olympic champion was at the heart of the league, which had its inaugural season in 2025 with meets in Kingston, Jamaica and in the US cities of Miami and Philadelphia.
The inaugural event in Kingston was in front of a barely third-full stadium, while the fourth and final meet scheduled in Los Angeles in June was cancelled and Grand Slam Track filed for bankruptcy in December 2025.
Grand Slam Track controversially collapsed under Michael Johnson's watch (AFP/Getty)
In March 2026, a legal filing by GST's creditors accused Johnson of "secretly" paying himself $500,000 (£370,000) days before the season collapsed, a claim a GST representative said at the time was "unfounded and false".
#grand #slam #himself #season
4 days ago
Lucid Group (LCID) released its Q2 2026 earnings yesterday, Aug. 4, after the markets closed. The confessional attracted higher-than-usual attention for a couple of reasons. First, it was preceded by a turbulent couple of months that saw LCID shares fall to all-time lows on bankruptcy rumors, and second, it was the first call under the new CEO, Silvio Napoli.
Meanwhile, more than the numbers, the earnings call was about the strategic vision Napoli laid out for the company and how the new management team wants to transform Lucid into a sustainable business.
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Nasdaq Futures Climb as Tech Rally Continues on Palantir Boost, U.S. JOLTS Report and ****** eX Earnings on Tap
#lucid #couple #group
Meanwhile, more than the numbers, the earnings call was about the strategic vision Napoli laid out for the company and how the new management team wants to transform Lucid into a sustainable business.
Jeff Bezos Says He's Selling $1 Billion In Amazon Stock Every Year to Fund Blue Origin — 'It's The Most Important Work I'm Doing'
Apple's New CEO Is Bringing a Familiar Face Back From Retirement. The Shift Is Happening.
Nasdaq Futures Climb as Tech Rally Continues on Palantir Boost, U.S. JOLTS Report and ****** eX Earnings on Tap
#lucid #couple #group
5 days ago
Former Colorado football player Shilo Sanders is seeking to have the written transcript of his coming bankruptcy trial sealed from public view, along with any exhibits displayed at the trial where Sanders hopes to escape more than $11 million in debt, according to a new case document filed Aug. 3.
The filing says Sanders, son of Colorado football coach Deion Sanders, does not oppose keeping the trial proceedings public but wants to seal any written record of it in large part because the case contains information relating to when Sanders was a minor at age 15.
Attorneys for USA TODAY filed a motion to intervene in the Sanders' bankruptcy case July 22 − a request that seeks greater transparency in this high-profile case after several developments in it recently were conducted in secret, including a pretrial court hearing July 14.
On July 31, Sanders' attorney, Victor Vital, filed his response to that request under seal, keeping its contents from public view. USA TODAY's attorneys, who have access to the response, replied with an Aug. 3 court filing that references what Vital proposed.
USA TODAY's filing notes that Sanders's response does not oppose keeping the Aug. 31 trial proceedings open to the public "but buries the fact that his proposed order would seal the complete trial transcript and any exhibits submitted as evidence at trial."
#case #july #keeping #seal
The filing says Sanders, son of Colorado football coach Deion Sanders, does not oppose keeping the trial proceedings public but wants to seal any written record of it in large part because the case contains information relating to when Sanders was a minor at age 15.
Attorneys for USA TODAY filed a motion to intervene in the Sanders' bankruptcy case July 22 − a request that seeks greater transparency in this high-profile case after several developments in it recently were conducted in secret, including a pretrial court hearing July 14.
On July 31, Sanders' attorney, Victor Vital, filed his response to that request under seal, keeping its contents from public view. USA TODAY's attorneys, who have access to the response, replied with an Aug. 3 court filing that references what Vital proposed.
USA TODAY's filing notes that Sanders's response does not oppose keeping the Aug. 31 trial proceedings open to the public "but buries the fact that his proposed order would seal the complete trial transcript and any exhibits submitted as evidence at trial."
#case #july #keeping #seal
5 days ago
The Atlanta Braves were one of the many teams to lose their agreement with FanDuel Sports Network following the bankruptcy of the regional sports network, and their recent earnings report suggests they are taking a financial hit as a result.
The Braves, the only publicly traded MLB team, revealed their Q2 earnings, which showed a 10% decline in media revenue compared to Q2 last year. The Braves earned $72.85 million in media revenue in Q2 2026, compared to $81.07 million last year. The media revenue includes money earned by the Braves from both local and national deals.
The hit gets bigger when making year-over-year comparisons combining Q1 and Q2. In the first six months of 2026, the Braves' media revenue is down 12%, from $85.36 million in 2025 to $75.37 million in 2026. Notably, while the Braves' total revenue was down 2% overall in Q2, it is actually up 5% for the year so far.
The Braves' media revenue was down substantially more in Q1, though it accounted for substantially less revenue. The team made $2.52 million in media revenue in Q1, down 44% from $4.29 million in the same period in 2025. Because the MLB season begins late in the first quarter, most local television revenue is recognized during Q2 and Q3.
In their earnings report, the Braves countered that the decrease in media revenue is actually due to the "timing of revenue recognition under BravesVision linear distribution agreements compared to our previous long-term local broadcasting arrangement." The Braves own BravesVision, while under FanDuel Sports Network they simply received regular rights payments without owning the network.
#Media #compared
The Braves, the only publicly traded MLB team, revealed their Q2 earnings, which showed a 10% decline in media revenue compared to Q2 last year. The Braves earned $72.85 million in media revenue in Q2 2026, compared to $81.07 million last year. The media revenue includes money earned by the Braves from both local and national deals.
