Gawker Media has asked the US bankruptcy court permission to borrow up to $22 million to keep it operating during the Chapter 11 process, filed after a failed bid to postpone paying ex-pro wrestler Hulk Hogan. Cerberus Capital Management is known for distressed securities and asset investment, commercial lending, and leveraged buyouts. The current chairman […]
The bidding war for Fuhu, the maker of children’s tablets that filed for Chapter 11 bankruptcy in early December, has begun. The hedge fund founded by Australian golfer Greg Norman, Great White Shark Opportunity Fund LP, made a $10-million bid for the El Segundo manufacturer of the popular Nabi tablet on Wednesday. The offer tops […]
Rumored for awhile now, Relativity made it official today – the company has filed for Chapter 11 bankruptcy protection. In the last few days, the company has also fired 75 out of 350 full-time employees. While it restructures, Relativity said it still plans to release films like the comedy Masterminds and Halle Berry thriller Kidnap. […]
A U.S. judge has given RadioShack permission to sell its 1,740 stores to Standard General, a hedge fund that plans to operate the stores with Sprint. One of RadioShack’s creditors, Sulas Capital Partners, had opposed the sale. RadioShack declared bankruptcy in February after spending more than a year attempting to rebuild its business. Under the […]
RadioShack has filed for Chapter 11 bankruptcy protection in a pre-packaged plan to sell upward of 2,400 of its stores to majority shareholder and lead lender Standard General. Under the plan, General Wireless, a newly created Standard General affiliate, would acquire from 1,500 to 2,400 of the company-owned stores. As many as 1,750 of those […]
Sapphire supplier GT Advanced has filed for Chapter 11 bankruptcy protection, according to a Monday press release. Trading of the company’s stock was halted in advance of the announcement, and once resumed caused shares to drop over 90 percent of their value. GT says it will continue to operate while under Chapter 11, but that […]
RadioShack is considering whether or not to file for Chapter 11 bankruptcy protection as its cash reserves dwindle. The company ended its most recent quarter with just $30.5 million in cash on hand, with debts totaling $658 million. It has lost money 10 quarters in a row as electronics buyers shun the chain for larger […]
Pantech filed for court receivership today, which is the South Korean equivalent of declaring Chapter 11 bankruptcy. The company has seen its share of the global market drop precipitously. More importantly, it is no longer able to compete against the likes of LG and Samsung in its home market, according to The Wall Street Journal, where […]
Fisker Automotive Holdings Inc. won court approval to sell its assets to China’s Wanxiang Group Corp. for an offer valued at $149.2 million, almost six times what the hybrid-car maker sought when it filed for bankruptcy. The auction’s result “shows that a fair process is a good thing,” U.S. Bankruptcy Judge Kevin Gross said today […]
Kodak Chairman and Chief Executive Officer Antonio M. Perez has announced that Kodak has officially emerged from the Chapter 11 bankruptcy progress, and has completed the final steps in the restructuring process. The new company is a “technology company serving imaging for business markets” following divestiture of a large percentage of its previously-existing businesses. Perez […]
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