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TuSimple co-founder Xiaodi Hou has started a second autonomous trucking startup. But he is suing his former company, urging that TuSimple be liquidated and $450 million returned to shareholders, of whom he is the largest.
Suits on 3 coasts
In separate filings in courts in San Diego and Delaware, Hou claims his co-founder, Mo Chen, and CEO Cheng Lu are trying to move TuSimple’s $450 million to China. TuSimple moved its business there and has shifted its business from autonomous trucking to AI-generated video game production.
“This pivot – from TuSimple’s autonomous driving mission to Artificial Intelligence Generated Content (AIGC) development in China – represents a fundamental change in business direction,” Hou…
Motorcycle manufacturer KTM is in financial difficulties and now wants to restructure itself. (archive picture)
Keystone
The Austrian company Pierer Mobility has filed for insolvency proceedings for its subsidiary KTM at the competent regional court in Ried im Innkreis. This was stated by a company spokesperson on Friday at the request of the news agency AWP.
The motorcycle manufacturer, which is in severe financial difficulties, is thus taking refuge in creditor protection.
KTM is applying to the court for debtor-in-possession restructuring proceedings. The spokeswoman was unable to say how long it would take for the regional court to approve the application. According to the…
BGJC & Associates LLP have resigned as the Statutory Auditors of Punj Lloyd due to issues such as indirect receipt of financial statements and lack of responses to audit instructions.
The National Company Law Tribunal in New Delhi ordered the liquidation of Punj Lloyd Ltd. on May 27, 2022, after the Committee of Creditors rejected the sole Resolution Plan.
Ashwini Mehra is overseeing the liquidation process of Punj Lloyd Ltd. as per the Insolvency and Bankruptcy Code, 2016, and related regulations.
Bristol: Recently, Supreme Court ordered the liquidation of Jet Airways, after finding that NCLAT had disregarded its January 2023 judgment by allowing the adjustment of a ₹150 cr performance bank guarantee (PBG) against the ₹350 cr infusion requirement from the Jalan-Kalrock Consortium (JKC), the airline’s resolution applicant.
The top court’s decision could affect creditors, including major banks, potentially leaving them with shortfalls as the remaining asset value is unlikely to fully cover the debt. This is disappointing after 5-yr-long efforts to revive Jet and recover funds, which included approved resolutions and failed payment agreements.
NCLAT is not without blame, as it ignored the top court’s order. Its decision was…
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As the holiday shopping season kicks into high gear, a recent NerdWallet survey shows more than a quarter of Americans are still paying off presents they bought last year.
It comes as credit card debt levels have reached record highs, according to the latest household debt report from the Federal Reserve Bank of New York. Americans now hold a staggering $1.17 trillion in credit card debt.
Holding that debt is now more expensive than ever, too, with average interest rates hovering around 23%.
But if you’re looking for help paying it off, financial experts warn some relief offers could wind up costing you even more if you’re not careful.
Kim Rogers with ClariFi, a Philadelphia nonprofit that provides money management and credit…
ALMOST every 18-year-old has made some bad financial decisions, but one man has revealed his has left him drowning in debt years later.
Now 21, Nolan from Orlando Florida, explained that he feels hopeless after living from paycheck to paycheck for so long.
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One of the money pros gave the 21-year-old some much needed adviceCredit: The Ramsey Show
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The remaining payments were more than the truck was worthCredit: The Ramsey Show
“I feel like I’m swallowed in the truck payments, I can’t breathe,” he told co-hosts of The Ramsey Show George Kamel and and Jade Warshaw.
“I want to be able to rent an apartment and then get to the buying a house stage and I feel like I’m running out of time, and I have so much debt and not enough money,” Nolan…
