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President-elect Donald Trump is poised to pull the plug on President Joe Biden’s yearslong push to cancel student debt for tens of millions of people as Republicans sweep into power in the coming months.
Trump transition advisers and outside allies have been discussing ways to quickly unwind the various Biden-era initiatives that offered new or easier paths to loan forgiveness for borrowers, according to two people familiar with the discussions.
The move would be the culmination of nearly four years of attacks by GOP lawmakers and attorneys general on Biden’s student debt relief policies. On the campaign trail, Trump slammed the loan forgiveness efforts — which total hundreds of billions of dollars — as “vile” and illegal. Yet…
In 2024, several high-profile companies faced financial turmoil, culminating in filing for bankruptcy—a legal process that allows businesses unable to meet their debt obligations to restructure or liquidate their assets. Bankruptcy often signals a last-ditch effort to salvage operations, address creditor claims, or wind down entirely. This year, a mix of economic pressures and shifting market dynamics pushed some major players across industries into financial distress.
Here’s a look at the top companies that sought bankruptcy protection in 2024, and what led to their downfall:
Tupperware
Credit: Reuters
Tupperware, a leading brand in kitchen and home storage solutions, filed for bankruptcy in September 2024.
Troubles have been brewing at KTM for most of 2024, with the company’s financial problems well documented. The Austrian company has laid off a number of staff throughout the year, including many key executives, and only a few weeks ago set off alarm bells in the Swiss stock exchange when it forecast a loss for the year. That caused share prices to plummet to below eight Euros, when they had been at 60 a year earlier. Debt has been reported at 1.5 billion, up from 300 million Euros two years ago.
Now joint Chief Executives Stefan Pierer (pictured above right) and Gottfried Neumeister (left) have placed the company into self-administration, giving them breathing space to try to put a strategy together and avoid the company…
Nottingham City Council issued a section 114 notice a year ago
One year ago, Nottingham City Council confirmed the news that many had been expecting for some time – that it had effectively gone bankrupt.
The Labour-run council joined a growing list of local authorities that have issued a section 114 notice, an acknowledgement that it could not deliver a balanced budget.
With cuts to jobs and services, a change in leadership and more uncertainty on the horizon, much has changed.
What happened a year ago?
On 29 November 2023, the section 114 notice was issued by the council’s then chief finance officer, Ross Brown.
It was the formal declaration that, in his professional view, the council was unable to set a balanced budget for the 2023-24…
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.