The hit gets bigger when making year-over-year comparisons combining Q1 and Q2. In the first six months of 2026, the Braves' media revenue is down 12%, from $85.36 million in 2025 to $75.37 million in 2026. Notably, while the Braves' total revenue was down 2% overall in Q2, it is actually up 5% for the year so far.
The Braves' media revenue was down substantially more in Q1, though it accounted for substantially less revenue. The team made $2.52 million in media revenue in Q1, down 44% from $4.29 million in the same period in 2025. Because the MLB season begins late in the first quarter, most local television revenue is recognized during Q2 and Q3.
In their earnings report, the Braves countered that the decrease in media revenue is actually due to the "timing of revenue recognition under BravesVision linear distribution agreements compared to our previous long-term local broadcasting arrangement." The Braves own BravesVision, while under FanDuel Sports Network they simply received regular rights payments without owning the network.
#Media #compared
6 days ago
(NEXSTAR) – Roughly six dozen pet stores across 17 states are expected to close in the coming months in an attempt to restructure the business.
Tractor Supply announced in June that it would close about 75 of its more than 200 Petsense stores. In an earnings call, CEO Hal Lawton said Tractor Supply is focusing on directing "resources towards higher growth, higher return opportunities," CoStar reported. Lawton added that the Petsense stores set to close had reported negative cash flow.
"After that, we think we'll have a very strong, profitable Petsense business. It will work well with the broader pet ecosystem that we're building," he said.
At the time, the Petsense locations designated for closure were not available. That has since changed, as investment firm Gordon Brothers has listed more than 70 Petsense stores as available for lease. Gordon Brothers was also involved in Big Lots' bankruptcy.
Raising Cane's to open several new locations in August, with even more on the way
#stores #close
Tractor Supply announced in June that it would close about 75 of its more than 200 Petsense stores. In an earnings call, CEO Hal Lawton said Tractor Supply is focusing on directing "resources towards higher growth, higher return opportunities," CoStar reported. Lawton added that the Petsense stores set to close had reported negative cash flow.
"After that, we think we'll have a very strong, profitable Petsense business. It will work well with the broader pet ecosystem that we're building," he said.
At the time, the Petsense locations designated for closure were not available. That has since changed, as investment firm Gordon Brothers has listed more than 70 Petsense stores as available for lease. Gordon Brothers was also involved in Big Lots' bankruptcy.
Raising Cane's to open several new locations in August, with even more on the way
#stores #close
7 days ago
The descendant of a once-leading tire and rubber company, Uniroyal Holding Inc., is winding up its operations, and its iconic brand name will soon disappear as a functioning entity.
Uniroyal Holding Inc., which was a subsidiary of the former Uniroyal tire company, filed for Chapter 11 bankruptcy protection to satisfy all personal injury and wrongful death claims related to asbestos in products, settle remaining retirement benefits of former employees, and provide a distribution of ****** ets to creditors.
The Naugatuck, Conn., debtor listed $10 million to $50 million in ****** ets and $50 million to $100 million in liabilities in its petition filed in the U.S. Bankruptcy Court for the District of New Jersey on July 31.
Uniroyal Holdings listed 30 law firms in the petition that had filed the most asbestos litigation cases against the debtor, though all amounts on the unsecured asbestos claims were categorized as undetermined.
Asbestos claims ranged from a high of 22,754 cases from Weitz & Luxenberg to a low of 32 cases from Wallace & Graham P.A.
#asbestos #million #filed #company
Uniroyal Holding Inc., which was a subsidiary of the former Uniroyal tire company, filed for Chapter 11 bankruptcy protection to satisfy all personal injury and wrongful death claims related to asbestos in products, settle remaining retirement benefits of former employees, and provide a distribution of ****** ets to creditors.
The Naugatuck, Conn., debtor listed $10 million to $50 million in ****** ets and $50 million to $100 million in liabilities in its petition filed in the U.S. Bankruptcy Court for the District of New Jersey on July 31.
Uniroyal Holdings listed 30 law firms in the petition that had filed the most asbestos litigation cases against the debtor, though all amounts on the unsecured asbestos claims were categorized as undetermined.
Asbestos claims ranged from a high of 22,754 cases from Weitz & Luxenberg to a low of 32 cases from Wallace & Graham P.A.
#asbestos #million #filed #company
7 days ago
Hedge fund giant Citadel on Thursday purchased a distressed portion of AI protege hedge fund Situational Awareness. The move sent a bullish shock through the U.S. stock market and was broadly credited with triggering Friday's positive market action. Situational Awareness, run by former OpenAI employee Leopold Aschenbrenner, had swelled to more than $20 billion in ***** ets in the two years since its founding.
That ramp up required heavy leverage, funded by banks. And as artificial intelligence-related stocks came under recent pressure, Situational Awareness could not keep up with margin calls forcing it to raise cash. Reuters reported that the California-based fund lost 67% of its value in July, after selling $16 billion of its public portfolio.
Citadel founder and fund manager Ken Griffin has made a long-term strategy of digging diamonds out of ash. Citadel made similarly aggressive moves during Enron's bankruptcy in 2001, during the meltdown of hedge fund Sowood Capital as the Great Recession took hold in 2007, and in propping up hedge fund Melvin Capital in 2021 as meme stock investors piled in against the firm's short bet on GameStop (GME).
"During market stress, the collective judgment of our business leaders, risk managers and portfolio managers enables us to capitalize on market opportunities when others, who depend on simplistic stop-loss approaches, cannot," Griffin wrote in a 2023 letter, as reported by Reuters.
#market
That ramp up required heavy leverage, funded by banks. And as artificial intelligence-related stocks came under recent pressure, Situational Awareness could not keep up with margin calls forcing it to raise cash. Reuters reported that the California-based fund lost 67% of its value in July, after selling $16 billion of its public portfolio.
