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Tupperware Brands plans to file for bankruptcy

Deccan Herald · 10m ago

Tupperware Brands plans to file for bankruptcy

Tupperware Brands is reportedly preparing to file for bankruptcy as soon as this week, according to sources familiar with the plans. This move comes after years of struggling to revive the business amid declining demand for its products. The company, known for its plastic food storage containers, has breached the terms of its debt and has enlisted legal and financial advisers to assist with the bankruptcy process. Tupperware has faced significant challenges in recent years, including closing its only US factory in June and laying off employees. The brand, which introduced its iconic plastic products with airtight seals to the public in 1946, has been grappling with changing consumer preferences and mounting debt. This development marks a significant turning point for the once-ubiquitous household name in food storage solutions.

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Amazon ecommerce business acquirer Benitago files for bankruptcy

Economic Times

Economic Times · 1y ago

Amazon ecommerce business acquirer Benitago files for bankruptcy

Benitago Group, an Amazon e-commerce business acquirer, has filed for bankruptcy in the US, citing assets and liabilities ranging from $50 million to $100 million. The company, which connects with Amazon business owners looking to sell, plans to restructure its debt and potentially sell parts of its business during bankruptcy. Benitago had raised approximately $380 million in equity and debt for acquiring brands selling on Amazon's marketplace. Its rival, Thrasio, has also faced similar challenges, including layoffs and executive departures.

Crypto lender BlockFi emerges from bankruptcy

Economic Times

Economic Times · 1y ago

Crypto lender BlockFi emerges from bankruptcy

Crypto lender BlockFi has successfully emerged from bankruptcy after securing $61.5 million in a financing round led by VC firm Paradigm. The company, which offers crypto-backed loans and interest-earning accounts, faced a dispute with some clients who held controversial products, causing them to file for bankruptcy protection earlier this year. BlockFi's new funding will help ensure the continuity of its operations and strengthen its position in the crypto lending market.

Thrasio, once king of e-commerce aggregation, files for Ch.11

TechCrunch · 1y ago

Thrasio, once king of e-commerce aggregation, files for Ch.11

Thrasio, the e-commerce aggregation start-up known for acquiring and restructuring smaller brands on marketplaces like Amazon, has filed for Chapter 11 bankruptcy protection. The company has secured $90 million in emergency financing and plans to eliminate around $495 million of existing debt. Thrasio has been experiencing financial difficulties for some time, including layoffs and exiting certain markets. The bankruptcy filing highlights the challenges faced by late-stage tech companies seeking funding during a downturn in the funding market. Thrasio's model of consolidating small e-commerce businesses faced difficulties due to changing consumer tastes and tightening economies. While Thrasio's collapse is significant, other roll-up companies that have raised substantial funds are likely to face similar challenges.

Forever 21 weighs repeat bankruptcy filing

Livemint

Livemint · 5m ago

Forever 21 weighs repeat bankruptcy filing

Fast-fashion retailer Forever 21 is considering filing for bankruptcy again, after its exit from chapter 11 five years ago. The company, with over 500 stores, is working with restructuring adviser BRG and seeking a buyer to avoid bankruptcy, as competition from retailers like Shein and Temu increases. Owners Simon Property Group, Brookfield Corporation, and Authentic Brands, who saved it from liquidation in 2020, are exploring strategic options, but risk of liquidation remains high.

Celsius Network wins court approval for shift to bitcoin mining

Economic Times

Economic Times · 1y ago

Celsius Network wins court approval for shift to bitcoin mining

Cryptocurrency lender Celsius Network has received a US bankruptcy judge's approval to pivot to bitcoin mining. The judge ruled that Celsius could deviate from its previous bankruptcy plan as creditors and customers would not be worse off. Celsius had filed for Chapter 11 protection in July 2022 and had to switch its plans after facing challenges with the US Securities and Exchange Commission. The move allows Celsius to part ways with some bidders and focus on its creditor-owned mining business. The company expects to emerge from bankruptcy in early 2024.

Thrasio files for Chapter 11 in bid to restructure its debt

Economic Times

Economic Times · 1y ago

Thrasio files for Chapter 11 in bid to restructure its debt

Thrasio Holdings, an Amazon seller, has filed for Chapter 11 bankruptcy in order to secure fresh capital and eliminate around $495 million of debt. The company aims to continue paying employees and suppliers during the process. Thrasio, one of Amazon's largest third-party sellers, seeks to strengthen its balance sheet and support its brands. The move comes as Amazon sales slow down and startups aggregating popular brands on the platform face challenges with their debt and rising interest rates. Thrasio has secured a restructuring support agreement with lenders for a one-year delay on interest payments and has received new financing commitments.

SVB Financial to sell Indian arm to First Citizens

VCCircle

VCCircle · 1y ago

SVB Financial to sell Indian arm to First Citizens

SVB Financial Group, the bankrupt parent company of Silicon Valley Bank, plans to sell its Indian subsidiary, SVB Global Services India, to First Citizens Bancshares. The sale is subject to approval from a bankruptcy court, with a hearing scheduled for April 9. SVB Financial Group filed for bankruptcy last year after Silicon Valley Bank collapsed, resulting in one of the largest bank failures in U.S. history. First Citizens had previously purchased SVB's assets and deposits for a fraction of their original value.

Amazon aggregator Thrasio files for bankruptcy

Reuters · 1y ago

Amazon aggregator Thrasio files for bankruptcy

Thrasio Holdings, an Amazon aggregator that acquires third-party sellers on the platform, has filed for Chapter 11 bankruptcy protection. The company has secured $90 million in new financing from existing shareholders and reached a restructuring agreement with some lenders to reduce its $495 million debt. Despite the bankruptcy filing, Thrasio plans to continue its business operations as usual. The company's estimated assets range from $1 billion to $10 billion, with liabilities between $500 million and $1 billion.

Bankruptcy rescues have soared this year. Here is why

Livemint

Livemint · 1y ago

Bankruptcy rescues have soared this year. Here is why

The number of resolution plans approved by bankruptcy courts in India has seen a significant increase in the current fiscal year, with 250 plans approved by February compared to 185 in the previous year. This rise in resolutions is attributed to the filling of vacancies in the National Company Law Tribunal and rule changes by the Insolvency and Bankruptcy Board of India. The efficient resolution of distressed businesses is a priority for policymakers, as it helps to clean up corporate and bank balance sheets and drive economic growth. However, challenges remain, including the availability of information for prospective buyers of stressed assets and the definition of secured creditors.

Fisker heads toward liquidation as creditors fight over assets

Livemint

Livemint · 1y ago

Fisker heads toward liquidation as creditors fight over assets

Electric vehicle startup Fisker is expected to face liquidation as it filed for bankruptcy protection after struggling to secure additional financing. The company plans to liquidate its assets and has reached a tentative deal with a buyer for its vehicles. Fisker owes over $850 million to bondholders, with two creditor factions battling over repayment. Some creditors accuse a minority group of seizing control of Fisker's debt, while others argue that the company should have filed for bankruptcy earlier. The outcome is likely to be a Chapter 7 liquidation once the vehicle fleet is sold.

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