Virgin Orbit filed for Chapter 11 bankruptcy after failing to get additional funding from its backers. The Long Beach, California-based satellite launch company, founded and owned by Richard Branson, failed to secure long-term funding it needed to recover from a January rocket failure in the United Kingdom. Branson had long had an ambition to become…
Branson’s Virgin Orbit Files for Bankruptcy After Failed Rocket Launch
April 4, 2023
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Revlon Cleared to Exit Bankruptcy With $2.7 Billion Debt Reduction Deal
A U.S. judge on Monday approved Revlon Inc.’s reorganization plan, allowing the cosmetics maker to cut $2.7 billion from its debt and exit bankruptcy later this month. U.S. Bankruptcy Judge David Jones in Manhattan, who has been overseeing the company’s Chapter 11 bankruptcy, said Revlon had reached “a hard-fought multi-faceted settlement” that resolves a “series…
Johnson & Johnson Unit Loses Bid to Stay in Bankruptcy During Supreme Court Appeal
A Johnson & Johnson company cannot delay a court order dismissing its bankruptcy, a U.S. court said on Friday, despite the company’s planned Supreme Court appeal to use bankruptcy to resolve tens of thousands of lawsuits over its talc products. J&J sought to use the bankruptcy of its subsidiary company, LTL Management, to halt more…
How Orange County Avoided Another Bankruptcy From Toll Road Bond Deal
March 27, 2023
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Commentary There are behind-the-scenes stories that the public rarely sees, but the actions have significant consequences. At the time of Southern California’s Orange County Chapter 9 bankruptcy, despite the national attention focused on this fiscal fiasco, the two joint Orange County Transportation Corridor Agencies (TCA) successfully sold bonds to build the San Joaquin and Foothill/Eastern…
J&J to Seek US Supreme Court Review on Unit’s Bankruptcy
Johnson & Johnson said on Wednesday that it would ask the U.S. Supreme Court to revive its effort to resolve tens of thousands of lawsuits over its talc products through the bankruptcy of a subsidiary, after an appeals court refused to reconsider its ruling that the bankruptcy was improper. J&J sought to use the bankruptcy…
Silicon Valley Bank Broke 2 Simple Investment Rules
March 20, 2023
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Commentary The Silicon Valley Bank (SVB) collapse occurred because two simple investment rules were violated. The first is the simple overarching strategy of safety, liquidity, and then yield, with the acronym of SLY. The internal investment team reversed the order. They focused on yield, which requires going out longer on the yield curve and purchasing…
SVB Parent Company Files For Bankruptcy Amid Bank Turmoil
The parent company of the collapsed Silicon Valley Bank (SVB) has filed for bankruptcy. SVB Financial Group, which is no longer affiliated with SVB after the failed bank was taken over by the Federal Deposit Insurance Corporation (FDIC), said in a press release Friday that it has filed a petition for a court-supervised reorganization under Chapter 11….
Are We the Byzantines?
Commentary When Constantinople finally fell to the Ottomans on Tuesday, May 29, 1453, the Byzantine Empire and its capital had up to that point survived for 1,000 years beyond the fall of the Western Empire at Rome. Always outnumbered in a sea of enemies, the Byzantines’ survival had depended on its realist diplomacy of dividing…
Bally Sports Owner Files for Chapter 11 Bankruptcy
Diamond Sports Group, the largest owner of regional sports networks, filed for Chapter 11 bankruptcy protection on Tuesday. The move came after it missed a $140 million interest payment last month. Diamond owns 19 networks under the Bally Sports banner. Those networks have the rights to 42 professional teams—14 baseball, 16 NBA, and 12 NHL….
Bounce Back From Bankruptcy and Advice to Readers
Dear Mary: Please give me some pointers on bouncing back from bankruptcy. Will this have any effect on future employment opportunities?—Henry, email Dear Henry: Live on cash. Have only one credit card, and if you use it, pay it in full every month. Refuse all other offers of credit, and take on no unsecured debt….
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