Citadel founder and fund manager Ken Griffin has made a long-term strategy of digging diamonds out of ash. Citadel made similarly aggressive moves during Enron's bankruptcy in 2001, during the meltdown of hedge fund Sowood Capital as the Great Recession took hold in 2007, and in propping up hedge fund Melvin Capital in 2021 as meme stock investors piled in against the firm's short bet on GameStop (GME).
"During market stress, the collective judgment of our business leaders, risk managers and portfolio managers enables us to capitalize on market opportunities when others, who depend on simplistic stop-loss approaches, cannot," Griffin wrote in a 2023 letter, as reported by Reuters.
#market
8 days ago
Hedge fund giant Citadel on Thursday purchased a distressed portion of AI protege hedge fund Situational Awareness. The move sent a bullish shock through the U.S. stock market and was broadly credited with triggering Friday's positive market action. Situational Awareness, run by former OpenAI employee Leopold Aschenbrenner, had swelled to more than $20 billion in **** ets in the two years since its founding.
That ramp up required heavy leverage, funded by banks. And as artificial intelligence-related stocks came under recent pressure, Situational Awareness could not keep up with margin calls forcing it to raise cash. Reuters reported that the California-based fund lost 67% of its value in July, after selling $16 billion of its public portfolio.
Citadel founder and fund manager Ken Griffin has made a long-term strategy of digging diamonds out of ash. Citadel made similarly aggressive moves during Enron's bankruptcy in 2001, during the meltdown of hedge fund Sowood Capital as the Great Recession took hold in 2007, and in propping up hedge fund Melvin Capital in 2021 as meme stock investors piled in against the firm's short bet on GameStop (GME).
"During market stress, the collective judgment of our business leaders, risk managers and portfolio managers enables us to capitalize on market opportunities when others, who depend on simplistic stop-loss approaches, cannot," Griffin wrote in a 2023 letter, as reported by Reuters.
#awareness
That ramp up required heavy leverage, funded by banks. And as artificial intelligence-related stocks came under recent pressure, Situational Awareness could not keep up with margin calls forcing it to raise cash. Reuters reported that the California-based fund lost 67% of its value in July, after selling $16 billion of its public portfolio.
Citadel founder and fund manager Ken Griffin has made a long-term strategy of digging diamonds out of ash. Citadel made similarly aggressive moves during Enron's bankruptcy in 2001, during the meltdown of hedge fund Sowood Capital as the Great Recession took hold in 2007, and in propping up hedge fund Melvin Capital in 2021 as meme stock investors piled in against the firm's short bet on GameStop (GME).
"During market stress, the collective judgment of our business leaders, risk managers and portfolio managers enables us to capitalize on market opportunities when others, who depend on simplistic stop-loss approaches, cannot," Griffin wrote in a 2023 letter, as reported by Reuters.
#awareness
9 days ago
Were it not for Brian Rolapp's disinclination to even mention LIV Golf, you'd be forgiven for thinking the PGA Tour's CEO had spent the past week trolling his opposite number with a carpet bombing campaign of upbeat commercial announcements.
On Monday, the Tour said that Sompo, an insurance company, will sponsor an event next season and an elite Championship Series tournament starting in 2028. On Tuesday, it was confirmed that Travelers will level up to the same tier. Wednesday brought news that Sentry will underwrite another of the silk-stocking stops. On Thursday, the Arnold Palmer Invitational presented by Mastercard was added to the public list of tournaments comprising the Tour's premier schedule. (Friday was seemingly a day of rest for sales and marketing folks at the GloHo.) Each announced tournament has a $20 million purse, though total fees incurred by sponsors run closer to $30 million.
By comparison, LIV Golf's CEO, Scott O'Neil was silent since he had no good news to share and presumably little enthusiasm for addressing damaging speculation swirling around his business. One claim — amplified by his own players — is that the team finale scheduled for August 27 to 30 in Michigan will be canceled. Then came a cautionary rumor that it might happen after all, despite no build-out having commenced at the venue. A report followed that LIV is on the cusp of signing investors to keep it afloat into 2027, an infusion pegged at $250-$300 million, or about a quarter of what the Saudis have been torching annually for the past few years. Lastly, there was renewed anticipation of a bankruptcy filing as a step toward realigning the league's financial obligations.
No wonder the PGA Tour was so eager to position itself as surging in the right direction just as its antagonist is battling the narrative that it's in a death spiral. Whether both circuits remain on their respective trajectories is another matter.
Rolapp clearly has traction with sponsors to finance the Championship Series of a restructured PGA Tour, though it's possible some incumbents were offered a friends-and-family discount rather than asked for the full $30 million.
#past #tournament #though #brian
On Monday, the Tour said that Sompo, an insurance company, will sponsor an event next season and an elite Championship Series tournament starting in 2028. On Tuesday, it was confirmed that Travelers will level up to the same tier. Wednesday brought news that Sentry will underwrite another of the silk-stocking stops. On Thursday, the Arnold Palmer Invitational presented by Mastercard was added to the public list of tournaments comprising the Tour's premier schedule. (Friday was seemingly a day of rest for sales and marketing folks at the GloHo.) Each announced tournament has a $20 million purse, though total fees incurred by sponsors run closer to $30 million.
By comparison, LIV Golf's CEO, Scott O'Neil was silent since he had no good news to share and presumably little enthusiasm for addressing damaging speculation swirling around his business. One claim — amplified by his own players — is that the team finale scheduled for August 27 to 30 in Michigan will be canceled. Then came a cautionary rumor that it might happen after all, despite no build-out having commenced at the venue. A report followed that LIV is on the cusp of signing investors to keep it afloat into 2027, an infusion pegged at $250-$300 million, or about a quarter of what the Saudis have been torching annually for the past few years. Lastly, there was renewed anticipation of a bankruptcy filing as a step toward realigning the league's financial obligations.
