News Analysis The cryptocurrency industry is imploding at a shocking rate. FTX, which a few weeks ago was considered a “lender of last resort” and a crypto industry stalwart, filed for bankruptcy. Its charismatic founder and (former) CEO, Sam Bankman-Fried, lost a $16 billion fortune in a matter of days. Bankman-Fried, whom a few months…
Pensioners, Investment Firms, Sovereign Funds Lose Big Amid FTX Bankruptcy
FTX, the Bahamian cryptocurrency exchange founded by Sam Bankman-Fried, filed for Chapter 11 bankruptcy protection in the United States on Friday, along with over 130 affiliate companies. This comes after the exchange halted user withdrawals due to insufficient liquidity, an issue Bankman-Fried assured would not affect their U.S. platform. FTX US is, however, among the…
Hong Thai Travel Closes After 50 Years in Business
Hong Thai Travel Services (Hong Thai), in business for over half a century, announced on Oct. 28 that it will start liquidation proceedings due to insolvency. Some commented that its demise was a result of the Hong Kong government’s paradoxical and sometimes contradictory anti-pandemic policy and the related containment measures. The benefits granted to the…
Capital Markets Freeze Up as Market Volatility Persists
September 12, 2022
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It’s been a hard year for companies that want to raise capital. The initial public offering (IPO) market, which allows a company to raise money by selling shares to the public investors, has witnessed a sharp decline this year, following a record-breaking year in 2021. Public offerings in the United States are on track for…
US Corporate Bankruptcies Are Creeping Up: S&P Global Data
U.S. corporate bankruptcy filings rose in August, according to new data from S&P Global Market Intelligence. The S&P Bankruptcy Tracker found that there were 38 filings last month, up from 31 in July. However, despite the increase, there have been just 249 businesses that have filed for bankruptcy this year, which is the lowest…
Cineworld, the World’s Second-Largest Movie Theater Chain, Files for Bankruptcy
September 8, 2022
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Cineworld, the world’s second-largest movie theater chain, filed for bankruptcy protection in the United States on Sept. 7, after facing low audience numbers post-pandemic and massive debts. The United Kingdom-based cinema operator filed for a Chapter 11 filing to allow it time to restructure its debt and maintain operations, which will cover its U.S., U.K.,…
Bed Bath & Beyond to Close 150 Stores, While Laying Off 20 Percent of Its Employees
The home supply retail giant Bed Bath & Beyond is on the verge of bankruptcy and collapse, as it announces the closure of more of its stores, massive layoffs, and more stock offerings. The retailer announced on Aug. 31, as part of a “strategic update,” that it will lay off approximately 20 percent of its…
Nearly One-in-Five Canadian Small Businesses on the Verge of Bankruptcy: CFIB Survey
Nearly one-in-five small business owners are preparing to permanently close under the pressure of pandemic-related debts, lagging revenue, and mounting costs, according to a poll from the Canadian Federation of Independent Business (CFIB). In a recent survey of its members, the CFIB found that 54 percent of small businesses are still reporting below-normal revenues and 62…
Nearing Bankruptcy, Westminster Puts Sales Tax Extension on November Ballot
August 21, 2022
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Following mounting pressure from residents to address Westminster’s impending bankruptcy, city councilors finally voted Aug. 12 to put a proposal to extend the city’s 1 percent sales tax—which has been deeply disputed on the dais over the last two years—on the November ballot. The 4–1 approval vote for Measure SS—with Councilman Tai Do abstaining—came last…
Endo Files for Bankruptcy as US Opioid Litigation Drags
Endo International Plc. filed for bankruptcy on Tuesday after reaching a $6 billion deal with some of its creditors, as the U.S. drugmaker seeks to settle thousands of lawsuits over its alleged role in the country’s opioid epidemic. The pharmaceutical company is the latest to file for Chapter 11 to address opioid claims. Purdue Pharma,…
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