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Streaming TV service Aereo files for Chapter 11 bankruptcy

11/21, 10:07am

Cloud-based DVR service appoints Chief Restructuring Officer shortly after layoffs

Aereo has filed for Chapter 11 bankruptcy protection, following the high-profile shutdown of the service via a ruling from a New York court. The cloud-based TV rebroadcasting and DVR service made the filing just under two weeks after it was forced to lay off a large number of employees at its Boston New York offices, with little chance of resurrection.

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Follow-up: Apple sends letter to GT Advanced creditors

11/19, 11:19pm

Lack of production experience, ineffective leadership to blame for bust-up, Apple says

More details on the collapse of the GT Advanced Technologies deal with Apple were made available today, as sources have reported that a letter sent by Apple to other creditors in the GT Advanced bankruptcy case reveals more details on why the partnership collapsed. Included in the letter were pictures of defective sapphire boules produced by GT Advanced, pointed to by Apple as the main reason the company went under -- it contracted to produce high-quality boules of the material, but simply couldn't produce enough usable product.

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GT Advanced creditors protest to court that Apple takes priority [u]

11/19, 8:27pm

Note-holders want settlement hearing postponed, access to internal documents

[Update: Judge has delayed settlement hearing until December 10] Other creditors left holding the bag after the surprise bankruptcy of GT Advanced Technologies are crying foul over the proposed settlement between Apple and the sapphire-making company, which is due to be ruled on at a hearing next week. Note-holders such as Aristeia Capital have complained to the court that charges from GT Advanced executives that claim a "bait and switch" arrangement from Apple that forced the company into bankruptcy require investigation, and "call into question the adequacy" of the proposed settlement.

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Zalman driven to bankruptcy after parent company's corporate fraud

11/06, 9:13pm

Company known for cooling solutions halts stock trading, seeks bankruptcy protection

For PC enthusiasts, Zalman Tech Co. is a household name for cooling components, but it now looks like the name could fade into obscurity. The South Korean company filed for bankruptcy protection in the Seoul Central District Court on November 3, after it was discovered that top-level executives in its parent company Moneual engaged in corporate fraud.

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More documents to be unsealed in Apple-GT Advanced case

11/04, 11:07pm

Parties agree to waive confidentiality agreements, but some documents remained hidden

The judge in the bankruptcy case involving GT Advanced Technologies and its chief client Apple ordered more documents unsealed and made public in the proceeding on Tuesday. Both Apple and GT Advanced came to an agreement regarding the papers that waived the confidentiality conditions of the two companies' original contracts, allowing GT Advanced to drop its objections to making the documents public. A statement made by GT Advanced officials detailing the firm's agreement with Apple is among the papers that will be made public.

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GT Advanced CEO tells court Apple contracts were 'unsustainable'

10/29, 8:01pm

Company lost $461M before bankruptcy filing, says it had to assume all risks

Daniel Squiller, the COO of GT Advanced Technologies who was among those slowly selling off his holdings in company over the course of 2014, has told the bankruptcy court that the company lost $461 million before it finally filed for bankruptcy, which he characterized as a last-resort measure to get out of "unsustainable" contracts with Apple. Squiller painted a picture that claimed that GT Advanced assumed all the risk in their joint venture, while Apple took none.

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GT Advanced, Apple strike deal to 'amicably' part ways

10/21, 8:08pm

If approved, GT will sell sapphire furnaces to pay back Apple loan

After much bickering in court during bankruptcy proceedings that took Apple and Wall Street by surprise, former sapphire supplier GT Advanced Technologies has worked out an agreement with the iPhone maker that will let it pursue its plan of winding down operations at its Mesa, Arizona plant and laying off nearly 700 employees. Though Apple had initially said it would work to preserve the jobs involved, the deal instead offers incentives to certain employees to help wind down the plant, and provides a way for GT to pay back the money it owes Apple.

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WSJ claims GT Advanced collapse came from iPhone 6 display failure

10/10, 2:58am

Other sources say sapphire company has filed motion to wind down operations

More details continue to be dug up in the unexpected filing of bankruptcy by Apple sapphire supplier GT Advanced Technologies, with the Wall Street Journal reporting for the first time that the failure of the company in meeting Apple's contract requirements stems directly from a failure to deliver sapphire glass in quantities intended to be used for the iPhone 6 line. The paper does not clarify if the sapphire glass was not up to par, or the company simply couldn't make enough to meet demand.