No wonder the PGA Tour was so eager to position itself as surging in the right direction just as its antagonist is battling the narrative that it's in a death spiral. Whether both circuits remain on their respective trajectories is another matter.
Rolapp clearly has traction with sponsors to finance the Championship Series of a restructured PGA Tour, though it's possible some incumbents were offered a friends-and-family discount rather than asked for the full $30 million.
#past #tournament #though #brian
10 days ago
Few foods were as well-positioned as jerky to take advantage of the recent wave of interest in protein-rich foods. And few companies in that industry have seen a spike in sales like Jack Link's jerky.
But despite the company's current market leadership position (brick-and-mortar retail sales reportedly topped $1.6 billion in 2025), it once was struggling to find direction after filing for bankruptcy.
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The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes
#jerky #like
But despite the company's current market leadership position (brick-and-mortar retail sales reportedly topped $1.6 billion in 2025), it once was struggling to find direction after filing for bankruptcy.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here's what it is and 3 simple steps to fix it ASAP
The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes
#jerky #like
11 days ago
Activist investor Sachem Head Capital Management disclosed a 6.9% beneficial ownership stake in Ionic Digital (NASDAQ: this week, giving the activist investor exposure to the bitcoin miner's shift toward AI/HPC infrastructure.
The position covers 3,169,808 Class A shares. Sachem Head funds directly hold 2,264,150 shares, while warrants account for another 905,658 shares.
Ionic Digital recently listed on the Nasdaq Exchange on July 28 under the ticker IOND, following an emergence from the Celsius Network bankruptcy. The Bitcoin miner turned data center builder received mining **** ets, $195 million in cash and 540 bitcoin in exchange for issuing 37 million shares to former Celsius creditors.
Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.
Sachem Head acquired the securities through Ionic's $400 million private placement, announced June 26 at a $2 billion pre-money valuation. Sachem Head joined Attestor, Oaktree Capital Management, Citadel and Weiss **** et Management in the financing.
#sachem #Bitcoin #million #digital
The position covers 3,169,808 Class A shares. Sachem Head funds directly hold 2,264,150 shares, while warrants account for another 905,658 shares.
Ionic Digital recently listed on the Nasdaq Exchange on July 28 under the ticker IOND, following an emergence from the Celsius Network bankruptcy. The Bitcoin miner turned data center builder received mining **** ets, $195 million in cash and 540 bitcoin in exchange for issuing 37 million shares to former Celsius creditors.
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Sachem Head acquired the securities through Ionic's $400 million private placement, announced June 26 at a $2 billion pre-money valuation. Sachem Head joined Attestor, Oaktree Capital Management, Citadel and Weiss **** et Management in the financing.
#sachem #Bitcoin #million #digital
11 days ago
SummaryView Transcript
Paul Svindland, former CEO of Celadon, reveals the emotional toll of the company's bankruptcy. He recounts how FreightWaves breaking the news prematurely led to chaos, stranded drivers, and fuel cards being shut off during the harsh winter of 2019. Despite the operational health of the business, a mountain of financial and legal issues ultimately led to its demise. Svindland shares his candid thoughts on the challenges of a massive trucking turnaround and his new chapter with Mallory Alexander.
When FreightWaves published its Celadon bankruptcy scoop on a Friday night in December 2019, CEO Paul Svendlund had intended to wait until Sunday — flying into Indianapolis to brief his management team — before communicating the Chapter 11 filing to fuel-card providers and drivers the following Monday. The early publication triggered an immediate shutdown of fuel cards, stranding drivers on the road during winter holiday season and creating what Svendlund described as roughly 36 hours of chaos.
"I'm not going to lie to you. I mean, it was the first and probably only time in my professional career that I literally actually cried because I felt I let everybody down." — Paul Svendlund, former Celadon CEO
Svendlund, now CEO of Mallory Alexander and a turnaround veteran who also led Pacer and STG Logistics, told FreightWaves the filing was structured as a liquidating Chapter 11 rather than a straight Chapter 7, preserving the entity while winding it down because ******* et value exceeded outstanding loan balances. The company was burning approximately $1 million per month just to fund legal defense for former officers after exhausting its directors-and-officers insurance — a cash drain that made lenders unwilling to continue extending credit even as operations had stabilized.
#chapter #celadon
Paul Svindland, former CEO of Celadon, reveals the emotional toll of the company's bankruptcy. He recounts how FreightWaves breaking the news prematurely led to chaos, stranded drivers, and fuel cards being shut off during the harsh winter of 2019. Despite the operational health of the business, a mountain of financial and legal issues ultimately led to its demise. Svindland shares his candid thoughts on the challenges of a massive trucking turnaround and his new chapter with Mallory Alexander.
When FreightWaves published its Celadon bankruptcy scoop on a Friday night in December 2019, CEO Paul Svendlund had intended to wait until Sunday — flying into Indianapolis to brief his management team — before communicating the Chapter 11 filing to fuel-card providers and drivers the following Monday. The early publication triggered an immediate shutdown of fuel cards, stranding drivers on the road during winter holiday season and creating what Svendlund described as roughly 36 hours of chaos.
"I'm not going to lie to you. I mean, it was the first and probably only time in my professional career that I literally actually cried because I felt I let everybody down." — Paul Svendlund, former Celadon CEO
Svendlund, now CEO of Mallory Alexander and a turnaround veteran who also led Pacer and STG Logistics, told FreightWaves the filing was structured as a liquidating Chapter 11 rather than a straight Chapter 7, preserving the entity while winding it down because ******* et value exceeded outstanding loan balances. The company was burning approximately $1 million per month just to fund legal defense for former officers after exhausting its directors-and-officers insurance — a cash drain that made lenders unwilling to continue extending credit even as operations had stabilized.
