Latest Corporate bankruptcy News

Mississippi grain company's ex-CEO indicted on fraud charges

Dec. 06, 2022 19:08 PM EST

GREENVILLE, Miss. (AP) — The former leader of a Mississippi grain storage and processing company has been indicted on federal and state charges, more than a year after the company filed for bankruptcy, prosecutors said Tuesday. John R. Coleman, 46, of Greenwood, Mississippi, is the...

Today in History: December 2, Senate condemns McCarthy

Dec. 02, 2022 00:06 AM EST

Today in History Today is Friday, Dec. 2, the 336th day of 2022. There are 29 days left in the year. Today’s Highlight in History: On Dec. 2, 1954, the U.S. Senate passed, 67-22, a resolution condemning Republican Sen. Joseph R. McCarthy of...

Legal push to cut Puerto Rico power company debt delayed

Dec. 01, 2022 18:25 PM EST

SAN JUAN, Puerto Rico (AP) — Efforts to restructure some $9 billion in debt held by Puerto Rico’s power company hit a new snag Thursday following multiple failed attempts to end its bankruptcy. Officials had until Thursday to submit a new proposal on how to cut the Electric Power...

BlockFi files for bankruptcy, latest crypto company to fail

Nov. 28, 2022 16:16 PM EST

Cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection Monday, the latest casualty of the collapse of crypto exchange FTX. New Jersey-based BlockFi had been struggling for much of this year but was given a lifeline this summer in the form of an FTX line of credit....

$740M in crypto assets recovered in FTX bankruptcy so far

Nov. 23, 2022 17:54 PM EST

NEW YORK (AP) — The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far, a fraction of the potentially billions of dollars likely missing from the company's coffers. The...

FTX lawyer: 'Substantial amount' of assets has been stolen

Nov. 22, 2022 14:32 PM EST

NEW YORK (AP) — Lawyers for FTX disclosed Tuesday that a “substantial amount" of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX's...

Exec who cleaned up Enron calls FTX mess 'unprecedented'

Nov. 17, 2022 11:24 AM EST

NEW YORK (AP) — The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control. The filing by John Ray III, the new CEO of the bankrupt cryptocurrency firm, lays out a damning...

EXPLAINER: What's happening at bankrupt crypto exchange FTX?

Nov. 13, 2022 19:08 PM EST

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...

Funds vanish at bankrupt crypto exchange FTX; probe underway

Nov. 12, 2022 19:49 PM EST

NEW YORK (AP) — Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday. The embattled company’s new CEO John Ray III said Saturday that FTX is switching...

Crypto exchange giant FTX collapses, files for bankruptcy

Nov. 11, 2022 20:29 PM EST

NEW YORK (AP) — It took less than a week for FTX to go from the third-largest cryptocurrency exchange in the world to bankruptcy court. The embattled cryptocurrency exchange, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto...