Page 3 - Bankruptcy

New FTX CEO blasts handling of financial info as 'total failure'

Says he's never seen such a "complete failure" of corporate control

Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data

IBBI says while this reflects extent of value erosion by the time a corporate debtor enters CIRP, it remains the highest among all options available to creditors for recovery

What's happening at bankrupt crypto exchange FTX? All you need to know

The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been unauthorised access and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. The unravelling of the once-giant exchange is sending shockwaves through the industry. Here's a look at the company's collapse so far: WHY DID FTX GO BANKRUPT? Customers fled the exchange over fears about whether FTX had sufficient capital, and it agreed to sell itself to rival crypto exchange Binance. But the deal fell through while Binance's due diligence on FTX's balance sheet was still pending. FTX had valued its assets between USD 10 billion to USD 50 billion, and listed more than 130 affiliated companies around the world, according to its bankruptcy filing

Bankrupt FTX hit by mysterious outflow of about $662 mn in past 24 hours

It's unclear exactly who's making the transactions, but you wouldn't expect to see these on-chain trades at this time: Alex Svanevik, chief executive officer at Nansen

White House monitoring FTX collapse, calls for crypto industry regulation

The collapse this week of FTX dealt another blow to the cryptocurrency industry, which has seen severe volatility and bankruptcies of other high-profile firms, including Celsius Network Ltd

Twitter bankruptcy possible if cash burn doesn't stop, Musk tells employees

Confidence in the company has eroded so rapidly that, even before Musk's bankruptcy comments, some funds were offering to buy the loans for as little as 60 cents on the dollar

Lakshmi Mittal's brother sued over 'sham' loans to quit bankruptcy

Inauthentic debt worth over £2 billion from "friendly creditors" helped him "swamp" through the required votes from lenders for the payment arrangement, Moorgate's lawyers claim

Dalmia, Sagar Cements in race to buy debt-ridden Andhra Cements

Jaypee-owned firm undergoing bankruptcy process

NCLT adjourns Bajaj Hindusthan bankruptcy petition to December 7

In an order dated September 14, the NCLT asked Bajaj Hindusthan to file a reply to the SBI petition in three weeks

Central Bank withdraws IBC case as Aban Offshore pays one-time settlement

The company has repaid outstanding principal of Rs 121.78 crore to the bank, is in talks with other lenders for debt resolution plan

World Suicide Prevention Day: Data on businesspersons tell a shocking story

After lay-offs, edtech startup Lido Learning files for insolvency

Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016

More suicides by businesspersons than farmers for second year in a row

Seeking help brings solutions, say mental health experts

NARCL to buy loans of five distressed companies, lenders agreement awaited

In July, NARCL had proposed to take distressed assets of 17 firms worth Rs 93,249 crore including included five firms of the Future Group

Johnson & Johnson drops talcum baby-powder globally as lawsuits mount

J&J said that it had made the "commercial decision" to transition all its baby powder products to use cornstarch instead of talcum powder

Property crisis threatens to drag down a third of China's steel industry

Almost a third of China's steel mills could go into bankruptcy in a squeeze that's likely to last five years

Jindal Power exits race to buy JBF Petro; RIL, others in contention

L N Mittal-backed HPCL-Mittal Energy and govt-owned companies remain in contention for the bankrupt firm

CFM ARC sells JBF Industries assets to Reliance Industries entity

RIL was the lone bidder for the company with a Rs 825-crore offer as against the dues of Rs 2,100 crore of banks

RCap lenders hive off home finance, NBFC into separate trust for resolution

The proceeds of the sale of these two companies in future will flow directly to the lenders of the Reliance Capital which is currently undergoing a bankruptcy process

New Jersey-based crypto lender Voyager Digital files for bankruptcy

It had significant investments in Singapore-based hedge fund 3AC, which failed to make payments on a loan of 15,250 Bitcoins and $350 million USDCs -- that makes the loan worth more than $650 million.