DIRS.INFO The most relevant business & tech news

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/trucker-yellow-prepares-to-file-for-bankruptcy-as-customers-flee-281151a6

Persons: Dow Jones, 281151a6

☆ Celsius Network Reaches Key Settlements to Resolve Litigation
▼ + stars: | 2023-07-21 | by ( Soma Biswas | ) www.wsj.com time to read: 1 min

Resume SubscriptionWe are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service.

Organizations: Wall Street

☆ Wheels Up’s Jumbo Challenge: Post-Covid Turbulence
▼ + stars: | 2023-06-22 | by ( Soma Biswas | Mark Maurer | ) www.wsj.com time to read: 1 min

Wheels Up Experience, an upstart in the membership-driven private jet industry, is retooling its business model to try to survive the post-Covid era and avoid the bankruptcy filings that have plagued other pandemic darlings. Air travelers flocked to Wheels Up after the pandemic’s onset, helping the company go public in a mid-2021 merger with a special-purpose acquisition company. Since then, its stock price has dwindled from a $110 high to a fraction of that amid widening losses and the unexpected departure in May of founder...

☆ Shark attack in Egypt kills a Russian citizen
▼ + stars: | 2023-06-08 | by ( Mohammed Tawfeeq | ) edition.cnn.com time to read: +2 min

CNN —Egyptian authorities have banned swimming near a beach at an Egyptian Red Sea resort following a deadly shark attack that killed a Russian citizen on Thursday, according to Egyptian and Russian officials. Minister of Environment, Yasmine Fouad, ordered a committee to investigate the incident, according to a statement released by Egypt’s Environment Ministry. Over the past years, several similar incidents have happened in the Egyptian Red Sea. In 2020, a Ukrainian boy lost an arm, and an Egyptian tour guide lost a leg in a shark attack. In 2018, a shark killed a Czech tourist off a Red Sea beach,” according to the state-run Al-Ahram Online newspaper.

Persons: Viktor Voropayev, “, ” Voropayev, Yasmine Fouad Organizations: CNN, TASS, Russian, Environment, Egypt’s Environment Ministry, Environment Ministry, Egyptian Ministry of Environment, Ahram Online Locations: Egyptian, Russian, Hurghada, Russia, Gouna, Soma, Red, Ukrainian, Czech

☆ Bed Bath & Beyond in Talks to Sell Buybuy Baby to Owner of Janie and Jack
▼ + stars: | 2023-06-05 | by ( Soma Biswas | Suzanne Kapner | ) www.wsj.com time to read: 1 min

Organizations: Wall Street

☆ Fintech Zamp, which helps companies navigate sales tax compliance, used this 12-page deck to raise a $4 million seed round
▼ + stars: | 2023-05-22 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Zamp is a startup that helps online sellers with sales tax compliance. Sales tax compliance laws are complex and constantly changing. Zamp is aimed at helping online sellers of all sizes manage their sales tax compliance. Additionally, sales tax compliance is handled on the state, county, city, and district levels, rather than the federal level. Zamp handles every aspect of sales tax compliance for the customer, from reporting and filing to handling notices from the state.

☆ Here's the 12-page pitch deck a startup helping online sellers navigate the complicated world of sales tax compliance used to raise a $4 million seed round
▼ + stars: | 2023-05-17 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

☆ KKR-Backed Envision Healthcare Files for Chapter 11 to Put Lenders in Control
▼ + stars: | 2023-05-15 | by ( Alexander Saeedy | Soma Biswas | ) www.wsj.com time to read: 1 min

Envision Healthcare has filed for chapter 11, beginning one of the largest healthcare-related bankruptcy cases ever and likely wiping out the $3.5 billion stake that private-equity firm KKR acquired in the physician-staffing company in 2018. KKR’s loss on Envision would be among the steepest write-downs the private-equity firm has swallowed in recent years and highlights some of the continuing instability in the healthcare industry. KKR has already written off its investment in Envision, The Wall Street Journal reported previously.

☆ Three New Story Collections Make Place a Protagonist
▼ + stars: | 2023-05-12 | by ( Justin Taylor | ) www.nytimes.com time to read: +2 min

The Turkish president Recep Erdogan looms large in Kenan Orhan’s I AM MY COUNTRY: And Other Stories (Random House, 227 pp., $27), a powerful and provocative debut collection with a vivid sense of place. A garbagewoman hoards discarded items she finds in the course of her collections: musical scores, musical instruments, eventually musicians. This smart, heartfelt saga is dragged down by talking birds who pithily argue ethics with their would-be keeper. In “The Smuggler,” set during the Syrian civil war, a Syrian man must get a pregnant 15-year-old Kurdish girl across the border into Turkey by pretending to be her husband. This is Orhan at his best: finding comedy lurking on the outskirts of tragedy, reveling in the inherent absurdism of the all-too-real.

