Bankruptcy & Restructuring News Headlines for Thursday May 9, 2024

Here's what we are reading this morning:

FTX plans to pay billions more to creditors for compensation | The Block: Creditors with claims below $50,000 will receive a 118% compensation, according to FTX’s new compensation plan

Spirit Aero weighs liquidity options after tough first quarter | Reuters: Embattled aerospace supplier Spirit AeroSystems said it may tap financial markets for cash after posting heavy losses and burning through more cash than expected in a first quarter dominated by turmoil at top customer Boeing

'Buy Now, Pay Later' Has Americans Racking Up Phantom Debt - Bloomberg: It's hard enough for central bankers and Wall Street traders to make sense of the post-pandemic economy with the data available to them. At Wells Fargo & Co., senior economist Tim Quinlan is particularly spooked by the “phantom debt” that he can't see.

Nikola's revenue misses estimates on slowing truck demand | Reuters: Nikola is finding it tough to sell its hydrogen big rigs as consumers and businesses curb spending on relatively pricer electric vehicles amid high borrowing costs and turn to cheaper hybrid alternatives

FTX Customers Poised to Recover All Funds Lost in Collapse - The New York Times: Bankruptcy lawyers for FTX said customers of the cryptocurrency exchange were set to get all their money back, plus interest.

Crypto Exchange FTX Is the Rare Financial Blowup That Will Repay Victims in Full - WSJ: Some customers have complained, however, that they’re being repaid in cash—not the crypto they deposited—based on the values in their frozen FTX accounts. That means they have missed out on the asset appreciation in cryptocurrencies as prices roared back after 2022’s meltdown.

New SEC Filing by Fisker Inc. (Current Report): Disclosures: Extension of existing forbearance agreement w/ 2025 note holders thru 5/17/24; Receipt of acceleration notice from 2026 note holders (efficacy disputed by FSRN); Filing under Austrian Insolvency Code by Fisker GmbH (Austrian subsidiary)

Older Post Newer Post