Tag - Bankruptcy
Major online publisher Gawker Media has filed for bankruptcy protection today, in the wake of the company's defeat in a lawsuit earlier this year. Owner Nick Denton made the Chapter 11 filing at the Southern District of New York Bankruptcy Court, declaring its assets are not able to cover the $140 million judgment against the company awarded to former wrestler Hulk Hogan in a privacy trial earlier this year.
Former Apple manufacturing partner and sapphire crystal furnace manufacturer GT Advanced Technologies may soon be able to emerge from bankruptcy, following the filing of a new plan with the court that would see $60 million in new debt and $20 million in preferred stock put up by lenders early next year -- however, the plan does not include any compensation for shareholders or other investors. Under the proposal, ownership of the company would be transferred to creditors, which may still include Apple.
On Friday, Apple filed an objection in bankruptcy court to a new financing plan brought forward by GT Advanced Technologies, its former partner in sapphire glass production. The new financing report from GT Advanced claims that it has to collect enough insurance money over a fire that damaged the plant Apple owns in May, to cover a $95 million loan agreement for repairs. Apple says that GT Advanced is trying to weasel out of its obligations.
Desura, the digital game distribution platform competing against Origin and Steam, may be in more trouble than first thought. The parent company, developer Bad Juju filed for bankruptcy this morning, with the bad news following after recent reports the company was struggling to pay some of its developers on time, an issue that was apparently in the process of being rectified.
Following a similar move by Apple last Thursday filed with the Delaware bankruptcy court handling the sale of some RadioShack assets, the US Federal Trade Commission has sent the court a list of conditions for the sale of the electronics retailer's assets that would be needed to protect personal privacy of cellular service customers who bought their equipment and/or service from RadioShack. Neither Apple, nor fellow filer AT&T, are seeking to block the overall sale.
A plan to co-brand the majority of remaining RadioShack stores with Sprint has been approved by a US bankruptcy court. The approval will give the carrier a large number of extra outlets, with its brand appearing on the signage of a number of the 1,740 remaining RadioShack locations, as part of a wider plan to try and keep the stores open and to safeguard approximately 7,500 jobs.
Electronics retailer RadioShack has applied for Chapter 11 bankruptcy. Following a week of speculation, the troubled company filed its papers earlier today, and confirmed plans to sell off a large proportion of its stores to Sprint and Standard General, one which will provide the carrier with a considerable boost to its overall outlet count.
Venerable tech retailer RadioShack released its fiscal Q3 numbers to the US Securities and Exchange Commission this month. The report includes information about what RadioShack describes as a "prolonged downturn in our business" and predictions about its liquidity if efforts to restructure its debt don't go through by February 2, the last day of Q4 for RadioShack's current fiscal year.
In a move sure to be opposed by the myriad companies it owes money to, former Apple sapphire supplier GT Advanced Technologies is currently asking a bankruptcy court judge for permission to hand out over two million dollars in "executive bonuses" designed to help motivate and retain "key" employees -- largely the same group of senior executives who ran the company into the ground. In total, the company expects to apply for nearly $6 million in total bonuses and incentives to various levels of employees.