Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Tesla Automation GmbH, a subsidiary of Tesla Inc.TSLA, has reached an agreement to purchase assets from the German technology company Manz AG.
According to the press release issued on Tuesday, the deal involves acquiring Manz’s Reutlingen facility along with over 300 employees working there. Tesla Automation plans to manage this new location moving forward.
The transaction is awaiting clearance from the German Federal Cartel Office under antitrust regulations, and the purchase price has not been revealed.
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Yogesh Khanna (Judicial Member) and Mr. Ajai Das Mehrotra (Technical Member) has held that the National Company Law Tribunal (NCLT) is empowered to decide an issue whether Successful Resolution Applicant (SRA) is liable to pay Pre-Corporate Insolvency Resolution Process (CIRP) electricity dues after the approval of the resolution plan and taking over of the corporate debtor under section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (Code).
Brief Facts:
The Corporate Insolvency Resolution Process (CIRP) was initiated against Akums Lifesciences (Corporate Debtor) by an order dated 23.08.2018. The resolution plan was approved on…
Two subsidiaries of a major Hong Kong construction firm have been sued by a subcontractor for compensation of more than HK$9.5 million (US$1.2 million) after the parent company proceeded with winding-up proceedings.
Paul Y Construction Co and Paul Y General Contractors – two subsidiaries of Paul Y Engineering Group – were allegedly indebted to Mankey Construction Company, the subcontractor that collaborated with them for more than a dozen projects from as early as 2020.
The two firms subcontracted some of their public construction works to Mankey, including a fire training facility in the airport’s three-runway system and a Kwun Tong residential development along Anderson Road, according to court documents made available on…
Strategy (previously MicroStrategy) stock has plunged more than 55% from its all-time high, fueling speculation that the company could be forced to sell off its massive Bitcoin (BTC) holdings.
With approximately 499,096 Bitcoin worth $43.7 billion, the firm has built one of the largest corporate Bitcoin reserves, but concerns are rising over its ability to sustain this strategy amid market volatility.
According to the Kobeissi Letter, the risk of forced liquidation primarily hinges on two key factors: a prolonged and significant drop in Bitcoin’s price and MicroStrategy’s ability to raise additional capital.
The company acquired its Bitcoin at an average price of $66,350 per coin. If Bitcoin were to fall well below that level and stay…
Strategy stock plunged 11% on Feb. 25 as Bitcoin slipped below $90,000, raising concerns about a possible liquidation due to the company’s massive Bitcoin exposure.
With 499,096 Bitcoin (BTC) valued at around $44 billion, Strategy is the largest corporate Bitcoin holder, making its financial stability closely tied to the asset’s price movements.
The sharp drop has fueled speculation of a possible forced liquidation. However, in a Feb. 25 X post, capital market analysts The Kobeissi Letter noted that these concerns are exaggerated.
Strategy currently holds $8.2 billion in debt against its ~$44 billion in Bitcoin, maintaining a leverage ratio of around 19%. To lower the risk of an immediate default, the…
The buzzards are circling, and the coyotes are licking their chops because the pulse is getting weaker by the minute at Star Entertainment.
Where six months ago, the casino operator looked like a company struggling with regulatory issues and profit problems; today, it’s running out of cash to keep the lights on and is buried under debt. This is generally the final stage of the corporate palliative process, and in Star’s case, the end may be just around the corner.
So, while we play the waiting game, maybe it’s time to consider putting Star out of its misery. Because it just doesn’t have many options on the table.
Once the company’s flagship asset, Star’s Sydney casino is now worth little more than its hotel rooms as the Minns…
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…
