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Image Source : PIXABAY Yearender 2024: Notable companies that went bankrupt in 2024.
Yearender 2024: In the year 2024, several high-profile companies faced financial turmoil and finally filed for bankruptcy. This year, a mix of economic pressures and shifting market dynamics pushed some key players across industries into financial distress.
What is Bankruptcy?
Bankruptcy is a legal proceeding for people or businesses that are unable to repay their outstanding debts. It is a process that allows them to meet their debt obligations to restructure or liquidate their assets. Bankruptcy often…
(Bloomberg) — Big Lots Inc.’s efforts to stay in business are beginning to unravel, putting the discount retailer that employs more than 27,000 people at risk of liquidation, according to court records and people with knowledge of the matter.
A valuation appraisal of the bankrupt company’s inventory came in lower than expected, which threatens the economics of the sale of the chain to private equity firm Nexus Capital Management LP, said the people, who asked not to be identified discussing a private matter. At the same time, landlords have demanded that Big Lots explain why it hasn’t closed the deal with Nexus, which agreed to buy the company after it filed for Chapter 11 in September.
(Bloomberg) — Big Lots Inc.’s efforts to stay in business are beginning to unravel, putting the discount retailer that employs more than 27,000 people at risk of liquidation, according to court records and people with knowledge of the matter.
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A valuation appraisal of the bankrupt company’s inventory came in lower than expected, which threatens the economics of the sale of the chain to private equity firm Nexus Capital Management LP, said the people, who asked not to be identified discussing a private matter. At the same time, landlords have demanded that Big Lots explain why it hasn’t closed the deal with Nexus, which agreed to buy the company after it filed for Chapter 11 in September.
LONDON – Dunedin Enterprise Investment Trust PLC has updated its timetable regarding the proposed members’ voluntary liquidation, as per its announcement on December 19, 2024. The trust has provided a revised schedule for its liquidation process and the suspension of its shares from the London Stock Exchange (LON:), pending approval from shareholders.
According to the updated timetable, the last day for dealing in the company’s shares through CREST, on a normal rolling two-day settlement basis, is set for December 30, 2024. Shareholders must submit their Forms of Proxy by 10 a.m. on January 2, 2025, in advance of the general meeting scheduled for January 6, 2025, at 10 a.m., where they will vote on the liquidation proposal.
When FTX declared bankruptcy in late 2022, roughly $8bn in customer funds were reported missing, not including debts to investors and others.
Mr Ray’s team has since recovered assets worth $14.7-$16.5bn, in part by selling off FTX’s remaining assets, such as its investment in the artificial intelligence firm Anthropic.
The deal reached with the bankruptcy court allows the firm to repay customers ahead of the other unsecured creditors such as the government.
It has drawn a mixed reception from some former customers. Some have suggested the repayment in cash will not match the loss of crypto holdings that would be worth far more today had they not been stolen.
The value of bitcoin has more than tripled since November 2022.
CryptoQuant founder reveals the Bitcoin price that could trigger a liquidation event for MicroStrategy in an attempt to dismiss concerns.
Business intelligence firm MicroStrategy, led by Michael Saylor, remains one of Bitcoin’s most prominent institutional investors. The company has consistently increased its Bitcoin holdings, despite the potential risks tied to such aggressive accumulation.
MicroStrategy’s Bitcoin Liquidation Price
While the firm has seen massive gains, some critics like Peter Schiff have expressed concerns over these financial risks. Ki Young Ju, the founder of CryptoQuant, recently highlighted the Bitcoin market conditions that could trigger MicroStrategy’s liquidation.
As part of the liquidation process announced today (19 December), shareholders can choose either to roll over their investments into units in the Jupiter Ecology fund, or to opt for an uncapped cash exit at a modest discount to net asset value.
James Carthew, head of investment companies at QuotedData, criticised the board’s offer to clients, stating “why should investors wanting their own cash back be penalised by getting less than 100% of NAV after costs? Shareholders should complain to the board about this”.
Outlook 2025: What next for investment trusts according to the AIC, Winter…
