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Bankruptcy filings in U.S. surge at fastest pace since 2009 as Bidenflation continues to ravage Americans, businesses

March 01, 2023 -

For the past year, the Biden administration and the Federal Reserve have been struggling to combat runaway inflation and the resulting wage-price spiral without causing a recession. However, based on the recent increase in bankruptcy filings, it seems they may soon have to admit they have failed, noted Zero Hedge on Wednesday.

A month ago, the outlet highlighted a concerning trend in the pace of large bankruptcy filings (i.e., those with over $50 million ...

Economic collapse incoming: Sweden hit with wave of bankruptcy filings

February 06, 2023 -

Russia Today (RT) mentioned that the number of bankruptcy filings surged to the highest level in at least a decade in January. It cited a Feb. 1 Bloomberg report that also pointed out the increase coinciding with an ongoing housing market crunch.

Based on data it obtained from the Swedish credit reference agency UC, Bloomberg said the number of bankruptcy filings rose to 622 – a 47 percent increase compared to a year earlier. The construction sector ...

Global bankruptcy already baked in

April 07, 2023 -

(Article by Charles Hugh Smith republished from DailyReckoning.com)

It’s really that simple.

In eras of easy credit, both creditworthy and marginal borrowers are suddenly able to borrow more. This flood of new cash seeking a return fuels red-hot demand for conventional assets considered “safe investments” (real estate, blue chip stocks and bonds), demand of which given the limited supply of “safe” assets pushes valuations of these assets to the moon.

In the ...

SAM THE SIPHON: Filings show former CEO Sam Bankman-Fried took $2.2 billion in customer funds for personal use

March 21, 2023 -

Bankman-Fried and the other employees transferred the funds to their personal accounts using the label of “payments and loans.” This is according to filings in bankruptcy court by the company's new management. The transfers took place prior to the collapse of the crypto exchange late last year, and most of the funds came from Alameda Research.

According to the filings, Bankman-Fried took $2.2 billion for himself, while FTX Co-founder Gary Wang took $246 million, former ...

Corporate America experiencing BANKRUPTCY BOOM as recession looms

May 25, 2023 - bankruptcy filings among all types of companies in U.S. District Courts, up from 12,200 filings during the same period last year. While this is still well below the more than 21,000 filings per quarter recorded before 2020, the upward trend is still seen as a serious cause for concern especially as recession signals blare from other parts of the economic and financial world.

Other notable companies that have filed for bankruptcy include catalogue retailer AmeriMark ...

Trucking firm granted $700 million U.S. bailout declares BANKRUPTCY

2 months ago -

Despite negotiations that went on for months, disagreements between Yellow’s management and the International Brotherhood of Teamsters (Teamsters Union), a labor union in the U.S. and Canada, resulted in the former shutting down operations late in July.

Yellow announced on Aug. 6, Sunday, that it was seeking bankruptcy protection so it could wind down its business in an "orderly" manner.

Darren Hawkins, Yellow’s chief executive, issued a statement announcing that ...

Crypto lender BlockFi blocks withdrawals as FTX declares bankruptcy

November 16, 2022 -

With FTX announcing its plans to file for bankruptcy on Friday, Nov. 11, BlockFi announced via Twitter on the same day that it is "stopping client withdrawals" because of a "lack of clarity" regarding the fate of Sam Bankman-Fried's crypto exchange empire.

More precautionary actions could be expected from BlockFi, which admitted in a statement on Monday, Nov. 14, that it also has significant exposure to FTX. BlockFi has also instructed clients not to submit any deposits, ...

Former multibillion-dollar crypto firm FTX files for bankruptcy

November 15, 2022 -

Bankman-Fried has been succeeded by John J. Ray III, though the outgoing chief will stay on to assist with the transition.

"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," Ray said in the statement.

The move rippled through some 130 FTX-related companies, including large global crypto exchange FTX.com and FTX.US.

The Ontario ...

EV COLLAPSE: Electric vehicle manufacturer Lordstown Motors files for bankruptcy

June 29, 2023 -

Lordstown stated that it will be looking for potential buyers to take over its assets, including the manufacturing of the company's lone commercially-available EV, the Lordstown Endurance pickup truck. According to its recent filings, Lordstown Motors just had $108.1 million in cash available at the end of March. During the first quarter of 2023, it posted a loss of $171.1 million. (Related: Ford to lay off 1,000 employees as focus on EVs costs the company BILLIONS.)

The ...

FTX collapse fallout: Crypto brokerage firm Genesis warns of possible bankruptcy

November 23, 2022 -

The company has warned potential investors that it may need to file for bankruptcy if its efforts to obtain fresh cash for its lending unit fail.

"We have no plans to file bankruptcy imminently," said one representative for Genesis in a statement emailed to media outlets. "Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors."

This rush for funding ...