#chapter #celadon
11 days ago
Our ******* ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Record revenues were driven by strong underlying demand in traditional high-stakes markets like bankruptcy, antitrust, and investigations, though bottom-line results fell short due to timing gaps in the U.K. and geopolitical disruptions in the Middle East.
The U.K. shortfall is viewed as a temporary 'air pocket' caused by the conclusion of major cases coinciding with the European summer vacation season, delaying the start of new engagements.
Middle East operations face more durable uncertainty as geopolitical instability has led to client purchase suspensions and project start delays, despite a high-quality team being in place.
Management remains committed to aggressive senior talent acquisition, particularly in EMEA, noting that while current revenue growth is in the mid-to-high single digits, the infrastructure is built for higher aspirations.
#geopolitical #management
Record revenues were driven by strong underlying demand in traditional high-stakes markets like bankruptcy, antitrust, and investigations, though bottom-line results fell short due to timing gaps in the U.K. and geopolitical disruptions in the Middle East.
The U.K. shortfall is viewed as a temporary 'air pocket' caused by the conclusion of major cases coinciding with the European summer vacation season, delaying the start of new engagements.
Middle East operations face more durable uncertainty as geopolitical instability has led to client purchase suspensions and project start delays, despite a high-quality team being in place.
Management remains committed to aggressive senior talent acquisition, particularly in EMEA, noting that while current revenue growth is in the mid-to-high single digits, the infrastructure is built for higher aspirations.
#geopolitical #management
12 days ago
LVS Advisory, a New York City-based full-service investment firm, recently released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. In the first half of 2026, the LVS Event-Driven Portfolio appreciated 4.6% (net), and the LVS Levered Event-Driven Portfolio gained 6.5% (net) while the LVS Growth Portfolio declined 4.2% (net). The first two portfolios outperformed, while the latter lagged. However, the firm believes that all three strategies are poised for improved performance. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, LVS Advisory highlighted Vistance Networks, Inc. (NASDAQ:VISN). Vistance Networks, Inc. (NASDAQ:VISN) is a global provider of infrastructure solutions for communications, data center, and entertainment networks. On July 27, 2026, Vistance Networks, Inc. (NASDAQ:VISN) closed at $11.85 per share, reflecting a market capitalization of $2.67 billion. Vistance Networks, Inc. (NASDAQ:VISN) posted a one-month return of -7.95%, while its shares gained 38.79% over the past 52 weeks.
LVS Advisory stated the following regarding Vistance Networks, Inc. (NASDAQ:VISN) in its Q2 2026 investor update:
"Vistance Networks, Inc. (NASDAQ:VISN) is a busted roll-up in the telecom infrastructure industry. Formerly known as CommScope, the company sold cables, wires, fiber equipment, and wireless networking systems to data centers, internet service providers, and corporate campuses.
For years, the company employed an aggressive acquisition strategy to roll up the legacy cable and copper wire industry in an effort to become the leading end-to-end provider of wired and wireless communications. Vistance took on an enormous amount of debt to complete the $3 billion acquisition of BNS from TE Connectivity in 2015 and later the $7 billion acquisition of Arris in 2019. At its peak, the company had accumulated a total of $10.5 billion of debt with a net leverage ratio of 7.1x. The debt load became unsustainable, and the stock collapsed from The board ran a sale process in 2025 in a last-ditch effort to save the company from bankruptcy. This resulted in a series of **** et sales that paid down debt and returned capital to shareholders…" (Click here to read the full text)
#NASDAQ #billion #company
In its Q2 2026 investor letter, LVS Advisory highlighted Vistance Networks, Inc. (NASDAQ:VISN). Vistance Networks, Inc. (NASDAQ:VISN) is a global provider of infrastructure solutions for communications, data center, and entertainment networks. On July 27, 2026, Vistance Networks, Inc. (NASDAQ:VISN) closed at $11.85 per share, reflecting a market capitalization of $2.67 billion. Vistance Networks, Inc. (NASDAQ:VISN) posted a one-month return of -7.95%, while its shares gained 38.79% over the past 52 weeks.
LVS Advisory stated the following regarding Vistance Networks, Inc. (NASDAQ:VISN) in its Q2 2026 investor update:
"Vistance Networks, Inc. (NASDAQ:VISN) is a busted roll-up in the telecom infrastructure industry. Formerly known as CommScope, the company sold cables, wires, fiber equipment, and wireless networking systems to data centers, internet service providers, and corporate campuses.
For years, the company employed an aggressive acquisition strategy to roll up the legacy cable and copper wire industry in an effort to become the leading end-to-end provider of wired and wireless communications. Vistance took on an enormous amount of debt to complete the $3 billion acquisition of BNS from TE Connectivity in 2015 and later the $7 billion acquisition of Arris in 2019. At its peak, the company had accumulated a total of $10.5 billion of debt with a net leverage ratio of 7.1x. The debt load became unsustainable, and the stock collapsed from The board ran a sale process in 2025 in a last-ditch effort to save the company from bankruptcy. This resulted in a series of **** et sales that paid down debt and returned capital to shareholders…" (Click here to read the full text)
#NASDAQ #billion #company
12 days ago
A decline in public consumption of alcoholic drinks has been a major factor in declining revenue in the beer, wine, and spirits sectors, leading certain companies to file for bankruptcy protection.
128-year-old beer, wine, and spirits distributor, Republic National Distributing Company, was a major company affected as it filed for Chapter 11 bankruptcy protection, seeking going-concern sales of its remaining ***** ets, a wind down of operations, completion of transition services agreements, and approval of its equity holder settlement.
National Distributing Company Inc. is not a part of the Chapter 11 filing, the company said in a statement on its website.
