The brand exploded into American homes largely by way of sales parties hosted by suburban women
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India’s Byju’s, once a globally celebrated edtech unicorn, admitted for insolvency
India’s insolvency court admitted the plea following a petition filed by India’s cricket body BCCI for the edtech defaulting on dues of about $19.14 million
Bankruptcy
Sam Bankman-Fried appeals FTX fraud conviction, 25-year sentence
The 32-year-old former billionaire was the poster boy for cryptocurrency, gracing magazine covers and enjoying audiences with lawmakers, before the speculator collapse of FTX in 2022
Bankruptcy
UAE Bankruptcy Law: New rules hold managers, directors more accountable
The major changes will take effect in May 2024, significantly expanding court authority and increasing personal liability risks for directors and managers
Bankruptcy
WeWork on verge of bankruptcy as massive debt pile grows: Reports
The office-sharing company could file for bankruptcy as early as next week, according to sources
airline industry
India’s airline industry at risk as aviation watchdog cuts compliance rating
The move could hurt lessor confidence in the world’s third-largest aviation market
AI chatbot
ChatGPT owner OpenAI to go bankrupt in 2024: Report
The cost of operating ChatGPT is about $700,000 a day
Bankruptcy
Indian carrier Go First blames Pratt & Whitney as it files for bankruptcy
The airline operated multiple flights to the Middle East, including Dubai and Abu Dhabi; Total debt was $797 million as on April 28
bailout
First Citizens Bank to acquire SVB’s deposits, loans from FDIC
Silicon Valley Bridge Bank, National Association, had approximately $167 billion in total assets and about $119 billion in total deposits as of March 10
acquisitions
UBS to buy Credit Suisse for $3.2bn in a move brokered by Swiss government
Under the terms of the deal, UBS will pay 0.76 of one of its shares for each share of Credit Suisse, with the Swiss Federal Council guaranteeing liquidity for the beleaguered bank
Bank of America Corp
Bank of America reports over $15bn in new deposits within days after SVB collapse
Other banks like JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. also raked in billions in new deposits
bailout
Silicon Valley Bank UK arm rescued in private sale to HSBC
The move would protect deposits without taxpayer support
bailout
UK seeks to tap Middle East buyer for Silicon Valley Bank
The Bank of England announced late on Friday that it planned to use its bank insolvency procedure to resolve Silicon Valley Bank UK
bailout
US regulators move in to guarantee deposit access for SVB and Signature Bank
President Joe Biden’s statement, followed by the statement by the involved regulators, soothe the frayed nerves of US bank customers
bankrupt
Tesla was on the ‘verge of bankruptcy’, says Musk at World Government Summit 2023
Elon Musk spoke to attendees at the Summit in Dubai
Bankruptcy
FTX founder Sam Bankman-Fried pleads not guilty to all eight charges
Trial date set for October 2; If convicted of all charges, Bankman-Fried faces 115 years of prison time
Bankruptcy
FTX’s SBF agrees to be extradited to the US after chaotic day at Bahamas court
No date set for the extradition yet; Bankman-Fried’s lawyer says it is a voluntary decision “against legal advice” by the FTX founder