Search results for Chapter 11
Crypto
Bitcoin Depot halts ATM business after losing fee edge and facing regulatory burden
Bitcoin Depot, North America\'s largest bitcoin ATM operator, has halted its cryptocurrency ATM network after seeking bankruptcy protection in the United States. It filed for Chapter 11 in a Texas bankruptcy court and plans to pursue asset sales under court supervision. The company said financial performance deteriorated sharply, pressured by cheaper regulated apps, high costs to maintain more than 9,000 machines and stricter state-by-state rules. Fraud-related allegations and enforcement actions in Massachusetts and Connecticut also added to the strain.
Industry
China LED chip maker Sanan Optoelectronics drops bid for Dutch firm after U.S. security review
Chinese LED chip maker Sanan Optoelectronics has abandoned its planned acquisition of Dutch technology company Lumileds Holding after opposition from U.S. authorities. Its Malaysian partner, Inari Amertron Berhad, withdrew a $239 million cash offer after the Committee on Foreign Investment in the United States cited “unresolvable” national security risks. Sanan said CFIUS asked for the filing to be withdrawn and the deal to be abandoned, and both sides halted the process.
Industry
Battery recycler Ascend Elements files for bankruptcy protection
Battery recycler Ascend Elements has entered Chapter 11 bankruptcy protection in the United States, TechCrunch reported on Thursday. The filing comes as the U.S. electric vehicle market slows. The report said the Trump administration’s cancellation of a $316 million subsidy earmarked for a Kentucky plant also contributed to the company’s funding strain. $204 million had already been disbursed, leaving the company seeking additional capital to cover the shortfall.