☆ Bed Bath & Beyond Preparing for Bankruptcy Filing Within Days
▼ + stars: | 2023-04-19 | by ( Soma Biswas | Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. is preparing a bankruptcy filing for as early as this weekend as its falling stock price makes it near impossible to raise enough capital to avert default, according to people familiar with the matter. The embattled retailer recently said it needed to raise $300 million from share sales by April 26 to stay out of chapter 11. The company will have to stop selling stock by that date, when it would lose eligibility to continue under its share registration documents. Given the stock’s closing price on Wednesday of 46 cents, Bed Bath & Beyond faces long odds to raise that amount of money within that time.

☆ 35 Ways Real People Are Using A.I. Right Now
▼ + stars: | 2023-04-14 | by ( Francesca Paris | Larry Buchanan | ) www.nytimes.com time to read: +24 min

People are using ChatGPT and other A.I. Here’s how 35 real people are using A.I for work, life, play and procrastination. People are using A.I to …Plan gardens. Chris Norn Researcher at the University of Washington Two years ago researchers cracked the code on using A.I. When you run a Dungeons & Dragons game, Mr. Green says, you have to be creative, but that almost always means pulling from existing fantasy literature.

☆ NY Fed report sees several more years of balance sheet contraction
▼ + stars: | 2023-04-11 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The Fed is now allowing just shy of $100 billion per month in bonds it owns to expire and not be replaced. The New York Fed report also offered projections of the net negative income situation the institution faces as part of its efforts to raise rates. While the Fed was still able to hand back excess profits to the Treasury in 2022, its income turned negative late last year. "The projections for negative net income suggest that remittances to the U.S. Treasury will be suspended for some time, and that the deferred asset recorded on the Federal Reserve’s balance sheet reflecting the accumulated net loss will continue to grow," the report said. But central bankers and analysts have cautioned that the resulting expansion of the balance sheet due to this lending is not stimulative to the economy.

☆ Bed Bath & Beyond Says It Raised More Money From Equity Deal Reached in February
▼ + stars: | 2023-03-08 | by ( Soma Biswas | ) www.wsj.com time to read: 1 min

Home goods retailer Bed Bath & Beyond Inc. said it raised an additional $135 million from a public equity offering announced in February. The latest capital raise is part of the equity offering the Union, N.J.-based company unveiled last month, which helped pull it back from the brink of bankruptcy. As of Tuesday, the retailer had raised a total of $360 million from the equity offering, including the initial $225 million it received in February, the company said.

☆ Binance.US Cleared to Buy Voyager Accounts Despite SEC Warning
▼ + stars: | 2023-03-07 | by ( Soma Biswas | ) www.wsj.com time to read: 1 min

Binance’s American affiliate won court approval to take over thousands of customer accounts from bankrupt crypto platform Voyager Digital Ltd. despite warnings that the Binance.US exchange faces possible regulatory action. Judge Michael Wiles of the U.S. Bankruptcy Court in New York approved the companies’ deal, undeterred by the revelation last Friday that Securities and Exchange Commission staff have determined that Binance.US, the American affiliate of the world’s largest crypto exchange, is operating an unregistered securities exchange.

Bed Bath & Beyond’s storied brand and the passionate interest of individual investors helped the retailer secure a lifeline. Sue Gove wanted to keep Bed Bath & Beyond Inc. out of bankruptcy. Few believed it was possible. Alarmed by the retailer’s deteriorating finances, banks in January had cut off their credit lines and pushed for the company to start a liquidation, including selling off inventory, to repay their loans, said people familiar with the matter.

☆ Bed Bath & Beyond’s Tough Challenge: Shutting Stores Without Paying a Fortune
▼ + stars: | 2023-02-13 | by ( Soma Biswas | Kate King | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. could face tough negotiations with landlords and pay a high price to close out leases on hundreds of stores as the retailer attempts to downsize without the protection of bankruptcy. A last-minute equity financing of up to $1 billion provided the company enough capital to pay down bank loans, which Bed Bath defaulted last month. But staying out of chapter 11 also means it loses negotiating leverage it would otherwise have in bankruptcy.

