The Onion, a satirical news company mocking current events and news personalities, purchased Alex Jones’ Infowars network in a bankruptcy auction Thursday held to help pay off a nearly $1.5 billion lawsuit.
Read More
Big Lots said Monday the retail discount chain is filing for bankruptcy, citing such factors as high inflation and interest rates.
Read More
An electric vehicle (EV) producer that was once a splashy start-up company has filed for bankruptcy.
Fisker filed for Chapter 11 bankruptcy on Tuesday after trying and failing to secure more investment to stay afloat, the company announced. The company once attracted robust interest and hype, marketing itself as the Apple of vehicles, but it struggled to run as a public company and was stuck with thousands of EVs that it did not sell, according to The Wall Street Journal.
Read More
Electric-vehicle startup Fisker may file for bankruptcy as the declining pace of consumer demand weighs upon the struggling company.
In a March 15 8-K filing with the Securities and Exchange Commission, the company warned investors that “Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024 (the “Interest Payment”) with respect to Fisker’s unsecured 2.50% convertible notes” and that “the Company has a 30-day grace period to make the Interest Payment.”
Read More
Top wealth manager Zhongzhi Enterprise Group declared bankruptcy on Friday after failing to pay its debts due to its heavy investment in the country’s struggling real estate market.
Zhongrong International Trust, a subsidiary of the company, told investors in November 2023 that it had at least $31 billion more in liabilities than in assets, previously having around $108 billion in assets at the end of 2022, according to The Wall Street Journal. The trust held around 11% of its assets in the property sector in 2022, with numerous developers defaulting amid a real estate crisis that began following the COVID-19 pandemic.
Read More