bankruptcy
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Doomed crypto firm Terraform Labs files for bankruptcy in the US
Terraform Labs, the infamous crypto company behind TerraUSD and Luna, has filed for Chapter 11 bankruptcy protection in Delaware.
Electric scooter rental company Bird files for bankruptcy two years after going public
After laying off nearly a quarter of its staff last year, e-scooter company Bird has filed for Chapter 11 bankruptcy.
EV startup Volta Trucks files for bankruptcy
It's the latest industry newcomer to fail due to a lack of funding.
VanMoof e-bikes has declared bankruptcy
The company is putting all of its Dutch entities up for sale.
Firefly Aerospace buys the final scraps of doomed Virgin Orbit
The last remnants of Virgin Orbit have been offloaded. Firefly Aerospace has agreed to buy the defunct satellite-launch company’s remaining assets for $3.8 million. Firefly’s purchase included the leftovers from a May auction that cleaned out most of the company’s possessions, netting $36 million in Virgin Orbit’s bankruptcy proceedings. Firefly’s purchase was reported in June 15th filings in a Delaware bankruptcy court (via SpaceNews).
Instant Pot parent company files for bankruptcy
Instant Pot's parent company, Instant Brands, has declared bankruptcy.
Crypto lender BlockFi files for Chapter 11 bankruptcy amid FTX fallout
BlockFi had financial ties with FTX, the collapse of which put it in a precarious situation.
Crypto exchange FTX files for bankruptcy as its CEO resigns
Days after a planned takeover by rival crypto exchange Binance fell apart, FTX has filed for Chapter 11 bankruptcy protection.
AMC avoids bankruptcy, at least for now
AMC says it has enough funding to avoid a near-term threat of bankruptcy during the pandemic, although its future is still far from certain.
HAL 9000 replica's crowdfunding project goes bust
A crowdfunding project for a voice-activated HAL 9000 replica has gone bust after the company filed for Chapter 7 bankruptcy.
Kickstarter darling PicoBrew may soon go out of business
One of the original Kickstarter success stories, PicoBrew, is likely going out of business permanently, according to The Spoon.
Satellite internet startup OneWeb declares bankruptcy to look for a buyer
OneWeb's dreams of satellite internet access have hit a major setback. The startup has filed for Chapter 11 bankruptcy after attempts to get crucial financing fell through. The company said it was "close" to getting support, but the COVID-19 pandemic produced a "financial impact and market turbulence" that cut the deal short. Chapter 11 bankruptcy will let it use debtor-in-possession proceeds to sell the business and keep its existing work going.
MoviePass declares bankruptcy
You knew MoviePass wasn't long for this world when it shut down service in September, and now it's ready to bow out completely. MoviePass and its parent company Helios and Matheson Analytics have declared Chapter 7 bankruptcy -- that is, they're dissolving instead of trying to restructure under Chapter 11. Accordingly, the CEO, CFO and remaining board members have all resigned.
Faraday Future founder files for Chapter 11 bankruptcy
Faraday Future founder Jia Yueting has filed for Chapter 11 bankruptcy in a bid to settle his exorbitant personal debts. The move is part of a larger recovery plan, and it's meant, in part, to regain credibility for Faraday Future. Though there's no guarantee that it will help.
MegaBots calls it quits, puts battle robots on eBay
The era of giant battle robots appears to be over... although you might have a chance to bring it back. MegaBots has gone bankrupt after once again running out of money, and it's auctioning its 16-foot-tall Eagle Prime robot on eBay as part of the shutdown. It's a fully functional bot that even includes weapon attachments, CAD files and a shipping container full of parts, and the only real damages are its battle scars and some worn-down plastic pads. The real challenges are the support costs, as MegaBots and its co-founder Matt Oehrlein explained.
Mars One could live again thanks to a mystery investor
Bankrupt Martian colony startup Mars One says it's holding talks with an undisclosed investor to revive its for-profit arm. In a press release, the German company claims to have found a potential savior that could help pay off the one million Euros ($1.1 million) it owes creditors.
Mars One is dead
The company that aimed to put humanity on the red planet has met an unfortunate, but wholly-expected end. Mars One Ventures, the for-profit arm of the Mars One mission was declared bankrupt back in January, but wasn't reported until a keen-eyed Redditor (and a Swiss newspaper) found the listing. It was the brainchild of Dutch entrepreneur Bas Lansdorp, previously the founder of green energy company Ampyx Power. Lansdorp's aim was to start a company that could colonize one of our nearest neighbors.
Sears hopes to sell its home improvement business to Service.com
Bankrupt retailer Sears announced that it's seeking permission to sell its home improvement division to a key rival partly responsible for its downfall. Pending trustee approval, it will sell the business to Service.com, an Airbnb-like service that helps home owners find contractors, for $60 million. Sears Home Services is considered to be one of the retailer's more valuable assets, so the asking price shows how far the company -- which employed 302,000 people just a decade ago -- has fallen.
Sears, the Amazon of its day, files for bankruptcy
Sears, which invented the strategy of selling anything to anyone with a mailing address long before Amazon did, has been mortally wounded by its spiritual successor. After nearly a decade of struggle, the US retailer announced that it has filed for bankruptcy. It entered voluntary Chapter 11 proceedings and plans to close as many as 150 stores in an effort to slash debt and at least make it through the holidays. Since 2013, Sears has shuttered over 1,000 stores and lost around $5.8 billion.
Toys 'R' Us could make a comeback?
After entering Chapter 11 protection last fall, Toys 'R' Us announced in the spring that it would sell off international operations and shut down in the US. Now, its top lenders -- the billions of dollars in debt it carried did more to kill the chain than millennials or Amazon ever could -- have cancelled an auction that would've sold off the Toys 'R' Us and Babies 'R' Us names as well as some associated toy brands. Instead they're working on a plan to revive the names, which they have ownership over everywhere except Canada. Now Geoffrey LLC. will own "trademarks, ecommerce assets and data" so we'll see if it actually turns into a store or if we just end up getting targeted ads based on gifts purchased eight Christmases ago. With the holiday season approaching, many of the 33,000 workers laid off are still fighting to see any severance pay. Last week, the Wall Street Journal reported that private equity firms Bain and KKR were putting together a fund to pay them.
