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Articles about Bankruptcy

Apple Watch

'Apple Watch' sapphire glass maker files for bankruptcy protection

The firm which was rumoured to have been manufacturing sapphire glass for Apple's upcoming smartwatch has filed for bankruptcy protection. Sources had been whispering that Apple was planning to use the scratch-resistant material for the screens on the Apple Watch and forthcoming models of the iPhone. GT Technologies filed for …
Jasper Hamill, 06 Oct 2014

MtGox boss Karpeles ordered to Dallas to face bankruptcy probe

MtGox CEO Mark Karpeles has been ordered by a judge to return to the US to face questions over his bankruptcy filing with a Dallas court and how 750,000 Bitcoins went AWOL. Bankruptcy judge Stacey Jernigan ruled that Karpeles must appear at the Dallas office of his lawyers Baker & McKenzie on 17th April. This is ahead of a May …
Phil Muncaster, 02 Apr 2014
RadioShack

As bankruptcy looms for RadioShack, we ask its chief financial officer... oh. He's quit

The chief financial officer of struggling US electronics retailer RadioShack has resigned – as the company faces a fiscal crisis from which it has warned it may not be able to recover. John Feray, who had served as RadioShack's CFO for nine months, stepped down on September 12, a new filing with the Securities and Exchange …
Neil McAllister, 15 Sep 2014

Bitcoin or bust: MtGox files for bankruptcy protection

Ailing Bitcoin exchange MtGox has filed for bankruptcy protection after admitting it did indeed "lose" 750,000 of its customers' Bitcoins along with 1000,000 of its own – together worth about £283m. Lawyers for the digital funny money dealer told Tokyo District Court that MtGox had debt of ¥6.5bn yen (£38.1m, $63.8m). MtGox …
Jasper Hamill, 28 Feb 2014
The Register breaking news

Picture this: Kodak could get out of bankruptcy as early as July

Eastman Kodak has said that it's hoping to get out of bankruptcy as early as July this year, as it turns itself into a commercial imaging firm under the control of its creditors. The one-time camera company told the US bankruptcy court in Manhattan that it expects to issue new stock, with most of it going to folks it owes money …
gavel_judgment_channel

Ailing French memory maker Dane-Elec granted bankruptcy protection

French memory manufacturer and distributor Dane-Elec has bought itself some time to plot a turnaround strategy after being granted bankruptcy protection by a court in its native country. The firm was spooked by a string of nasty half year results and entered the "safeguard procedure" on 17 October, which gives it six months to …
Paul Kunert, 24 Oct 2012
The Register breaking news

Pirate Bay’s neo-Nazi sugar daddy files for bankruptcy

The millionaire financier of scofflaw torrent site The Pirate Bay has filed for personal bankruptcy. Carl Lundström, an heir to the Wasabröd crispbread fortune, was the most visible of the Pirate Bay four, and oversaw the internet sites' business operations, helping to funnel revenue overseas to avoid paying corporation tax, as …
Andrew Orlowski, 21 Sep 2012
_taken_from_fox_news_still_on_youtube falcone lightsquared

LightSquared files for bankruptcy

Just hours before the expiration of a deal designed to keep it from defaulting on its debt, 4G wannabe LightSquared announced on Monday that it was filing for Chapter 11 bankruptcy protection. "The filing was necessary to preserve the value of our business and to ensure continued operations," said the company's interim co-COO …
Rik Myslewski, 14 May 2012
The Register breaking news

Kodak's using bankruptcy to rob us of our rights – Apple

Apple has hit back at Kodak's attempts to get the firms' patent issues sorted out in bankruptcy court, filing a motion in district court asking the judge to move the row there. Kodak has accused Apple of "frivolous" claims to its patents, saying that Cupertino's only purpose is to delay the camera company's sale of those patents …
closed_sign shut down under collapsed liquidation

2014: The year of the cloudy biz bankruptcy... or maybe it isn't?