DEBT SENTENCE: Bankruptcy haunts corporate America as interest rates soar following the end of easy money

June 13, 2023 -

According to S&P Global Market Intelligence data, the first two months of the year registered the highest total of bankruptcy filings since 2011: 57 in February and 54 in January. February's total has been the most in a single month since March 2021.

According to the stock market index tracker's May bankruptcy statistics, more than 50 companies filed for bankruptcy among publicly traded companies with at least $2 million in assets or liabilities and private companies ...

Parent company of left-wing news site Vice to file for BANKRUPTCY

May 03, 2023 -

Anonymous sources familiar with the Vice Media Group's financial straits confirmed to other media outlets that the company is currently in negotiations with potential buyers, but these talks reportedly bogged down because Vice Media executives are struggling to get a price of more than $1 billion, which would just be enough to pay off all of the company's debts. Unfortunately, such a hefty price tag is making the chance of a successful sale increasingly remote.

Should Vice ...

Crypto firm Genesis to become latest bankruptcy as industry continues to collapse

January 22, 2023 -

As reported by Bloomberg News, Genesis Global Capital "is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation."

"The cryptocurrency lending unit of Digital Currency Group has been in confidential negotiations with various creditor groups amid a liquidity crunch. It has warned that it may need to file for bankruptcy if it fails to raise cash," the report continued.

The report noted further that ...

FTX contagion spreads as BlockFi crypto firm files for Chapter 11 bankruptcy

November 29, 2022 - bankruptcy filings, hinting at the huge impact of its collapse on crypto traders and other counterparties with ties to Bankman-Fried's empire," CNBC reports.

In the comments, one of our own readers wrote that FTX and these other crypto scam corporations are little more than a "money laundering scheme" that is finally being "busted wide open."

More of the latest news about the downfall of globalist-controlled finance as we currently know it can be found at ...

168-year-old Santa Barbara News-Press files for bankruptcy, fires all workers

July 26, 2023 -

This comes just months after the newspaper ceased all physical publication, becoming an online-only news publication in April. But its last digital edition was posted on Friday, July 22, following the revelation that owner Wendy McCaw had filed for bankruptcy. (Related: Birds of the same feather: Vice Media files for bankruptcy and sells off assets to left-wing billionaire George Soros.)

News-Press Managing Editor Dave Mason alerted staff about the closure on July 21 via ...

Woke firm Bed Bath & Beyond that dropped Mike Lindell’s MyPillow files for BANKRUPTCY

April 26, 2023 -

According to the Wall Street Journal (WSJ), the retailer filed for Chapter 11 bankruptcy in Newark, New Jersey on April 23. The company said it expects to eventually close all of its 360 BBB and 120 Buybuy Baby locations across the country. It added that Sixth Street Partners, its top lender, has put up $240 million in financing to keep BBB operational through the liquidation process.

"Bankruptcy gives BBB the breathing room to conduct going-out-of-business sales at its ...

Crypto lender Genesis seeks bankruptcy protection in last-ditch attempt to stay afloat

January 24, 2023 -

Saddled with liabilities that could go as high as $10 billion, it filed for Chapter 11 bankruptcy protection in Manhattan, New York on Jan. 19. The beleaguered crypto firm joined the growing list of digital currency businesses going under as a fallout of last year's plunge in crypto prices.

"An in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders," Genesis' interim ...

Binance strategy chief takes a swipe at FTX following the latter’s bankruptcy filing

November 17, 2022 -

"This is the direct result of a rogue actor breaking every single basic rule of fiscal responsibility," Binance Chief Strategy Officer Patrick Hillmann said in a statement given to the Wall Street Journal (WSJ). "While the rest of the industry operates under an extreme measure of scrutiny, the cult of personality shrouding FTX allowed them a dangerous level of privilege that wasn't earned."

Binance originally signed a letter of intent to acquire FTX on Nov. 8, but canceled ...

Remember Proterra, the electric bus company shilled by Biden? It just filed for BANKRUPTCY

2 months ago -

Biden regime Energy Secretary Jennifer Granholm, who previously served on Proterra's board of directors, aggressively hyped the company at a time when she held more than $1 million worth of stock – this is known as market manipulation, by the way.

On March 30, 2017, a little over two months after Donald Trump was sworn in as America's 45th president, Proterra tweeted about Granholm's appointment, noting that she also previously served as governor in Michigan.

"Her ...

GET WOKE GO BROKE: Home-goods giant Bed Bath & Beyond considers filing for bankruptcy

January 06, 2023 -

"For the third quarter of fiscal 2022, the Company expects to report net sales of approximately $1.259 billion compared to $1.878 billion in the year-ago period, reflecting lower customer traffic and reduced levels of inventory availability, among other factors," the statement included.

Sue Gove, president and CEO of Bed Bath & Beyond, said the firm is considering all "strategic alternatives," including restructuring and refinancing its debt, seeking additional debt ...