bankruptcy
Celsius Network hires advisers ahead of potential bankruptcy: Report
Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy. According to a Friday report from the Wall Street Journal, Celsius hired an unknown number of restructuring consultants from the firm Alvarez & Marsal to advise the platform on potentially filing for bankruptcy. The report followed one from June 14, which said Celsius had hired lawyers in an attempt to restructure the company amid its financial issues. Steady lads https://t.co/5YAdmq5kt8 — Ben McKenzie (@ben_mckenzie) June 24, 2022 Celsius has been at the forefront of discussions in the media around significant volatility in the market amid the crypto lending platform’s decision to pause “all withdrawals, swaps and transfers b...
Crypto Biz: Crypto carnage pushes Celsius, Three Arrows Capital closer to insolvency, June 9-16
The 2022 version of crypto winter has been unlike anything we’ve seen before. As I warned last month, the meltdown of the Terra ecosystem didn’t end with Luna Classic (LUNC) hitting zero. The biggest threat was contagion. As the dust began to settle, we finally got a glimpse of who was left holding the bag. Crypto lender Celsius and Singapore-based venture firm Three Arrows Capital suffered heavy losses during the debacle. These firms, once a staple of the budding crypto industry, now risk demise following weeks of massive selloffs in the market. Celsius reportedly seeks advice from lawyers on restructuring Alex Mashinsky’s Celsius dominated headlines this week after the popular crypto lender paused withdrawals due to “extreme market conditions.” During the freeze, the firm unstaked ...
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Struggleville: Young Buck Claims 50 Cent Forced Him To File Bankruptcy [Video]
HipHopWired Featured Video Source: Johnny Nunez / Getty The bad fortune continues for Young Buck. He claims that 50 Cent’s lack of compassion has forced him to file bankruptcy. As spotted on TMZ the Nashville, Tennessee talent said he had file chapter 13 so he could cancel any business ties to his former record label CEO. Recently the man born David Darnell Brown recently participated an interview with It’s Tricky With Raquel Harper podcast. During the virtual Q&A he basically revealed that his hands were handcuffed when it comes to releasing new projects. According to his original contract with G-Unit he owes 50 Cent one more album but has been unable to fulfill his obligations. Related Stories “We at a standstill, I’m definitely not looking to go down a whole long drawn-out...
Seplat issues $650 million oil and gas bond
Seplat Petroleum Development Company, a Nigerian independent oil and gas firm, has issued $650 million in aggregate principal amount of senior notes due in 2026. It is said to be the largest ever Nigerian oil and gas bond issuance. A senior note is a type of bond that must be repaid before most other debts in the event that the issuer declares bankruptcy. It is more secure than other bonds. The dual listed company said the five-year bond was well-received in the market with orders from high quality institutional investors. “The notes priced at a yield of 7.75%, representing a significant pricing reduction from its $350 million debut issuance in 2018, which priced at a yield of 9.50% , with a coupon of 9.25%,” a statement by the company read. “The offering was well oversubscribed with deman...
Former Roma boss, online fan clash over Mo Salah sale
Four years after Mohammed Salah was sold to Liverpool for £35m a die-hard Roma fan has hauled pebbles at the decision describing it as undue emphasis on money over quality. Former Roma president James Pallotta locked horn with a fan who from all indication was ready to throw blows should the need arise. Salah has starred for Liverpool ever since leaving Roma in 2017 for £35m. The unamed fan took Pallotta online , suggesting it was all about money, claiming Roma only cared about Financial Fair Play regulations. He posted to social media: “Replacing Salah with [Patrik] Schick is confirmation of the inability of a company that constantly sells the best players. “You’re not good enough at turning omelettes, trust me.” Pallotta replied: “You still show ignorance by ignoring fact that Salah want...
Guitar Center Is Officially Filing for Bankruptcy
Following a report last month that Guitar Center was considering filing for bankruptcy, the instrument retailer has indeed decided to go that route in an effort to save the company. According to a press release, Guitar Center will file for Chapter 11 bankruptcy, striking a deal with key investors and… Please click the link below to read the full article. Guitar Center Is Officially Filing for Bankruptcy Jon Hadusek You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Guitar Center May File for Bankruptcy After Missing $45 Million Payment: Report
Venerable music gear retailer Guitar Center is preparing for a possible bankruptcy filing, according to a new report from The New York Times. The pandemic has been tough on all areas of the music industry, and Guitar Center is no exception. The company missed an interest payment of $45 million earlier this month, setting off a 30-day grace period that ends in default. According to the Times, Guitar Center is in talks with creditors about a plan that would see the company file for bankruptcy, with the hope of balancing its books by early 2021. Guitar Center generated $2.3 billion in sales in its most recent fiscal year but has about $1.3 billion in debt. Guitar Center has faced financial struggles for nearly a decade, as its struggled to build an online shopping experience to riva...
UK government takes $500 million stake in space exploration firm OneWeb
As part of a consortium that includes Indian telecom Bharti Global, the UK government will invest $500 million and take a “significant equity share” in space exploration firm OneWeb, it announced Friday. OneWeb, which has its headquarters in the UK, filed for Chapter 11 bankruptcy protection in the US in March, after it was unable to secure financing. Bharti Global also will invest $500 million as part of the deal. OneWeb is one of several companies working on an Internet-from-space project, using a combination of low-altitude satellites to beam internet connectivity to ground terminals on Earth’s surface. It was slated to launch a constellation of 650 spacecraft, and its plans included providing internet coverage for the Arctic. So far, it has launched 74 satellites for the project. Frida...
Intelsat files for bankruptcy, seeks to restructure
Global satellite operator Intelsat filed for bankruptcy protection on Thursday, citing disruption from to its business from the virus pandemic, in a move aimed at restructuring its operations. The filing in the United States (US) bankruptcy court in Virginia listed more than $16 billion in debt. The company said in a statement it was “managing the economic slowdown impacting several of its end markets caused by the COVID-19 global health crisis.” Intelsat said bankruptcy protection would help it restructure its balance sheet as it reorganizes operations, and that business would continue during this process. The company is scheduled to receive $4.87 billion for exiting the C-band required by the US Federal Communications Commission for 5G, or fifth generation wireless networks in the United...
Young Buck Files For Bankruptcy To Avoid Paying Debt To 50 Cent?
Source: Thaddaeus McAdams / Getty Looks like Young Buck won’t be on 50 Cent‘s “pay me by Monday” roll call after the former G-Unit member filed for bankruptcy. According to AllHipHop, Young Buck, who has been sitting behind bars at Tennessee’s Cheatham County Jail since last December due to an outstanding child abandonment warrant, officially filed for bankruptcy back in January to avoid paying 50 Cent the money that he owes to him and his G-Unit label. Court document shows that Buck listed his main creditors as the mothers of his six kids, the Georgia Department of Human Services and the IRS. Court documents also state that Buck is also asking to “reject any and all executory contracts with G-Unit and/or Curtis Jackson,” citing G-Unit as his only employer for the last seven years. The lat...