☆ Bed Bath & Beyond to Shut Down Canadian Stores in Bankruptcy
▼ + stars: | 2023-02-10 | by ( Soma Biswas | Alexander Gladstone | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc.’s Canadian division will shut down its stores under court protection after the company received an unusual lifeline earlier this week to save its U.S. operations from bankruptcy. The troubled retailer filed its Canadian division for protection under the Companies’ Creditors Arrangement Act, Canada’s rough equivalent of chapter 11 bankruptcy. Bed Bath & Beyond has “reluctantly concluded” that even with the lifeline of its recent equity raise, there isn’t enough capital available both to restructure its U.S. business and bring the Canadian business to profitability, the company said in filings with an Ontario court.

☆ The inside story of how Microsoft caught up with Google on AI, and the unlikely executive who made it happen
▼ + stars: | 2023-02-10 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +9 min

With OpenAI technology, Microsoft CEO Satya Nadella is challenging Google's online search monopoly. "Who'd have thought, even just a few months ago, that Google would be on their back foot," said Soma Somasegar, a former Microsoft executive. Google was also busy incorporating machine-learning and other AI technology into popular products such as Google Photos, Google Translate, and its search engine. Microsoft's new Bing search engine uses a newer version of GPT-3 to answer complex questions. Microsoft's positive feedback loopThe OpenAI deal laid the foundation for Microsoft to catch Google in the AI race.

Bed Bath & Beyond Inc. has secured investor backing for a more than $1 billion capital raise to stave off bankruptcy and try to turn around its flagging business, people familiar with the matter said. The offering of convertible stock and warrants, coupled with a $100 million additional credit line from one of its lenders, is expected to save the troubled retailer from the near-term chapter 11 filing it has warned about for weeks. Bed Bath & Beyond has received investor commitments to raise $225 million of equity capital initially and the rest of the more than $1 billion offering over time, according to people familiar with the matter.

Bed Bath & Beyond Inc. will try to raise more than $1 billion by selling stock, hoping investors who have propelled its stock higher despite its financial troubles can save it from bankruptcy. The offering of stock and warrants, coupled with a $100 million additional credit line from one of its lenders, could help the troubled retailer raise enough cash to avoid the chapter 11 filing it has warned about for weeks. Bed Bath said Monday that it can’t give any assurances it will receive any or all of the proceeds of the equity offering, which is subject to market conditions and not guaranteed to be completed.

☆ Bed Bath & Beyond Misses Interest Payments as It Weighs Chapter 11
▼ + stars: | 2023-02-01 | by ( Soma Biswas | ) www.wsj.com time to read: 1 min

☆ Bed Bath & Beyond Misses Interest Payments Ahead of Possible Chapter 11
▼ + stars: | 2023-02-01 | by ( Soma Biswas | ) www.wsj.com time to read: 1 min

Bed Bath & Beyond Inc. said Friday it was closing an additional 87 of its flagship stores and its entire Harmon chain of drugstores, as the retailer struggles to find financial support to keep its operations funded. The latest closings are in addition to a plan announced in August to shut 150 lower-performing Bed Bath & Beyond locations, a spokeswoman said. The company said Friday it is also closing five of its Buybuy Baby stores. The company had about 50 Harmon stores as of February 2022.

Bed Bath & Beyond Inc.’s path to restructure its business in bankruptcy is narrowing, as the home-goods retailer struggles to find financial support to keep its operations funded and avoid liquidation, people familiar with the matter said. The company, which is expected to file for bankruptcy soon, faces limited options to reorganize as a going concern, these people said: Its lenders have cut off credit, it hasn’t secured a buyer to acquire its business, it is struggling to raise financing to survive chapter 11 even in shrunken form and many vendors have stopped shipping goods to the retailer. Discussions are continuing and a financing deal could still materialize, these people said.

☆ Bed Bath & Beyond Says Banks Have Cut Off Its Credit Lines
▼ + stars: | 2023-01-27 | by ( Soma Biswas | Suzanne Kapner | ) www.wsj.com time to read: +2 min

Bed Bath & Beyond Inc. said it doesn’t have the funds to repay its banks after they determined the retailer has defaulted on its credit lines. The banks are calling for an immediate repayment of all outstanding loans under the credit agreement. The company has $186 million in outstanding letters of credit. The filing indicates the growing financial constraints the retailer is under to operate normally, a month after it warned of a possible bankruptcy filing. Bed Bath & Beyond recently warned it may be filing for bankruptcy in just a few weeks.

Search resuls for: "Soma"

25 mentions found