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The company, known for its trademark food storage containers, has been hit by dwindling sales in recent years

Tupperware Files for Bankruptcy After 78 Years: What Went Wrong?

The company, known for its trademark food storage containers, has been hit by dwindling sales in recent years

Tupperware Brands and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, the food container firm said in a statement.
The company, known for its trademark food storage containers, has been hit by dwindling sales in recent years.
Last year the New York-listed firm warned of "substantial doubt" about its ability to keep operating in light of its poor financial position.
"Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment," president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
"As a result, we explored numerous strategic options and determined this is the best path forward," added Goldman.
The company said it would seek court approval for a sale process for the business to protect its brand and "further advance Tupperware's transformation into a digital-first, technology-led company."
The Orlando, Florida-based firm said it would also seek approval to continue operating during the bankruptcy proceedings and would continue to pay its employees and suppliers.
"We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process," Goldman said.
The firm's shares were trading at &nbsp;$0.5099 Monday, well down from $2.55 in December last year.
&nbsp;
Tupperware said it had implemented a strategic plan to modernize its operations and drive efficiencies to ignite growth following the appointment of a new management team last year.
"The Company has made significant progress and intends to continue this important transformation work."
In its filing with the US Bankruptcy Court for the District of Delaware, Tupperware listed assets of between $500 million and $1 billion and liabilities of between $1 billion and $10 billion.
The filing also said it had between 50,000 and 100,000 creditors.
Tupperware, whose name became synonymous with its airtight plastic containers, in recent years lost popularity with consumers and an initiative to gain distribution through big-box chain Target failed to reverse its fortunes.
The company's roots date to 1946, when chemist Earl Tupper "had a spark of inspiration while creating molds at a plastics factory shortly after the Great Depression," according to Tupperware's website.

Rocket lab has won the firm's primary manufacturing site along with the machinery and equipment for $16 million

Richard Branson's Virgin Orbit ceases operations; auctions $36 Million worth assets

Rocket lab has won the firm's primary manufacturing site along with the machinery and equipment for $16 million

Richard Branson's satellite launch firm, Virgin Orbit has said that the company is ceasing its operations. This, months after the company faced a major satellite launch mission failure.&nbsp;
Auctioning off $36 million worth assets, the bankrupt satellite launch firm is also selling its California headquarters to a small-launch firm Rocket Lab USA Inc. Rocket Lab won Virgin Orbit's primary manufacturing site for $16 million during an auction. Along with the site the firm has also bought the machinery and equipments.&nbsp;
Virgin Orbit in its statement said that it will sell its assets to four winning bidders. "The combined total proceeds were determined by a rigorous and competitive auction which maximizes value for the estate and minimizes the remaining duration of the Company&rsquo;s restructuring," the statement said.
Virgin Orbit is also planning to sell its aircraft assets. As per the filing, Stratolaunch will be buying the firm's aircrafts that include modified Boeing 747 "Cosmic Girl" carrier aircraft for $17 million.&nbsp;
Virgin Orbit had laid off&nbsp; 85%&nbsp; of its employees in March and filed for bankruptcy in early April. This after the company struggled to secure long-term funding in January. As per reports the remaining of the employees will also be let go by next week.

Millennial-focused Vice, known for its edgy news and lifestyle content, had been among the rising stars of a new breed of digital media firms but struggled as advertising revenues shrank 

Vice Media files for bankruptcy protection

Millennial-focused Vice, known for its edgy news and lifestyle content, had been among the rising stars of a new breed of digital media firms but struggled as advertising revenues shrank&nbsp;

Vice Media, once the darling of the digital news media world, said Monday it had filed for Chapter 11 bankruptcy protection to facilitate its sale.
Millennial-focused Vice, known for its edgy news and lifestyle content, had been among the rising stars of a new breed of digital media firms but struggled as advertising revenues shrank.
Vice said it had agreed to the terms of an asset purchase agreement with a consortium of its lenders which includes Fortress Investment Group, Soros Fund Management and Monroe Capital.
The consortium had submitted a credit bid of about $225 million "for substantially all of the Company's assets, in addition to the assumption of significant liabilities upon closing," Vice said.
"To facilitate the sale, Vice has filed voluntary petitions for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York," it said in a statement.
In its Chapter 11 petition with the court, the New York-based company said it had estimated assets of between $500 million and $1 billion. It also estimated it had more than 5,000 creditors.
In 2017, Vice Media was valued at $5.7 billion -- more than the market capitalization of The New York Times at the time.
Vice's difficulties come after the closure of fellow free digital media groups BuzzFeed News as ad revenues dried up and both had struggled to attract new investments, taking on debt to stay afloat.