Once again the channel has proved to be a hardy bunch as insolvencies remained pretty much stable in 2013, despite a meltdown in some areas of tech infrastructure spending. Some 293 resellers bit the dust in the previous calendar 12 months, versus 285 in the previous year: a 2.8 per cent rise. 66 hit the wall in Q4, up from 57 …
Paul Kunert, 23 Jan 2014
Pigeon crapping on statue

Tears, laughter and bankruptcy: How not to go bust

Bankruptcy? You don't know whether to laugh or cry. It was a lunchtime tech awards ceremony in the West End many years ago. The trophies were polished, the golden envelopes were ready to be opened to gasps of joy and waiters were circulating with the canapes and fizz. Suddenly some rather large men in suits appeared among the …
Steve Bell, 30 May 2013
The Register breaking news

Game over for Atari? One life left as biz files for bankruptcy protection

Atari Interactive Inc has sought protection from US creditors, 41 years after Nolan Bushnell’s gaming legend was born with Pong. Atari has entered Chapter 11 bankruptcy protection, a provision in US law that’ll enable the struggling biz to operate and potentially restructure without those it owes calling in their debts. The …
Gavin Clarke, 21 Jan 2013

SHATTERED: Apple's jilted glass supplier to shut down sapphire ops

GT Advanced Technologies, the struggling materials firm that was once tapped to provide durable sapphire glass for Apple, says it will cut staff and close its sapphire manufacturing plants as it moves toward bankruptcy protection. In documents filed with the New Hampshire bankruptcy court on Friday, GT said the "cash burn" at …
Neil McAllister, 10 Oct 2014
A sapphire gemstone

Sapphire glass maker's woes caused by Apple relationship 'breakdown'

Analysts have suggested the collapse of sapphire glass manufacturer GT Advanced Technologies may have been caused by a "breakdown" in relations with Apple. The iThing giant appeared to be determined to use the scratch-resistant wonder material in its new iPhones and the Apple Watch, but those plans were thrown into doubt on …
Jasper Hamill, 08 Oct 2014
Bitcoin bloodbath

MtGox, that bastion of unregulated e-currency Bitcoin, turns to Texas judge for protection

The embattled MtGox Bitcoin exchange has been thrown a lifeline by a US bankruptcy court in the northern district of Texas – which has shielded the company from litigation. Judge Harlan Hale granted a motion [PDF] to place the company under Chapter 15 bankruptcy, a classification that will help it fend off, for the time being, …
Shaun Nichols, 11 Mar 2014
chart

Fallen DRAMurai warrior Elpida files for bankruptcy protection

Japanese chipmaker Elpida Memory filed for bankruptcy protection today after failing to find anyone willing to save it. Despite rumours that a number of suitors were interested in slurping a stake in the DRAM manufacturer, including Micron Technology and Toshiba, Elpida has had to apply to restructure its business under …
Bitcoins

MtGox chief Karpelès refuses to come to US for g-men's grilling

Mark Karpelès, the founder of imploded Bitcoin exchange MtGox, says he won't come to the US to answer officials' questions after his trading website mislaid 850,000 BTC. Lawyers for MtGox said Karpelès had received a subpoena from the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) to come to a …
Bitcoins

Bankrupt Bitcoin blunder bunker MtGox finds a friend to fend off out-of-pocket investors

Tokyo-based Bitcoin blunder exchange MtGox is officially under US bankruptcy protection, after a Texas court granted approval to start Chapter 15 proceedings for the failed marketplace. MtGox applied for bankruptcy protection in the US and Japan, and has put together a plan to settle class-action sue-balls investors have lobbed …
Bitcoin bloodbath

MtGox gets its sorry assets frozen amid US class-action lawsuit

Embattled Bitcoin exchange MtGox has experienced a setback in its efforts to gain bankruptcy protections in the US, their opponents' legal team tells us, as the company has been hit with a temporary restraining order freezing its assets. The order, attorney Christopher Dore of Edelson PC tells The Reg, was obtained by plaintiffs …
Shaun Nichols, 11 Mar 2014
The Register breaking news

