A decade ago, both Fisker Automotive and Coda sold themselves off to other buyers in their Chapter 11 restructurings.
Now known as Nu Ride Inc., the reconstituted version of Lordstown Motors will also pursue “potential business combinations,” though it did not say what kinds of mergers it is seeking.
It sold the former General Motors factory it once owned to Foxconn; the assets related to its electric pickup truck were snapped up by Lordstown founder Steve Burns.
Lordstown Motors sued Foxconn in June 2023 when it initially filed for bankruptcy protection.
Lordstown’s lawsuit has more or less been on hold while the Chapter 11 proceedings played out.
Singapore-based Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022.
According to a court document filed today, Terraform Labs’ estimated assets and liabilities range from $100 million to $500 million, while the number of creditors is between 100 and 199.
Terraform Labs plans to continue expanding its Web3 business, according to its statement.
Founded in 2018, Terraform Labs wiped out at least $40 billion in market value and collapsed the crypto industry in May 2022.
The bankruptcy filing comes four days after the U.S. SEC agreed to postpone the civil trial against Do Kwon Terraform Labs co-founder over an alleged $40 billion cryptocurrency fraud to March 25 from January 29.
Bankrupt EV startup Lordstown Motors could be on the hook for $45 million for violating federal securities laws.
The SEC first started probing Lordstown Motors in 2021, just days after short-selling research firm Hindenburg Research published a report laying out a number of allegations of fraud.
Lawyers for Lordstown Motors revealed early on in the bankruptcy process that it had held confidential settlement talks with the SEC.
Lordstown Motors and a lawyer for the SEC did not immediately respond to requests for comment.
Some investigations — like the one into Lucid Motors, or struggling EV startup Workhorse — have been dropped without any enforcement action.
Bird has filed for Chapter 11 bankruptcy, capping off a turbulent year for the electric scooter company.
This decline led the NYSE to issue a warning that Bird’s share price was too low.
Separately, Bird also announced a round of layoffs shortly after buying rival Spin for $19 million.
Chapter 11A Chapter 11 bankruptcy will enable Bird to restructure its financials without disrupting day-to-day operations, with Apollo Global Management division MidCap Financial among existing lenders providing $25 million in financing through the bankruptcy proceedings.
And in Europe, dockless scooter startup Tier recently laid off 22% of its workforce, which followed Dutch e-bike startup VanMoof’s bankruptcy proceedings.
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