https://www.scmp.com/rss/324818/feed Stories about bankruptcies, liquidations, insolvencies en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com WeWork’s bankruptcy filing caps a years-long saga that revealed breathtaking flaws in the investment style of Japanese billionaire Masayoshi Son, damaging his professional reputation far beyond the money he lost. Son overrode his lieutenants’ objections and handed WeWork founder Adam Neumann billions of dollars from both SoftBank Group Corp and the Vision Fund, lifting the co-working office space’s valuation to an astronomical US$47 billion in early 2019. Just months later, investors balked at... https://www.scmp.com/business/banking-finance/article/3240722/wework-bankruptcy-cost-softbanks-billionaire-boss-masayoshi-son-us115-billion-and-his-credibility?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3240722/wework-bankruptcy-cost-softbanks-billionaire-boss-masayoshi-son-us115-billion-and-his-credibility?utm_source=rss_feed Wed, 08 Nov 2023 03:00:17 +0000 WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses. Shares of the flexible workspace provider fell 32 per cent in extended trading after the Wall Street Journal first reported the news. They have fallen roughly 96 per cent this year. New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people... https://www.scmp.com/tech/tech-trends/article/3239902/wework-plans-file-bankruptcy-early-next-week-source?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3239902/wework-plans-file-bankruptcy-early-next-week-source?utm_source=rss_feed Wed, 01 Nov 2023 03:40:14 +0000 Toys ‘R’ Us is headed toward shuttering its U.S. operations, jeopardising the jobs of some 30,000 employees while spelling the end for a chain known to generations of children and parents for its sprawling stores and Geoffrey the giraffe mascot. The closing of the company’s 740 U.S. stores over the coming months will finalise the downfall of the chain that succumbed to heavy debt and relentless trends that undercut its business, from online shopping to mobile games. CEO David Brandon told... https://www.scmp.com/business/companies/article/2137322/toys-r-us-files-liquidation-shutdown-740-us-stores-amid?utm_source=rss_feed https://www.scmp.com/business/companies/article/2137322/toys-r-us-files-liquidation-shutdown-740-us-stores-amid?utm_source=rss_feed Thu, 15 Mar 2018 07:27:44 +0000 Sun Hongbin, the white knight who came to the rescue of troubled entrepreneur Jia Yueting – also known as ‘China’s Steve Jobs’ – with a 15 billion yuan (US$2.3 billion) investment in Leshi, has refused to make further financial commitments. “People should admit defeat because sometimes it works, sometimes it doesn’t,” Sun, the Chinese property tycoon behind Sunac China Holdings, told retail investors of Leshi Internet Information & Technology on Tuesday morning via an online conference link... https://www.scmp.com/business/companies/article/2130169/leeco-white-knight-sun-honbin-admits-defeat-refuses-further?utm_source=rss_feed https://www.scmp.com/business/companies/article/2130169/leeco-white-knight-sun-honbin-admits-defeat-refuses-further?utm_source=rss_feed Tue, 23 Jan 2018 06:41:26 +0000 Embattled China Huishan Dairy Holdings has instructed lawyers to prepare for its provisional liquidation after finding more debt, leaving some of the top lenders in Asia vulnerable. According to a filing to the Hong Kong stock exchange on Thursday, the net liabilities of the Liaoning-based firm’s China entities “could have been” 10.5 billion yuan (US$1.58 billion) as of March. “The board has instructed the Cayman legal advisers of the company to prepare the relevant documentation to place the... https://www.scmp.com/business/companies/article/2120406/asias-top-banks-face-losses-china-huishan-dairy-proposes?utm_source=rss_feed https://www.scmp.com/business/companies/article/2120406/asias-top-banks-face-losses-china-huishan-dairy-proposes?utm_source=rss_feed Fri, 17 Nov 2017 10:09:55 +0000 China’s banks converted more than 1 trillion yuan (US$149.2 billion) of debt into stock holdings in more than 70 state-owned enterprises, in the government’s largest debt-to-equity swap effort to bail out the country’s most indebted borrowers, according to the official China New Agency, citing a notice by the state planning department. The scheme, signed between Chinese banks and companies in the steel, coal, chemicals and equipment manufacturing industries, has helped to lower the aggregate... https://www.scmp.com/business/banking-finance/article/2105976/chinas-banks-swap-1-trillion-yuan-debt-stocks-extending?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2105976/chinas-banks-swap-1-trillion-yuan-debt-stocks-extending?utm_source=rss_feed Wed, 09 Aug 2017 00:03:10 +0000