A company spokesperson was not immediately available for comment.
Republic National Distributing Company filed its petition as its business's financial position deteriorated after the Covid-19 pandemic subsided in late 2022 and demand for off-premises alcohol consumption plummeted.
#distributing #republic #consumption #major
128-year-old beer, wine, and spirits distributor, Republic National Distributing Company, was a major company affected as it filed for Chapter 11 bankruptcy protection, seeking going-concern sales of its remaining ***** ets, a wind down of operations, completion of transition services agreements, and approval of its equity holder settlement.
National Distributing Company Inc. is not a part of the Chapter 11 filing, the company said in a statement on its website.
A company spokesperson was not immediately available for comment.
Republic National Distributing Company filed its petition as its business's financial position deteriorated after the Covid-19 pandemic subsided in late 2022 and demand for off-premises alcohol consumption plummeted.
#distributing #republic #consumption #major
13 days ago
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter.
The Sonder name is getting a second chapter: Vancouver-based TravelAI announced today it is acquiring Sonder's brand and intellectual property, including its trademarks and domain names, according to a Monday news release shared with Hotel Dive.
The acquisition, which did not include "Sonder's operating business, including its properties, leases, inventory, or staff," per the release, follows Sonder's November 2025 split from Marriott International and subsequent bankruptcy filing.
The move relaunches Sonder.com as a "curated, AI-enabled guide," powered by "the memory infrastructure TravelAI is building for the travel industry," which collects users' tastes, preferences and history over time, rather than starting from scratch, per the release. The website is live as of July 27.
The new Sonder provides travelers with a curated selection of boutique hotels and urban accommodations in major cities around the world chosen for their design, neighborhood and quality, per the release.
#dive #including
The Sonder name is getting a second chapter: Vancouver-based TravelAI announced today it is acquiring Sonder's brand and intellectual property, including its trademarks and domain names, according to a Monday news release shared with Hotel Dive.
The acquisition, which did not include "Sonder's operating business, including its properties, leases, inventory, or staff," per the release, follows Sonder's November 2025 split from Marriott International and subsequent bankruptcy filing.
The move relaunches Sonder.com as a "curated, AI-enabled guide," powered by "the memory infrastructure TravelAI is building for the travel industry," which collects users' tastes, preferences and history over time, rather than starting from scratch, per the release. The website is live as of July 27.
The new Sonder provides travelers with a curated selection of boutique hotels and urban accommodations in major cities around the world chosen for their design, neighborhood and quality, per the release.
#dive #including
13 days ago
A decline in public consumption of alcoholic drinks since the end of the Covid-19 pandemic has been a major factor in declining revenue in the beer, wine, and spirits sectors leading certain companies to file for bankruptcy protection.
128-year-old beer, wine, and spirits distributor Republic National Distributing Company was a major company affected as it filed for Chapter 11 bankruptcy protection, seeking going concern sales of its remaining ****** ets, a wind down of operations, completion of transition services agreements, and approval of its equity holder settlement.
National Distributing Company Inc. is not a part of the Chapter 11 filing, the company said in a statement on its website.
A company spokesperson was not immediately available for comment.
Republic National Distributing Company filed its petition as its business's financial position deteriorated after the Covid-19 pandemic subsided in late 2022 and demand for off-premises alcohol consumption plummeted.
#company #chapter #consumption #major
128-year-old beer, wine, and spirits distributor Republic National Distributing Company was a major company affected as it filed for Chapter 11 bankruptcy protection, seeking going concern sales of its remaining ****** ets, a wind down of operations, completion of transition services agreements, and approval of its equity holder settlement.
National Distributing Company Inc. is not a part of the Chapter 11 filing, the company said in a statement on its website.
A company spokesperson was not immediately available for comment.
Republic National Distributing Company filed its petition as its business's financial position deteriorated after the Covid-19 pandemic subsided in late 2022 and demand for off-premises alcohol consumption plummeted.
#company #chapter #consumption #major
13 days ago
Three cryptocurrency investors filed a federal lawsuit against Apple (Nasdaq: AAPL) on July 24. They allege they lost a combined $1.8 million in Bitcoin through a fake wallet app listed on the App Store.
The complaint was filed in the U.S. District Court for the Northern District of California. It accuses Apple of failing to adequately review and monitor apps distributed through its platform.
Apple recently overtook Nvidia to become the world's largest public company by market capitalization. Its valuation stood at about $4.989 trillion at the time of writing.
Related: Cheaper Amazon cloud rival files for Chapter 11 bankruptcy
The plaintiffs said they trusted the fake app because Apple markets the App Store as:
#Apple #store #filed #Bitcoin
The complaint was filed in the U.S. District Court for the Northern District of California. It accuses Apple of failing to adequately review and monitor apps distributed through its platform.
Apple recently overtook Nvidia to become the world's largest public company by market capitalization. Its valuation stood at about $4.989 trillion at the time of writing.
Related: Cheaper Amazon cloud rival files for Chapter 11 bankruptcy
The plaintiffs said they trusted the fake app because Apple markets the App Store as:
#Apple #store #filed #Bitcoin
14 days ago
Storj filed for bankruptcy protection on Sunday. The company says its network still works and STORJ tokens still work. Its owner made similar promises nine months ago.
Storj now wants to hand token holders a slice of the rebuilt company. But a judge must approve that. And creditors get paid first.
Storj Labs filed in a federal bankruptcy court in West Virginia. The case number is 5:26-bk-00512.
Follow us on X to get the latest news as it happens
Chapter 11 is not a shutdown. It lets a company keep trading while a court helps it clear its debts.
#storj #still
Storj now wants to hand token holders a slice of the rebuilt company. But a judge must approve that. And creditors get paid first.
