Washington Examiner (August 2)
“Yellow Freight, one of the oldest trucking companies in America…hit the end of the road Friday” when both union and nonunion workers were laid off. A bankruptcy filing appears imminent. “While the Teamsters-UPS agreement to avert a strike has lessened what could have been a disastrous economic event, Yellow’s potential insolvency marks one of the biggest collapses in jobs in the U.S. trucking industry” and could still lead to “economic uncertainty.”
Tags: Agreement, Avert, Bankruptcy, Collapses, Disastrous, Insolvency, Jobs, Laid-off, Nonunion, Strike, Teamsters, Trucking, U.S., Union, UPS, Workers, Yellow Freight
Forbes (March 5)
“The bitcoin price had rocketed by 50% since the beginning of 2023 but stalled out and crashed back, wiping away $100 billion… and reviving fears other crypto companies could follow FTX into bankruptcy.” Silvergate appears likely to be the next to tumble. The crypto bank “is teetering on the verge of collapse—with one short-seller predicting the bank will implode this week.”
Tags: $100 billion, 2023, Bank, Bankruptcy, Bitcoin, Collapse, Crashed, Crypto, Fears, FTX, Price, Short-seller, Silvergate, Stalled, Teetering, Tumble
CNN Business (February 14)
The collapse of FTX last November “was a seismic event for the crypto industry” that some called crypto’s “Lehman moment.” We appear to be “entering the Dodd-Frank era of crypto,” as regulators now have “a clearer target and a wave of public outrage to bolster their cause.” Since FTX’s bankruptcy, “state and federal regulators have escalated both their rhetoric and their actions to keep the fast-growing digital asset industry in check — a shift that is, unsurprisingly, not going over great with crypto companies.”
Tags: Actions, Bankruptcy, Collapse, Dodd-Frank, FTX, Lehman, Public outrage, Regulators, Rhetoric, Seismic
The Economist (November 17)
“Nobody in crypto has slept in days.” Despair has filled the crypto universe since ftx, a Bahamas-based crypto exchange and crown jewel in the empire of Sam Bankman-Fried, its once-feted founder, filed for bankruptcy on November 11th…. He was supposed to be crypto’s future. Instead, he may have robbed the industry of one.”
Tags: Bahamas, Bankman-Fried, Bankruptcy, Crypto, Despair, Exchange, Founder, FTX, Future, Industry
Financial Times (November 11)
The bankruptcy of “Sam Bankman-Fried’s business empire includes billions of dollars of illiquid venture capital investments… including exposure to Elon Musk’s SpaceX and Boring Company.” The giant sprawl of his “venture capital portfolio will add to the complexity of the insolvency proceedings, which itself includes more than 130 companies controlled by Bankman-Fried. FTX’s collapse is among the most dramatic failures in the crypto industry not just this year, but since the creation of bitcoin more than a decade ago.”
Tags: Bankman-Fried, Bankruptcy, Bitcoin more, Business empire, Complexity, Crypto, Exposure, Failure, FTX, Illiquid, Insolvency, Investments, Musk, SpaceX, Sprawl, VC
Financial Times (April 13)
“A charitable take on things would be that Toshiba — a 146-year-old industrial masterpiece that fancies itself as the “Mona Lisa” but more often comes across as “The Scream” — has reached this important landmark via the scenic route.” Since this “included accounting fraud, a brush with bankruptcy, multiple chief executive resignations and a four-year war with investors,” it could also be said that Toshiba “finds it institutionally hard to read signs or admit it is lost.”
Tags: Accounting fraud, Bankruptcy, Charitable, Industrial, Investors, Landmark, Mona Lisa, Resignations, Toshiba
New York Times (June 3)
The movie theater chain AMC “has soared far higher and faster than GameStop and other meme stocks. AMC’s stock nearly doubled yesterday alone; it’s now worth nearly eight times its prepandemic high, a heady valuation for a business that was flirting with bankruptcy not long ago.” The meme stock frenzies may not be “one-off” events and, by eroding trust in the market, they “could have long-term implications beyond what happens with AMC, GameStop or any other stock in the headlines.”
Tags: AMC, Bankruptcy, Chain, GameStop, Heady, Meme stocks, Movie theater, One-off, Prepandemic, Soared, Trust, Valuation
The Economist (September 22)
“There is an easy way out of the crisis in shipping. If enough lines scrapped their ships, the amount of spare capacity in the industry would fall.” But this is easier said than done. Few players want to scrap enough of their own capacity. “Until some serious scrapping takes place, do not be surprised if more shipping lines declare bankruptcy.”
Reuters (September 13)
With cargo trapped and delayed, the Hanjin bankruptcy is creating giant supply chain ripple effects. “Consumers should start preparing to pay more for holiday cheer this year. Experts predict that Hanjin ships won’t emerge from receivership until after the holiday season.” Temporarily, at least, that’s good for other shipping companies. “Space is suddenly at a premium…Rates could spike 50 percent as soon as October.”
Tags: Bankruptcy, Cargo, Consumers, Hanjin, Premium, Rates, Shipping companies
Financial Times (June 23)
Some say Brazil “suffers from a complex of grandeza or greatness. Lately, though, Brazil has been big in all the wrong ways. The country is facing its biggest recession. It is engulfed by its biggest corruption scandal. It has the world’s most indebted oil company, Petrobras. This week, it witnessed its biggest-ever corporate bankruptcy” when telecoms company Oi filed for protection.
Tags: Bankruptcy, Biggest, Brazil, Complex, Corruption scandal, Greatness, Indebted, Petrobras, Recession
