#bankruptcy

#bankruptcy

Ascend Elements has started Chapter 11 bankruptcy proceedings in the U.S., a heavy blow to investors who had sunk nearly $900 million into the company.

Pacha New York has booked British DJ Michael Bibi, who will play on June 20, and veteran South African producer Black Coffee, who will play on June 21. Notably, Black Coffee was set to become the Mirage's first-ever resident last year before his shows were cancelled.

Davine Greene, a nursing student, described her car as 'the bane of my existence' and called it 'probably the worst decision I've ever made, like, financially speaking.'

Multiple entities associated with Friendly Franchisees Corporation, owner of 65 Carl's Jr. locations across California, have filed for Chapter 11 bankruptcy, raising concerns about the future of these franchises.

"No one gave us any notification. It makes me very angry. They're running around trying to hide things and not telling the full story of how things are going."

While it once operated more than 200 aircraft, Spirit now intends to run fewer than 80 by the third quarter of 2026. It anticipates adding aircraft between 2027 and 2030. In a news release, Spirit said it will continue to align its network with consumer demand and focus on its strongest routes and markets, including Fort Lauderdale, Orlando, Detroit, and New York City.

The units are at the center of an ownership dispute between Harry Macklowe and CIM Group. Macklowe had lost the condos last year when he defaulted on the mortgages he took out from CIM to buy the units. The developer paid about $47 million for the units along with a smaller pad on the 28th floor, which is not included in the latest sale. Serhant's Glenn Davis and Nicholas Compagnone had the off-market listing. The buyer was 78 Purchaser LLC.

The Jericho-based company was purchased by ARB Interactive for more than $7 million in a bankruptcy court action. Miami-based ARB specializes in mobile gaming and was one of three bidders in the auction, which was held last summer, according to court filings. PCH's new chief executive, Owen O'Donoghue, has announced a plan for Prize Protection Program guarantees going forward after the bankruptcy filing stopped payments to some sweepstakes winners.

Saks OFF 5th is closing its Assembly Row store in Somerville and its outlet in Wrentham as its parent company, Saks Global, files for bankruptcy. On Thursday, the company announced it will shutter most of its Saks OFF 5th locations and all remaining Last Call stores, shifting its focus to luxury retail and full-price operations. The company began closing sales at certain Saks OFF 5th stores starting Saturday.

Rad Power Bikes has been sold following a small private auction held on January 22. Life Electric Vehicles Holdings (Life EV) submitted the winning bid at $13.2 million, with Retrospec listed as the $13 million backup bidder. The sale follows Rad's December 2025 Chapter 11 bankruptcy filing, during which the company reported $32.1 million in assets against $72.8 million in liabilities.

In a settlement with McCourt - and to avoid the risk of the judge imposing a deal less favorable to the league - MLB agreed the fair-market value of a Dodgers TV deal would be based on the very Fox deal that Selig had rejected. Why did that matter? That value was $84 million for the first year and would increase thereafter, with the league taking its standard 34% cut and sharing that among all its teams.

MicroVision, a Redmond, Washington-based company that has been developing its own lidar sensors, submitted a $33 million bid, eclipsing the $22 million that Quantum Computing Inc. laid out a few weeks ago as the so-called "stalking horse" bidder. (Quantum Computing Inc. had upped its bid to $28 million but apparently was unwilling or unable to go higher.) The sale of Luminar's lidar business will now be subject to approval by the judge in the bankruptcy case.

Trina, a 38-year-old Florida resident, was drowning in $44,000 of debt on a $60,000 annual income. Her financial obligations spanned car loans, credit cards, and her son's private school tuition-a complex web of commitments that became more concerning when she revealed filing Chapter 7 bankruptcy just two years earlier. This recent bankruptcy suggested her struggles weren't isolated incidents but part of a recurring pattern of financial instability.

On TikTok, a wave of recent videos under the "bankruptcy" hashtag shows young people framing their personal bankruptcy filings as life-changing wins, drawing hundreds of thousands of views. In clips viewed by Business Insider, individuals touted their bankruptcy filings as the "greatest" and "best" decision they've ever made, saying it allowed them to wipe out massive amounts of debt - sometimes tens of thousands of dollars - in just a few months.

That equity investment is now presumptively worthless after Saks continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year, and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners," Amazon's attorneys wrote in a court filing on Wednesday, just hours after Saks Global filed for Chapter 11 with a $1.75 billion financing package.

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground.

Late Tuesday night, Saks Global - the parent company of Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus - filed for bankruptcy in Texas. The news came after more than a year of missing payments to vendors and piling on precarious debt. Saks owes hundreds of millions of dollars to creditors, and debt analysts and fashion insiders that Business Insider has spoken with have said to expect store closures and layoffs.

The fraud-convicted one-time billionaire sailed on a gleaming superyacht, wore custom-tailored Brioni suits, and strode through his Gilded Age mansion on a million-dollar cushion of Chinese and Persian carpets. Since 2022, the cash, homes, luxury cars, and private jets of Guo's suptuous former life have been picked over by prosecutors, the Securities and Exchange Commission, and a federal bankruptcy trustee - all trying to claw back money for thousands of creditors and victims in one of the most sprawling fraud cases in recent history.

Main Street, which holds 29 NBA, NHL and MLB teams in its portfolio and broadcasts their games under the name FanDuel Sports, emerged from a lengthy bankruptcy proceeding at the start of 2025 but finds itself in deep financial trouble again. Recent reports from Sports Business Journal stated that the company will dissolve at the end of the current NBA and NHL seasons if it does not execute a sale to another platform.

The idea for Flipcause was simple. Starting in 2012, the Oakland startup provided technical tools for thousands of nonprofit organizations, handling the work of online storefronts, donation systems and ticketing pages. Millions of donor dollars flowed through Flipcause's tech to nonprofits focused on just about every societal issue. Then, this year, much of that money suddenly stalled under Flipcause's control, as evidenced by testimonials from client companies on social media, with the Better Business Bureau, and to SFGATE.

Toys R Us is back - again. The latest phase of the toy store chain's comeback came this holiday season as Toys R Us stores popped up at a handful of malls around the US. The temporary stores are part of a broader revitalization opportunity by brand management company WHP and Go! Retail Group. It's the latest example of how the once-dominant chain is trying to make a comeback.

Pedego issued a recall on several hundred fat tire electric trikes after multiple reports of frame breakage. Pacific Cycle also released a safety notice regarding slipping child-seat buckles. At Rad Power Bikes, Kathi Lentzch has stepped down after taking over as CEO in March. Former CFO Angelina Smith is now stepping into the role to guide the company through its Chapter 11 process.