Mp3Tunes files for bankruptcy

For Michael Robertson, it’s déjà vu all over again. The same flexible and somewhat optimistic interpretation of copyright law that sank his music service in the dot.com bubble has also sunk his current music service, over what was essentially the same idea. On Friday Robertson’s cloud music locker – MP3Tunes – filed for …
Andrew Orlowski, 14 May 2012

Apple and GT: Sapphire glass is cracked, but still not broken

Apple's use of the legendary tough and durable sapphire glass in its equally legendary products hangs in the balance following the collapse of its main supplier. GT Advanced Technologies filed for bankruptcy protection on Monday, causing its share price to crash and burn — falling by 93 per cent to a measly 80 cents. Now …
Jasper Hamill, 08 Oct 2014

'Hacked docs' prove MtGox has 1 MILLION Bitcoins, claim blog-snatchers

Hackers have released what they claim are genuine documents which they say prove the stricken exchange still controls almost a million Bitcoins. As Bitcoin exchange MtGox was filing for bankruptcy in the US on Sunday, a group of hackers took over MtGox CEO Mark Karpeles' personal blog, which has since been taken down, and posted …
Jasper Hamill, 10 Mar 2014
The Register breaking news

Kodak's moment: Camera biz files for bankruptcy

Iconic and inept US camera and film company Kodak has finally pressed the shutter button: it has filed for Chapter 11 protection. Citigroup has stumped up $950m for a credit facility over eight months while the bankruptcy process is worked out. Beset by the digital camera revolution and screwed by a breathtakingly stupid entry …
Chris Mellor, 19 Jan 2012

Borked Bitcoin bunker MtGox in administration: Lawyer seizes control

Collapsed Bitcoin exchange MtGox has been put into administration by a court in Japan, where the website is based, after it became clear the site's chances of recovery are nil. The biz, which has mislaid half a billion dollars of BTC, was granted protection from creditors in February by the Tokyo District Court as it battled to …
OCZ Vertex 4 256GB SSD

OCZ goes titsup, flogs own corpse to Toshiba

Solid state disk maker OCZ Technology Group has gone titsup and filed for bankruptcy. The company has been in a mess for years, having recently 'fessed up to all manner of balance sheet borkedness and corrected its last four years' worth of financial emissions. Other efforts to right the ship included a big restructure that now …
Simon Sharwood, 28 Nov 2013

Sueball-slingers seek stake in bankrupt Bitcoin blunder bunker MtGox

US and Canadian Bitcoin investors have offered to settle their class-action lawsuits against the bankrupt MtGox exchange in return for a stake in the firm and the return of any of the digital currency it still holds. The Bitcoin traders told the courts that they support a plan by Sunlot Holdings to buy up MtGox and will drop …
Bitcoins

Bankrupt Bitcoin bunker blender begins: MtGox admin starts liquefaction

The Tokyo District Court-appointed administrator for MtGox has begun formal proceedings to liquify the collapsed Bitcoin exchange. In a letter published on the bankrupt biz's website, lawyer Nobuaki Kobayashi confirmed he will "administer and dispose of the assets" of MtGox. "[I] will implement the bankruptcy proceedings, in …
Jasper Hamill, 24 Apr 2014

MtGox remedy worse than the disease says Kaspersky researcher

A 700MB file that hackers claimed contains valuable database information on bankrupted MtGox is actually hiding Bitcoin wallet file-stealing malware, researchers have warned. Kaspersky Lab’s Sergey Lozhkin claimed in a blog post last Friday that the entire data leak story, which emerged after MtGox CEO Mark Karpeles had his blog …
Phil Muncaster, 17 Mar 2014
US spectrum map

Judge: Odds of bankrupt Lightsquared sorting itself out are 'zero'

Bankrupt wireless company LightSquared is hoping to submit a restructuring plan that its creditors can agree with by this Friday, although the judge in the bankruptcy case thinks it's unlikely the firm will get everybody on board. In a hearing yesterday, LightSquared's attorney said the company was aiming to file a …
Bitcoin bloodbath

