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Bankruptcy

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Business

Battery maker Northvolt files for bankruptcy in Sweden

Northvolt said it had faced “significant internal challenges in its ramp-up of production”.

Economy

German solar panel industry struggles with declining demand

German solar panel demand has been hit by dampened consumer and investor sentiment, as the ongoing cost of living crisis and high interest rates have hampered installations.

Economy

World Bank: Developing countries spend record amount on foreign debt

Poorer economies are limiting investments in health, education, and the climate to avoid default and repay foreign lenders.

Business

Northvolt files for bankruptcy in major blow to European EV sector

The Swedish battery developer and manufacturer, Northvolt, has filed for bankruptcy in the US, as the company struggles with mounting debt, after it was unable to secure rescue funding and was left with only one week of cash reserves.

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Business

Titanic builder Harland & Wolff to enter administration amid debt woes

RMS Titanic shipbuilder Harland & Wolff announced on Monday that it will enter administration following financial troubles.

Business

Scholz visits Meyer Werft shipyard as company struggles to stay afloat

Meyer Werft, one of the world's biggest cruise ship builders, will receive government support to patch up its budget deficit.

Business

The Body Shop’s French subsidiary takes a step closer to liquidation

Several other UK high street brands have also gone into administration recently, including Debenhams and Topshop, due to higher interest rates, the cost of living crisis and increasing inflation seen in the UK over the last several months.

Business

The rise of the world's debt-laden 'zombie' companies

An Associated Press analysis found the number of publicly-traded 'zombie' companies - those so laden with debt they're struggling to pay even the interest on their loans - has soared to nearly 7,000 around the world.

Denmark

Nordic Waste faces criticism over bankruptcy scandal

There are concerns the bankruptcy could cost Danish taxpayers some €27 million.

Business

Major German department store chain files for insolvency protection

Galeria Karstadt Kaufhof is seeking a new owner, whose real estate group has made several insolvency filings.

Business

WeWork forced to file for bankruptcy

WeWork has filed for Chapter 11 bankruptcy protection, marking a stunning fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.

Business

WeWork files for bankruptcy: reports

US office-sharing firm WeWork is reportedly filing for bankruptcy as early as next week, after being buffeted by a chain of financial woes.

Business

FTX co-founder testifies against Sam Bankman-Fried in fraud case

Bankman-Fried is standing trial for allegedly stealing billions of dollars from customers of the now-bankrupt cryptocurrency exchange platform FTX. The case has been called one of the biggest financial frauds in US history.

World News

Business bankruptcy in EU surges to highest levels since 2015

The latest data is a grim indication of Europe's economic health.

Mobility

Dutch e-bike company VanMoof declared bankrupt

The Dutch company's trustees will seek a third party to buy the company's assets and continue its activities.

Money

JPMorgan to take over deposits of troubled First Republic Bank

After Silicon Valley Bank and Signature Bank, First Republic is the third midsize bank in the US to fail in just two months.