Tupperware sales have decreased since the covid outbreak. It had a total debt of $705.4 million at the end of 2022 and currently risks going out of business. Tupperware is examining options to increase its cash on hand




Tupperware may go under, It warns of a possible collapse if new funding not secured

Tupperware sales have decreased since the covid outbreak. It had a total debt of $705.4 million at the end of 2022 and currently risks going out of business. Tupperware is examining options to increase its cash on hand
&nbsp;

Tupperware recently warned that 'there is substantial doubt about its ability to continue as a going concern' leading to a steep fall in its share prices. The brand, which is present in over 70 countries is also in danger of being delisted by the New York Stock Exchange.
Tupperware reported that it has engaged financial consultants to assist with seeking supplemental finance, and is involved in conversations with potential investors or financing partners. It is also examining the properties in its real estate portfolio for potential options for monetization. In order to maintain or increase additional liquidity, it is also investigating right-sizing initiatives and the monetization of fixed assets.
It had a total debt of $705.4 million at the end of the year (2022).
Tupperware, famed for its airtight, long-lasting, and vibrant storage containers and bowls, had to raise prices to defend its margins from rising interest rates, labour and resin costs that were outpacing inflation, a stronger dollar, and ongoing supply chain issues.
A non-compliance notice was also issued to the company last week by the NYSE for failing to submit its yearly reports to the Securities and Exchange Commission. Investors were given access to preliminary information from last month.
The business also stated that it currently anticipates that, if it is unable to obtain adequate capital resources or amendments to its credit agreement, it may not have adequate liquidity in the near term. This is due to the challenging internal and external business economics as well as the increased levels and costs of borrowings under its credit facility.

SVB collapse: US lender's parent firm files for bankruptcy protection

The parent of Silicon Valley Bank, seized last week by the US, is filing for Chapter 11 bankruptcy protection.

Nearly a week after its collapse, the parent firm of the US lender Silicon Valley Bank has filed for bankruptcy protection to seek buyers for its assests.&nbsp;
The move comes as an emergency measure after the US authorities seized the bank's assets following a run on deposits earlier this month.
The parent of Silicon Valley Bank, seized last week by the US, is filing for Chapter 11 bankruptcy protection.
SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business.
SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp.
The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing.
SVB Financial Group believes it has approximately USD 2.2 billion of liquidity.&nbsp;

Delhi-NCR based real estate developer Supertech was declared bankrupt by the National Company Law Tribunal (NCLT).
This comes after Union Bank of India's (UBI) filed a petition claiming default with the NCLT against Supertech, following which the company went into insolvency. 
The declaration of bankruptcy may impact 25,000 homeowners awaiting possession of their homes booked with the developer for several years.
In August 2021, the Supreme Court ordered the demolition of Supertech's multi-story under-construction in Noida for violating building norms.Supertech stated that it will file an appeal with the National Company Law Appellate Tribunal (NCLAT) against the move.

NCLT declares Supertech bankrupt; 25,000 homeowners could be impacted

Real estate developer Supertech has said it will file an appeal with the National Company Law Appellate Tribunal 

Real estate developer Supertech declares bankruptcy; 25,000 homeowners could be impacted

In a setback for thousands of home buyers,&nbsp;the National Company Law Tribunal or NCLT has declared&nbsp;real estate&nbsp;developer&nbsp;Supertech&nbsp;bankrupt.&nbsp;&nbsp;
The decision came after Union Bank of India filed a petition&nbsp;claiming that the Delhi-NCR&nbsp;based developer had defaulted, following which the company went into insolvency.&nbsp;
The declaration of bankruptcy may impact 25,000 homeowners waiting for possession of their homes being developed by Supertech.&nbsp;
Supertech&nbsp;will file an appeal with the National Company Law Appellate Tribunal&nbsp;against the move.

Real estate developer&nbsp;Supertech&nbsp;has said it will file an appeal with the National Company Law Appellate Tribunal&nbsp;

Delhi-NCR&nbsp;based real estate&nbsp;developer Supertech&nbsp;was declared bankrupt by the National Company Law Tribunal (NCLT).
This comes after Union Bank of India's (UBI)&nbsp;filed a petition&nbsp;claiming default with the NCLT&nbsp;against Supertech, following which the company went into insolvency.&nbsp;
The declaration of bankruptcy may impact 25,000 homeowners awaiting possession of their homes booked with the developer for several years.
In August 2021, the Supreme Court ordered the demolition of Supertech's&nbsp;multi-story under-construction in Noida&nbsp;for violating building norms.Supertech&nbsp;stated that it will file an appeal with the National Company Law Appellate Tribunal (NCLAT) against the move.

Dewan Housing Finance Corporation Limited (DHFL) will stop trading on the stock exchanges from Monday, June 14.&nbsp;NSE&nbsp;&amp; BSE&nbsp;released a circular citing the bankruptcy resolution that stated that the&nbsp;worth of equity shares is zero.The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Piramal Group to take over DHFL under the bankruptcy code for as low as Rs 37,500 crore against a claim of close to Rs 85,000 crore.DHFL had informed the exchanges on June 8 regarding approval of the resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench "which provides for delisting of equity shares of the company".

DHFL shares suspended for trade by BSE, NSE

BSE, NSE suspend trading in DHFL shares no trade on the stock from June 14

Dewan Housing Finance Corporation Limited (DHFL) will stop trading on the stock exchanges from Monday, June 14.&nbsp; NSE&nbsp;&amp; BSE&nbsp;released a circular citing the bankruptcy resolution that stated that the&nbsp;worth of equity shares is zero.The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed Piramal Group to take over DHFL under the bankruptcy code for as low as Rs 37,500 crore against a claim of close to Rs 85,000 crore. DHFL had informed the exchanges on June 8 regarding approval of the resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench "which provides for delisting of equity shares of the company".

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