Storj Labs filed in a federal bankruptcy court in West Virginia. The case number is 5:26-bk-00512.
Follow us on X to get the latest news as it happens
Chapter 11 is not a shutdown. It lets a company keep trading while a court helps it clear its debts.
#storj #still
18 days ago
Although sports on TV continues to be a big deal for TV networks and streaming services, local sports teams TV/media rights are still an uncertain proposition.
This comes as the next chapter for the biggest regional sports network cable TV group takes another major step: Main Street Sports finally ending operations after a bankruptcy filing, and a number of years trying to find new operating solutions.
With the former Fox Sports, Bally and FanDuel Sports operations stopping, the business now asks more questions about what happens now.
Where will local Major League Baseball, NHL, and NBA teams make deals -- streaming, over-the-air broadcast, or cable?
There is some thought that perhaps much of the new business structure could focus on a "non-exclusive" basis across a number of platforms -- cable, over-the-air broadcast, and streaming.
#Streaming #operations #number
This comes as the next chapter for the biggest regional sports network cable TV group takes another major step: Main Street Sports finally ending operations after a bankruptcy filing, and a number of years trying to find new operating solutions.
With the former Fox Sports, Bally and FanDuel Sports operations stopping, the business now asks more questions about what happens now.
Where will local Major League Baseball, NHL, and NBA teams make deals -- streaming, over-the-air broadcast, or cable?
There is some thought that perhaps much of the new business structure could focus on a "non-exclusive" basis across a number of platforms -- cable, over-the-air broadcast, and streaming.
#Streaming #operations #number
18 days ago
Economic issues have forced another franchisee of the nation's largest fast-food chain, Subway, to file for bankruptcy protection, as the restaurant sector continues to battle rising costs.
Subway Sandwich Shop franchisee Cherry ****** e Company, which operates three North Dakota locations, filed for Chapter 11 bankruptcy to reorganize its businesses, according to BankruptcyObserver.
The Regent, N.D.-based Subway franchisee filed its Subchapter V petition in the U.S. Bankruptcy Court for the District of North Dakota on July 21, listing over $19,000 in ****** ets and over $1.8 million in debts, according to court documents.
The debtor did not give a reason for filing for bankruptcy in its petition. Debtor counsel Karl Johnson of MJB Law Firm PLLC was not immediately available for comment.
The debtor's largest unsecured creditors include the U.S. Small Business Administration, owed over $487,000; Dakota Western Bank, owed over $394,000, Grasshopper Bank, owed over $343,000; TVT Capital Source LLC, owed $240,000; Glenridge Capital LLC, owed over $130,000; and Byzfunder NY LLC, owed $128,000.
#bank
Subway Sandwich Shop franchisee Cherry ****** e Company, which operates three North Dakota locations, filed for Chapter 11 bankruptcy to reorganize its businesses, according to BankruptcyObserver.
The Regent, N.D.-based Subway franchisee filed its Subchapter V petition in the U.S. Bankruptcy Court for the District of North Dakota on July 21, listing over $19,000 in ****** ets and over $1.8 million in debts, according to court documents.
The debtor did not give a reason for filing for bankruptcy in its petition. Debtor counsel Karl Johnson of MJB Law Firm PLLC was not immediately available for comment.
The debtor's largest unsecured creditors include the U.S. Small Business Administration, owed over $487,000; Dakota Western Bank, owed over $394,000, Grasshopper Bank, owed over $343,000; TVT Capital Source LLC, owed $240,000; Glenridge Capital LLC, owed over $130,000; and Byzfunder NY LLC, owed $128,000.
#bank
18 days ago
Usually, when a company files for bankruptcy, that filing follows obvious public struggles.
When it's a retailer, regular customers notice fewer staff members working and inventory gaps. A restaurant might have similar staffing issues while subbing out higher-quality ingredients for cheaper ones.
Employees and customers don't always see the warning signs, however.
Workers say that was the case for SouthPrint, which filed Chapter 7 bankruptcy and abruptly shut down earlier this year.
"A long-standing fixture of the Henry County business community has come to a sudden and staggering end. SouthPrint, Inc., located on Holly Drive, abruptly shuttered its operations on a recent Friday afternoon, leaving dozens of employees in a state of shock and disbelief," Star News TV shared.
#southprint #customers #chapter #county
When it's a retailer, regular customers notice fewer staff members working and inventory gaps. A restaurant might have similar staffing issues while subbing out higher-quality ingredients for cheaper ones.
Employees and customers don't always see the warning signs, however.
Workers say that was the case for SouthPrint, which filed Chapter 7 bankruptcy and abruptly shut down earlier this year.
"A long-standing fixture of the Henry County business community has come to a sudden and staggering end. SouthPrint, Inc., located on Holly Drive, abruptly shuttered its operations on a recent Friday afternoon, leaving dozens of employees in a state of shock and disbelief," Star News TV shared.
#southprint #customers #chapter #county
18 days ago
Six years after the pandemic pushed heavily leveraged companies into distress, some of the lenders that took control are beginning to cash out.
Tailored Brands, owner of clothing chain Men's Wearhouse, filed on July 10 to return to the public markets. Credit investor Silver Point Capital, which has owned the business since its 2020 restructuring, will remain the principal shareholder.
Strategic Value Partners and Sixth Street Partners sold $743 million of LATAM Airlines stock in a secondary equity offering in February, winding down a stake they inherited through the bankruptcy of Latin America's largest airline holding company in 2022.
Aeroméxico, whose largest creditor was Apollo Global Management, has traded in New York since November. The listing raised $223 million and came three years after Mexico's flagship carrier embarked on a $5 billion post-bankruptcy fleet modernization plan.
With defaults and bankruptcies edging up once more, these are useful case studies of what happens when lenders take the keys to a company. But many private credit managers appear already to have learned their lessons, according to bankruptcy experts.
