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Bankruptcy

Genco

Genco Shipping & Trading files for Chapter 11 bankruptcy protection

Genco Shipping & Trading has filed for Chapter 11 bankruptcy protection on Monday as it planned to restructure the company and emerge immediately from bankruptcy although it did not provide a specific time frame for the move.

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Bitcoin

Mt. Gox issues new statement on website

Mt. Gox has posted a new statement which shed more light on the company's financial situation and validated the contents of a document leaked earlier, TechCrunch reported.

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Sbarro

Pizza chain Sbarro said to be readying second bankruptcy filing

Sources told Bloomberg that pizza restaurant chain Sbarro is preparing for a bankruptcy filing which could take place any time in the next few weeks.

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Mt. Gox

Mt. Gox to seek bankruptcy protection

After shuttering its operations this week, Tokyo-based Bitcoin exchange Mt. Gox told reporters that it will be seeking bankruptcy protection, The Wall Street Journal reported.

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The Morpheus

India's first startup accelerator The Morpheus to shut down

The Morpheus, the first private startup accelerator in India, is shutting down its operations this week after six years of conducting accelerator programs for startups in the country, because of the fierce competition from its rivals.

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LightSquared

Private equity-backed LightSquared agree on restructuring plan with creditors to get out of bankruptcy

LightSquared Inc seemed to have marked a small milestone towards getting out of bankruptcy when on Friday, it told a state court that it has been working with its creditors regarding a plan to restructure the company's assets.

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Sotheby's

Bankruptcy sale of convicted jeweler Ralph O. Esmerian's art fetches $13M at Sotheby's

The sale of the art collection of convicted jeweler Ralph O. Esmerian was able to gather $13 million, $10.5 million of which will go to creditors, Bloomberg reported.

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Creditors of XL-ID Solutions Inc. approve proposal

XL-ID Solutions Inc. announced that at the meeting of its creditors which took place on January 24, 2014, the statutory majority of creditors approved the proposal submitted by the Corporation pursuant to the Bankruptcy and Insolvency Act, in a proportion of 93,6% in number and 89,5% in value of the creditors who filed a proof of claim and voted on the proposal.

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CarWoo!

US-based car buying service CarWoo! closes down

Burlingame, California-based car buying service CarWoo! posted an announcement on its website saying the company will be shutting down, with some of its employees heading to rival TrueCar.

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The Motor City Casino and Hotel

Gambling revenue at heart of Detroit's bankruptcy plan

For Detroit, the road in and out of U.S. bankruptcy court is paved with casino money.

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Solvay SA

Belgian firm Solvay offers to buy bankrupt Plextronics in $32.6M deal

Brussels, Belgium-based chemical firm Solvay SA offered to buy Pennsylvania, US-based conductive polymer maker Plextronics Inc in a $32.6-million deal amid a Chapter 11 filing by the latter.

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Dots

Private equity- owned Dots to seek bankruptcy protection- report

Sources told The Wall Street Journal that private equity-owned discount retailer Dots LLC is readying itself to file for bankruptcy as the company struggles from the competition given by flash sites.

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Weltbild

German Catholic church-owned Weltbild succumbs to online rivals

After struggling with increased book sales from online rival Amazon and others, German Catholic Church-owned publishing house Wetbild filed for insolvency and placed 6,000 jobs on the line, the Financial Times reported.

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Fisker Automotive

US bankruptcy judge rejects Fikser's planned sale to Hong Kong billionaire Richard Li

Judge Kevin Gross of the US Bankruptcy Court in Wilmington, Delaware on Friday rejected a planned sale of Fisker Automotive to Hong Kong businessman Richard Li. Gross ruled in favor a competitive bidding between Li and Chinese auto parts maker Wanxiang Group instead.

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US Bank

Lenders oppose American broadband company LightSquared's new financing arrangement

Some of LightSquared's lenders, including US Bank and MAST Capital Management,are against its decision to seek a new financing arrangement with Fortress Investment Group as part of its bankruptcy exit plan.

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