Insolvency Guardian Media Centre
Tesla Automation GmbH, a subsidiary of U.S. electric vehicle giant Tesla Inc., has signed a deal to acquire key assets of insolvent German automation systems supplier Manz AG.
The Local Court of Stuttgart opened insolvency proceedings about the assets of Manz AG on Monday.
The Tesla Automation agreement:
- As per the purchase agreement, Tesla Automation will be taking over more than 300 Manz employees and movable assets at the German supplier’s Reutlingen site.
- Tesla Automation will also be using the Manz company property in Reutlingen, as noted in a press release.
- The completion of the purchase is still subject to the approval of the German Federal…
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Eye-watering amount owed by Aussie retailer Herald Sun
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NCLT admits Ansal Properties & Infrastructure to insolvency Bar & Bench – Indian Legal News
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Tirupati: While the ‘Lucky Bhaskar’ in reel life used bank money to support his family while battling debt and humiliation, the real-life counterpart at Nagalapuram’s Union Bank took a far darker route. Assistant manager Arava Suryatej allegedly misused gold pledged by customers to fuel his online betting addiction.
The shocking gold loan scam at the Union Bank of India’s Nagalapuram branch has placed Suryatej at the centre of a major controversy. Investigations have revealed that his compul-sive gambling led him into severe debt, compelling him to exploit bank assets to cover his losses. Over just 50 days, he reportedly wagered an astounding Rs 2.5 crore on online casino platforms, culminating in a massive financial scandal. …
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Proponents are now making their case, spying an opening with the upcoming review and looming talks over the EU’s next seven-year budget, which will determine how the bloc repays the joint debt it took on in 2021 to stabilize a Covid-battered economy.
One of the plan’s biggest proponents, Poland, also currently holds sway over the EU’s policy conversation. The country will control the EU’s rotating six-month presidency until July, and its EU commissioner, Piotr Serafin, will oversee the budget portfolio for the next five years.
Of course, a CBAM expansion would only cover a small fraction of the EU’s debt payments, which are expected to run between €25 billion and 30 billion annually — up to 20 percent of the…
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Joann, a renowned chain of stores specializing in crafts and sewing, will close all its locations in the United States. The company announced its total liquidation after failing to find a solution to remain operational.
The closure depends on court approval but inventory liquidation has already begun in more than 800 stores. GA Group and the company’s lenders acquired the brand in a bankruptcy auction. They will now manage the closure process and asset sale.
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In January, Joann reported having a debt of $615.7 million. The buyers submitted a $105 million credit bid to acquire most of the assets. They…
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- Strategy’s MSTR has declined over 55% since November 20, igniting concerns of forced liquidations among investors.
- The sell-off stems from the company’s heavy exposure to Bitcoin following its buying spree in the past year.
- Strategy could be forced to liquidate part of its Bitcoin holdings if investors redeem convertible notes early.
Strategy (formerly MicroStrategy) witnessed an 11% stock decline on Tuesday, stirred by Bitcoin’s market’s plunge below $90,000 and fueling speculations of a forced liquidation for the company.
Strategy stock decline sparks fears of Bitcoin holdings liquidation
Strategy’s MSTR stock fell 11% in the past 24 hours as Bitcoin and the crypto market experienced harsh declines.
The…
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Tesla CEO Elon Musk has warned that California is at risk of going bankrupt if significant changes aren’t made. In a post on X (formerly known as Twitter), Musk emphasized the urgency of the situation, stating, “Crucial or California will go bankrupt.”
The tech billionaire quoted an X user’s post that read “We need @DOGE California. ASAP, please. @elonmusk”.
While Musk did not elaborate on specific causes, his warning aligns with ongoing concerns about the state’s financial struggles. California has faced mounting budget deficits, with Governor Gavin Newsom recently announcing plans to address a shortfall estimated at over $68 billion. Critics point to high government spending, business regulations, and an exodus of…
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Motorbike Maker KTM’s Creditors Take 70% Hit in Restructuring MSN
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I don’t know if you’ve heard, but KTM is in some serious trouble. Aside from layoffs, insolvency hearings, MotoGP development pauses, and a culling of the board, it really hasn’t sold all that many motorcycles over the last year. How many hasn’t it sold you ask?
How does a year’s worth sound? Or to put it into actual numbers, 265,000 unsold motorcycles. Low wolf whistle…
According to the German publication Der Standard, the number came out during the company’s insolvency hearings, in which creditors, stakeholders, and an insolvency judge, decided on the future of the company’s restructuring plan. In these proceedings, lawyers argued that the vast majority of…
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The regulator has cancelled the Australian Financial Services licence (AFSL) and credit licence of Ultiqa Lifestyle Promotions Limited.
Ultiqa Lifestyle Promotions, which is in liquidation, has seen its AFSL and credit licence cancelled following an Australian Financial Complaints Authority (AFCA) determination.
On 28 June 2024, AFCA made a determination against Ultiqa, which it failed to pay. As a result, the Compensation Scheme of Last Resort (CSLR) paid $19,429.60 to a person for AFCA’s determination on 2 October 2024 and notified ASIC.
This led to Ultiqa’s AFS and credit licences being cancelled on 16 October 2024.
“Where the CSLR pays compensation to an eligible consumer in relation to an AFCA determination and notifies…