#partners #million #largest #tailored
Tailored Brands, owner of clothing chain Men's Wearhouse, filed on July 10 to return to the public markets. Credit investor Silver Point Capital, which has owned the business since its 2020 restructuring, will remain the principal shareholder.
Strategic Value Partners and Sixth Street Partners sold $743 million of LATAM Airlines stock in a secondary equity offering in February, winding down a stake they inherited through the bankruptcy of Latin America's largest airline holding company in 2022.
Aeroméxico, whose largest creditor was Apollo Global Management, has traded in New York since November. The listing raised $223 million and came three years after Mexico's flagship carrier embarked on a $5 billion post-bankruptcy fleet modernization plan.
With defaults and bankruptcies edging up once more, these are useful case studies of what happens when lenders take the keys to a company. But many private credit managers appear already to have learned their lessons, according to bankruptcy experts.
#partners #million #largest #tailored
18 days ago
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter.
Robot developer Vicarious Surgical, which raised more than $425 million from investors including Bill Gates before its 2021 initial public offering, has obtained approval from shareholders to wind down and liquidate the business.
Shareholders voted at a special meeting Tuesday to enter into an ******* ignment for the benefit of creditors, an alternative to bankruptcy. The process transfers a company's ******* ets into a trust for distribution to creditors.
Vicarious was working to develop a single-port surgical robot that "shrinks the surgeon" to perform procedures inside the patient's abdomen but faced a series of delays in bringing the device to market and last year canceled plans for a clinical trial as it pushed to finish the design for the commercial version of the system.
Vicarious is shutting down 12 years after it was formed with the ambitious goals of improving patient outcomes, increasing surgical efficiency and addressing what its founders saw as significant limitations to legacy robotic platforms. Its 2021 merger with D8 Holdings, a special purpose acquisition company, or ******* , valued the company at $1.1 billion.
#medtech #shareholders #down #special
Robot developer Vicarious Surgical, which raised more than $425 million from investors including Bill Gates before its 2021 initial public offering, has obtained approval from shareholders to wind down and liquidate the business.
Shareholders voted at a special meeting Tuesday to enter into an ******* ignment for the benefit of creditors, an alternative to bankruptcy. The process transfers a company's ******* ets into a trust for distribution to creditors.
Vicarious was working to develop a single-port surgical robot that "shrinks the surgeon" to perform procedures inside the patient's abdomen but faced a series of delays in bringing the device to market and last year canceled plans for a clinical trial as it pushed to finish the design for the commercial version of the system.
Vicarious is shutting down 12 years after it was formed with the ambitious goals of improving patient outcomes, increasing surgical efficiency and addressing what its founders saw as significant limitations to legacy robotic platforms. Its 2021 merger with D8 Holdings, a special purpose acquisition company, or ******* , valued the company at $1.1 billion.
#medtech #shareholders #down #special
25 days ago
Lucid stock tumbled by as much as 40% on Tuesday, then clawed back a portion of those losses to end the session down 16%, following the publication of a report by an electric vehicle blog alleging the company was exploring bankruptcy or a move to go private. Lucid called the report false.
The report, from a site called EV, cited two unnamed sources who said consulting firm AlixPartners had recommended Lucid's board consider either Chapter 11 bankruptcy protection or a privatization, according to TechCrunch. The site also reported that AlixPartners had advised further restructuring in the U.S. and Europe and a sharper focus on the Gravity SUV.
Lucid chief communications officer Nick Twork told TechCrunch the claims were "completely false." "The company has sufficient liquidity to carry its operations well into next year, as recently published in its last quarterly filings, and it has not formed any special Board committee to explore the scenarios reported today," Twork said in a statement. "AlixPartners is ******* isting us in that and nothing else and has not recommended bankruptcy to management or the Board." AlixPartners declined to comment.
Regulators paused trading in Lucid shares on several occasions throughout the session due to excessive price swings. The stock swung between $5.76 and $2.37 on Tuesday before closing at $4.62. Lucid stock was down an additional 4.1% in premarket trading Wednesday.
As of the end of March, Lucid's total available liquidity stood at approximately $3.2 billion, with around $2.5 billion of that consisting of debt capacity it had yet to draw on, according to Barron's, citing Cantor Fitzgerald ******* yst Andres Sheppard. The company then secured another $1 billion in April, a sum that included a $200 million check from Uber. Sheppard wrote that the company was "funded well into next year."
The report, from a site called EV, cited two unnamed sources who said consulting firm AlixPartners had recommended Lucid's board consider either Chapter 11 bankruptcy protection or a privatization, according to TechCrunch. The site also reported that AlixPartners had advised further restructuring in the U.S. and Europe and a sharper focus on the Gravity SUV.
Lucid chief communications officer Nick Twork told TechCrunch the claims were "completely false." "The company has sufficient liquidity to carry its operations well into next year, as recently published in its last quarterly filings, and it has not formed any special Board committee to explore the scenarios reported today," Twork said in a statement. "AlixPartners is ******* isting us in that and nothing else and has not recommended bankruptcy to management or the Board." AlixPartners declined to comment.
Regulators paused trading in Lucid shares on several occasions throughout the session due to excessive price swings. The stock swung between $5.76 and $2.37 on Tuesday before closing at $4.62. Lucid stock was down an additional 4.1% in premarket trading Wednesday.
As of the end of March, Lucid's total available liquidity stood at approximately $3.2 billion, with around $2.5 billion of that consisting of debt capacity it had yet to draw on, according to Barron's, citing Cantor Fitzgerald ******* yst Andres Sheppard. The company then secured another $1 billion in April, a sum that included a $200 million check from Uber. Sheppard wrote that the company was "funded well into next year."