Chicago man lobs class-action sueball at MtGox

Friday's bankruptcy filing wasn't the only time the name "MtGox" was heard in a courtroom this week. Predictably, the cash-strapped Bitcoin exchange is now the subject of a class-action lawsuit in the US alleging negligence and fraud on the part of MtGox CEO Mark Karpeles and his staff. "Mt. Gox intentionally and knowingly …
Neil McAllister, 01 Mar 2014

Nixed Nirvanix files for Chapter 11

Cloud storage startup Nirvanix that imploded last month, has formally admitted business defeat by filing for Chapter 11 bankruptcy. It announced the fact on its website on October 1, saying: On October 1, 2013, Nirvanix voluntarily sought Chapter 11 bankruptcy protection in order to pursue all alternatives to maximize value for …
Chris Mellor, 02 Oct 2013
The Register breaking news

Righthaven may have to file for bankruptcy

Righthaven’s woes continue to mount: after last week denying that its business model was in trouble, the litigation outsourcing outfit has asked a judge to stay an order granting legal fees to one of its targets. According to this report in Vegas Inc, the request for a stay in granting more than $US34,000 in fees to successful …
management regulation1

LightSquared backer sues FCC over spectrum shindy

US hedge fund Harbinger Capital Partners is suing the US government - and specifically the Federal Communications Commission (FCC) - according to the Wall Street Journal (paywall), for its part in the demise of optimistic wireless broadband network LightSquared. The network filed for Chapter 11 bankruptcy last May after the FCC …
Simon Rockman, 14 Jul 2014
Psystar logo

Hackintosher emerges from bankruptcy

The on-again, off-again slugfest between Apple and Hackintosher Psystar has taken yet another turn - and this one puts the feisty Floridians in a bit of a bind. The US Bankruptcy Court for the Southern District of Florida has granted Psystar's request to dismiss its Chapter 11 bankruptcy case. But there's a twist: The presiding …
Rik Myslewski, 11 Aug 2009
channel

Microsoft licensing hike sparks UK piracy, bankruptcy fears

Reseller NCI Technologies has urged Microsoft to shelve the planned pricing overhaul that could see UK customers paying between 20 to 35 per cent more for volume licences. Redmond will align volume licence pricing in the EU - except for academic programmes - to the euro currency from 1 July in a bid to drive some consistency …
Paul Kunert, 16 Feb 2012
The Register breaking news

Shareholders hoping to squeeze cash from Kodak are deluded, says court

Kodak shareholders aren't going to get the chance to set up a committee to represent their interests in the reorganisation of the bankrupt firm. Investors in the bust camera firm were trying to get a US bankruptcy judge to allow them to set up the committee, after hearing of the current reorganisation plan, which would see them …
The Register breaking news

Stay away from the light, Kodak! Look, here's $406m to keep you alive

Eastman Kodak's creditors have backed its plan to sell 34 million shares worth $406m as it prepares to exit bankruptcy protection. Key creditors of the fallen tech giant have agreed to backstop the rights offering, which means they will pick up any stock that Kodak doesn't manage to flog to investors. The firm said that the new …
fingers pointing at man

Hackintosh maker files for bankruptcy

Macintosh clone vendor Psystar has filed for bankruptcy protection in Florida, effectively stalling its legal battle with Apple while the company tries to resuscitate its coffers. The clonemaker petitioned for Chapter 11 protection on Thursday in US Bankruptcy Court for the Southern District of Florida. Court documents indicate …
Austin Modine, 26 May 2009

Investment climate hostile to optical sector: Alca-Lu

Alcatel-Lucent is warning that the telco sector is skewing its investment cycles – and that could have disastrous affects down the track. At issue is that investments in the boring business of science into products don't rate as highly as the more sexy flavour-of-the-month sectors like software defined networks (SDN) and network …
Kodak

Kodak's new life to begin in September

Eastman Kodak will officially restart operations on September 3, after a Manhattan judge signed off on the last aspects of its reorganisation plan. Last week, Judge Allan Gropper flipped the bird at disgruntled shareholders, who believed they should recover something from the smoking ruins of the once world-dominating …
Bitcoin bloodbath