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WSJ: was GT Advance's bankruptcy caused by withheld Apple payment?

10/08, 3:01am

Lack of money caused sapphire maker's cash-on-hand to dip below contractual minimums

Details are still emerging from the surprise bankruptcy filing of Apple sapphire supplier and partner GT Advanced, with new stories of possible stock shenanigans by CEO Thomas Gutierrez and speculation that the bankruptcy was brought on, at least in part, by a withheld payment from Apple. On Monday, the first day of trading following the announcement, the company's stock dropped 93 percent from $11 to around 80 cents; it rose Tuesday to close at $1.21 per share.

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Radio Shack posts brutal quarterly losses, bankruptcy imminent

09/11, 2:46pm

Company may be forced to liquidate if relief not found

Following a 10th-straight quarterly loss, electronics retailer Radio Shack noted that it may need to file for bankruptcy protections. The company, with its stock in danger of New York Stock Exchange delisting, is also reportedly evaluating other options for the future, including an outright sale, or a call for investors to boost cash stocks to survive until the generally lucrative holiday season.

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Mt. Gox CEO speaks on liquidation, thoughts on company purchase

06/29, 4:58pm

Mark Karpelès ends silence on downfall, worried about remaining customer funds

Since the announcement of the Mt. Gox bankruptcy filing in February, CEO Mark Karpelès has remained silent on his feelings and events surrounding the Bitcoin exchange. That changed this week when he gave an exclusive interview to the Wall Street Journal, indicating that he was "scared, frustrated and angry" upon learning the extensive losses the exchange faced.

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Mt. Gox admits Bitcoin loss in hack, files for bankruptcy in Japan

03/01, 3:05pm

Total Bitcoins loss said to be 850,000 due to system weakness

Troubled Bitcoin exchange Mt. Gox filed for bankruptcy protection in Japan on Friday, breaking the silence on the company's position since suspending trading on February 24. The firm admits that it may have lost nearly half a billion dollars worth of the virtual currency when its systems were compromised by hackers. Mt. Gox is said to have $64 million in debts.

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Kodak on brink of striking deal for $793 million in funding

11/12, 8:05pm

Terms of deal require Kodak to sell patent portfolio for $500 million

Eastman Kodak is attempting to draw its bankruptcy saga to a close. A deal has reportedly been reached with bondholders for $793 million in loans and other debts that could conceivably extract it from bankruptcy proceedings. A key point to the deal is Kodak being required to sell its digital photography patent portfolio for at least $500 million.

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Apple loses bid to move Kodak hearing to district court

07/26, 11:28pm

Apple claims ownership of part of sale-bound patent portfolio

Manhattan District Court Judge George Daniels has rejected Apple's bid to have its patent dispute with Kodak moved out of bankruptcy court and into district court. The move would have complicated Kodak's plan to sell its potentially lucrative patent portfolio in a sealed-bid process later this year. Kodak is attempting to auction off some 700 digital-capture patents, which have generated more than $3 billion in revenues since the turn of the century.

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MP3Tunes music locker bankrupt under legal duress

05/11, 1:10am

EMI continues suit, pursues CEO and company

In the latest maneuver during a legal battle with EMI that began in 2007, MP3Tunes has filed for bankruptcy. The move puts the ongoing case on hold, and could prevent a judgement in the matter. EMI isn't abandoning the suit, and as the CEO of MP3Tunes is a co-defendant in the case, he is personally facing liability for the alleged infringements.

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LightSquared founder considering 'voluntary' bankruptcy

04/04, 8:30pm

Creditors getting antsy about firm's future

Troubled LTE telecom company LightSquared may default on a $1.6 billion loan and reported a net loss of $427 million for the first three quarters of 2011, forcing founder Philip Falcone to consider a "voluntary bankruptcy" to stave off creditors, Reuters reports. The move would buy time for Falcone and his hedge fund Harbinger Capital Partners to find ways to salvage the company, which has hit government resistance to its plan to create a satellite "4G" network.

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Bankrupt dealer suing Apple over 'preferential transfers'

07/27, 6:25pm

Ultimate Electronics wants money refunded

Ultimate Electronics, a consumer technology chain that shuttered its stores and went out of business in April, is in court trying to recover money it paid Apple for products it received and re-sold -- a technique known as "preferential transfers" that could see the defunct chain recover as much as $420,000 from Apple, AppleInsider reports. It is normally used only to try and recover the last payments a company sent its suppliers.

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