New data show that a growing number of U.S. firms are collapsing under the weight of higher interest rates as corporate bankruptcies reached their highest first-half levels since 2010. In the first six months of 2023, there were 340 corporate bankruptcies, topping every other comparable span in 13 years, according to S&P Global Market Intelligence….
Lordstown Motors Sues Foxconn and Files for Bankruptcy
June 29, 2023
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Business & MarketsChapter 11 bankruptcyCompanieseconomyenergyFoxconnInvestmentLordstown MotorsMarketsUSUS News
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The troubled electric vehicle maker Lordstown Motors has followed through with its promise to sue Foxconn over a promised investment and filed for bankruptcy. On June 27, the EV maker filed a legal action against Foxconn, the Taiwanese manufacturer of Apple’s iPhones, while simultaneously filing for Chapter 11 protection in Delaware and put itself up for sale. The…
Spike in US Corporate Bankruptcies, Number of Filings Highest in Over a Decade
Corporate bankruptcies in the United States rose in May, based on the latest reports, with the first five months of 2023 seeing the highest number of filings since 2010. There were 54 corporate bankruptcy filings in May, up from 52 in April, according to a June 6 report published by S&P Global. In the first…
US Crypto Exchange Bittrex Seeks Bankruptcy After SEC Complaint
May 9, 2023
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BittrexBusiness & MarketsChapter 11 bankruptcyCompaniescryptocurrencyeconomic policieseconomyExecutive BranchInvestmentMarketsPolicies & ImpactsPoliticsSecurities and Exchange CommissionUS
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Cryptocurrency exchange Bittrex filed for bankruptcy protection three weeks after the Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange for years. On May 8, the crypto firm made the filing in a Wilmington, Delaware, court after announcing in March that it would wind down operations in the United States by the…
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