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Creditors

All articles tagged with #creditors

business2 days ago

Spirit Airlines Sets Stage for Emergence with Creditors’ Agreement

Spirit Airlines announced it reached an agreement in principle with its DIP lenders and secured noteholders on key restructuring terms, paving the way to emerge from Chapter 11 in late spring or early summer as a leaner, low‑cost carrier with a substantially reduced debt load (about $2.1B post‑emergence from roughly $7.4B pre-filing), an optimized network, expanded premium offerings, and enhanced loyalty programs, while continuing to book and travel as normal.

via Spirit Aviation Holdings, Inc.|
#business#chapter-11#creditors
Amazon Challenges Saks Global's Bankruptcy Financing Plan
business1 month ago

Amazon Challenges Saks Global's Bankruptcy Financing Plan

Amazon is opposing Saks Global's Chapter 11 financing package, arguing the $1.75 billion plan would burden Saks with more debt and diminish Amazon's $475 million preferred-equity stake, which it says is presumptively worthless after Saks's budget misses. It warns it may pursue drastic remedies, including an examiner or trustee, even as Saks wins initial court approval to tap financing. The clash stems from a prior deal tying Saks-branded goods to an Amazon storefront and the broader Saks- Amazon relationship.

via Business Insider|
#amazon#bankruptcy-financing#business
FTX to Distribute $1.6 Billion to Creditors in September
business5 months ago

FTX to Distribute $1.6 Billion to Creditors in September

FTX will distribute approximately $1.6 billion to creditors in its third distribution on September 30, 2025, following its Chapter 11 reorganization plan. Eligible creditors must complete KYC, tax forms, and onboarding with designated service providers (Bitgo, Kraken, Payoneer) to receive funds, which will be paid directly to these providers. The distribution includes various classes of claims, with some receiving up to 120%.

via PR Newswire|
#business#chapter-11#creditors
Evergrande's Delisting Marks the End of an Era for China's Property Sector
business6 months ago

Evergrande's Delisting Marks the End of an Era for China's Property Sector

China Evergrande, once China's largest property developer, is set to be delisted from the Hong Kong Stock Exchange after collapsing under over $300 billion in debt, leaving unfinished projects, thousands of homebuyers, and creditors worldwide in financial limbo, with ongoing legal efforts to recover assets and hold former executives accountable.

via The New York Times|
#business#china-evergrande#creditors
Spirit Airlines Faces Bankruptcy as Stock Plummets Post-Merger Collapse
business1 year ago

Spirit Airlines Faces Bankruptcy as Stock Plummets Post-Merger Collapse

Spirit Airlines is nearing bankruptcy as it negotiates with creditors for a restructuring plan that may lead to the cancellation of its equity shares. This follows failed merger attempts with Frontier and JetBlue. While equity holders may suffer, the plan aims to protect general unsecured creditors and other stakeholders. Spirit's shares have significantly underperformed, dropping 80.31% year-to-date, with analysts recommending a 'sell' and an average price target of $2.13.

via Benzinga|
#bankruptcy#business#creditors
Spirit Airlines Nears Bankruptcy Amid Failed Merger Talks
business1 year ago

Spirit Airlines Nears Bankruptcy Amid Failed Merger Talks

Spirit Airlines is in constructive talks with creditors to improve liquidity, exploring strategic alternatives amid financial struggles. The airline's adjusted operating margin is down 12% from last year, and it faces potential bankruptcy after failed merger talks with Frontier Airlines. Spirit's stock has plummeted nearly 80% this year, and the company plans to furlough 330 pilots and sell 23 older aircraft to raise funds.

via Yahoo Finance|
#airline-industry#bankruptcy#business
DirecTV-Dish Merger Stalls as Debt Deal Falters
business1 year ago

DirecTV-Dish Merger Stalls as Debt Deal Falters

Dish Network's creditors have rejected a bond-exchange offer crucial to its proposed merger with DirecTV, as the deadline for the deal approaches. The steering committee of Dish lenders criticized the offer, claiming it was engineered at the expense of creditors. Despite a sweetened proposal, the creditors remain opposed. Meanwhile, Dish's parent company, EchoStar, has successfully negotiated a separate debt exchange. The merger aims to create the largest US pay-TV provider, but faces challenges including ongoing litigation over asset transfers.

via Yahoo Finance|
#business#creditors#debt-deal
Fisker Declares Bankruptcy Amidst Financial Turmoil
business1 year ago

Fisker Declares Bankruptcy Amidst Financial Turmoil

Electric vehicle startup Fisker is heading towards liquidation as it struggles to secure financing, with creditors battling over asset repayment. The company, which filed for bankruptcy in Delaware, owes over $850 million to bondholders and has reached a tentative deal to sell its 4,300 vehicles. Fisker, founded by Henrik Fisker, was never profitable and faced significant financial challenges, including a failed partnership with Nissan. The hyper-competitive EV market has seen several companies face similar fates recently.

via Reuters|
#bankruptcy#business#creditors
"Tech Giants' Cash Crunch Sparks Violent Clash Among Creditors"
technology1 year ago

"Tech Giants' Cash Crunch Sparks Violent Clash Among Creditors"

Despite the success of some tech companies, many are struggling with debt, leading to a situation where creditors are turning against each other in a bid to get repaid. Troubled tech firms like Alvaria Inc., GoTo Group Inc., and Rackspace Technology Inc. have agreed to restructuring deals that provide select lenders with better terms on debt swaps than others, leading to what is being called 'creditor-on-creditor violence.'

via Bloomberg|
#creditor-on-creditor-violence#creditors#debt-burdens