NEW YORK—Vice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise. Vice said Monday that it has agreed to sell its assets to a consortium of lenders—Fortress Investment Group, Soros Fund Management, and Monroe Capital—in exchange for $225 million in credit. Other parties will also…
Vice Media Files for Chapter 11 Bankruptcy, the Latest in a String of Digital Media Setbacks
Seven Retailers Facing Fiscal Challenges
In 2022, retail sales were hammered by persistent high inflation and weak consumer demand—and 2023 isn’t much better. Economists from S&P Global Market anticipate only 0.5 percent sales growth, but that equals a 0.1 percent decline when accounting for inflation. Some retailers feel the pinch more than others and have begun closing stores. Even worse,…
US Corporate Bankruptcies at Highest Level in 13 Years
May 10, 2023
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U.S. corporate bankruptcies have reached their highest level since 2010. Many American companies have been stumbling in the wake of the pandemic due to increasing interest rates, supply-chain issues, and rising costs. Several of the firms have filed for bankruptcy after access to low interest loans and access to easy money began to wane. “For…
Weight-Loss Firm Jenny Craig Closing US Operations, Filing for Bankruptcy
Weight-loss company Jenny Craig will be closing its centers across the United States and moving to an “e-commerce-driven model” ahead of a planned bankruptcy filing. The company shared the “unfortunate” news that it intends to file for bankruptcy in a statement and said it will impact its colleagues in the United States. “The Jenny Craig operations here in Australia…
Cancer Victims Urge US Judge to Dismiss J&J Talc Unit’s Second Bankruptcy
Cancer victims on Monday urged a U.S. judge to dismiss a Johnson & Johnson subsidiary’s second bankruptcy filing, saying that the company is abusing the bankruptcy system in its renewed attempt to resolve tens of thousands of lawsuits alleging that J&J’s baby powder and other talc products caused cancer. The J&J subsidiary, LTL Management, filed…
Bed Bath & Beyond Files for Bankruptcy Protection After Long Struggle
Bed Bath & Beyond Inc. filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat. The Union, New Jersey-based home goods retailer filed for bankruptcy in a District of New Jersey court, listing both its estimated assets and liabilities in the range of $1 billion…
Branson’s Virgin Orbit Files Chapter 11 Bankruptcy Plan
Richard Branson’s Virgin Orbit Holdings Inc. and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to…
J&J Talc Unit 2nd Bankruptcy Must Be Dismissed, Cancer Victims’ Lawyers Say
Johnson & Johnson’s second attempt to resolve talc lawsuits in bankruptcy should be dismissed as an unprecedented fraud designed to deny plaintiffs just compensation, lawyers representing cancer victims argued in a Monday court filing. The attorneys contend J&J defied a January appeals court rejection of its first attempt to settle the litigation, noting that a…
Virgin Orbit Bankruptcy Casts Shadow Over Japan’s Space Dreams
TOKYO—The bankruptcy filing by Richard Branson’s Virgin Orbit Holdings Inc. has dealt a blow to Japan’s hopes of building a domestic space industry, with plans for a Kyushu-based spaceport designed to attract tourism on hold for lack of funding. Oita prefecture, home to Japan’s largest number of hot springs, partnered with Virgin Orbit in 2020…
New Bankruptcy Filings Soar Across All Industries, as Corporate Filings Reach Highest Since 2010
New bankruptcy filings across all major industries saw year-over-year increases for the third month in a row in March, with corporate bankruptcy filings reaching their highest first-quarter levels since 2010. According to data from Epiq Bankruptcy, which provides U.S. bankruptcy court data, technology, and services, a total of 42,368 new bankruptcies were filed in March, up 17 percent…
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