Bitcoin bust litigants fling sueballs at Japanese bank

A major Japanese bank has now been swept up in the collapse of Bitcoin trader Mt Gox, with Mizuho Bank named as a defendant in one of the many lawsuits cropping up over the collapse. The bank has been added to a lawsuit against Mt Gox, since by providing services to the former Magic-the-Gathering card trading operation, the …
Bitcoin bloodbath

Bitcoin bloodbath as China shutters all trading sites

China’s central bank has ruled that all banks and payment service providers in the country must cease dealing in Bitcoin. The ruling, effective from April 15th, basically shutters all Bitcoin trading sites in the Middle Kingdom and means cash purchases will soon be the only way to buy into the virtual currency. The People’s …
Phil Muncaster, 28 Mar 2014
The Register breaking news

Pirate Bay's would-be saviour hit by 'bankruptcy order'

Global Gaming Factory X - the supposed saviour of Pirate Bay - has apparently been hit by a bankruptcy order in a Swedish court. It was kicked off the Swedish stock exchange just over a week ago for failing to provide proper financial information. Its shares were suspended in late August. The attempted takeover of the Pirate Bay …
John Oates, 18 Sep 2009
The Register breaking news

Charter Communications files for bankruptcy

US cable firm Charter Communications Inc, which is controlled by Microsoft co-founder Paul Allen, filed for bankruptcy protection on Friday. The firm confirmed last month it would make the move by 1 April following a deal it had agreed with senior debt holders. Charter said it had previously been able to pay for or renew its …
Kelly Fiveash, 30 Mar 2009
The Register breaking news

Last US sat radio gang mulls bankruptcy

Sirius XM, the remaining satellite radio broadcaster in the USA, is reportedly considering filing for chapter 11 protection from creditors as it becomes unable to service its huge debt. Unable to make debt repayments of $175m, due at the end of the month, the New York Times reports, Sirius XM has taken on advisers to help …
Bill Ray, 11 Feb 2009
Apple signs for auction

Apple 'rainbow' logos set to fetch $10-15K at auction

A pair of logos taken from Apple's Cupertino headquarters are slated to fetch big bucks on the auction block. Auction house Bonhams is planning to offer two pieces of signage sporting the company's iconic rainbow-colored logo as part its upcoming auction series "The Story of the 20th Century." The auction is set to take place in …
Shaun Nichols, 19 May 2014
The Register breaking news

UIQ 'files for bankruptcy' in Sweden

UIQ has finally thrown in the towel and reportedly applied for bankruptcy in the Swedish courts. The mobile interface developer's employees were warned their jobs were on the line back in November. Back then Sony Ericsson, one of its few remaining backers along with Motorola, said it would fund the firm's wages while it searched …
Joe Fay, 05 Jan 2009

MtGox to customers: Your call is important to us … NOT!

Bitcoin owners keen to understand just what failed exchange MtGox may be able to do for them remain in the dark, after the outfit set up a call centre that, so far as The Register can tell, seldom picks up the phone. MtGox declared bankruptcy last week, taking more than $US400m worth of Bitcoin with it. Users are understandably …
Simon Sharwood, 03 Mar 2014

Brit IT industry comes up for air after recession

There are fewer corporate pile-ups on the channel highway than at any point in more than a decade and a half, official stats from credit reference agency Graydon UK reveal. Some 33 firms bit the dust during the second quarter of calendar '14 - the joint lowest rate since 1998 - way down on the 89 recorded a year ago or the 61 …
Paul Kunert, 09 Jul 2014
channel

Circuit City files for bankruptcy protection

Beleaguered US consumer electronics retail giant Circuit City today filed for bankruptcy protection. The firm said that its business and 17 affiliates filed for Chapter 11 protection from creditors with the US bankruptcy court in the Eastern District of Richmond, Virginia, where Circuit City’s headquarters are based. The …
Kelly Fiveash, 10 Nov 2008