Latest news with #USBankruptcyCode
Cision Canada
07-05-2025
- Business
- Cision Canada
ASBESTOS CORPORATION LIMITED OBTAINS CREDITOR PROTECTION UNDER THE CCAA Français
THETFORD MINES, QC, May 7, 2025 /CNW/ - Asbestos Corporation Limited (" ACL" or the " Company") (TSXV: AB.H) announced today that an order (the " Initial Order") from the Superior Court of Québec (Commercial Division) (the " Court") granting ACL protection under the Companies' Creditors Arrangement Act (the " CCAA") has been granted. Raymond Chabot Inc. has been appointed pursuant to the Initial Order as monitor of ACL (in such capacity, the " Monitor") in order to assist the Company with its restructuring efforts and to report to the Court. The application was filed by third parties and the Company became a co-applicant. ACL also filed a petition under Chapter 15 of the US Bankruptcy Code in the Southern District of New York for recognition of the CCAA proceedings in the United States. The Initial Order provides for, among other things, a stay of proceedings in favour of ACL, including a stay of creditor claims, litigation pending against the Company, and of the exercise of contractual rights against the Company, as well as the authorization of Raymond Chabot Inc. to act as foreign representative in recognition proceedings in the United States under the relevant provisions of the United States' applicable laws. A copy of the Initial Order granted by the Court will be available, along with additional information in respect of the CCAA proceedings, on the Monitor's website. Readers are urged to consult the full text of all of these documents for further, more detailed, information. Further news releases will be provided for during the CCAA proceedings as required by law and applicable securities regulations, or as otherwise may be determined necessary by the Company or the Court. Documents relating to the restructuring process, such as the Initial Order, the Monitor's reports to the Court, as well as other Court orders and documents shall also be published and made available on the Monitor's website at The Company has notified the TSX Venture Exchange (the " TSXV") of the foregoing and expects that its common shares and securities will cease trading on the TSXV upon such date that the TSXV determines. The Company expects to cease reporting as a public reporting issuer. About Asbestos Corporation Limited Asbestos Corporation Limited is a natural resource company that focuses on the development of industrial minerals in order to provide value-added products that meet the criteria of customers worldwide with regard to performance and economic and ecological concerns. Asbestos Corporation Limited's shares trade on the NEX Board of TSX Venture Exchange under the stock symbol AB.H. Forward-Looking Information and Statements This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: general market and industry conditions, risks related to commissioning, to continuous operations and to commercialization of new technologies and other risks disclosed in the Company's filings with Canadian Securities Administrators. Forward-looking statements are based on the expectations and opinions of the Company's management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Independent
25-04-2025
- Business
- The Independent
Rite Aids could be closing down as company eyes second bankruptcy in two years
Rite Aid stores across the country could soon be closing down as the company reportedly considers filing for its second bankruptcy in two years. The troubled drugstore chain previously filed for Chapter 11 bankruptcy in 2023, which resulted in more than 800 store closures. Rite Aid still operates more than 1,200 stores in the U.S. Chapter 11 bankruptcy is a form of bankruptcy under the US Bankruptcy Code that allows a debtor, typically a business or individual, to reorganize their finances and debts, rather than liquidate their assets. According to Bloomberg, Rite Aid Corp. is now running low on cash and preparing once again to sell itself as a second bankruptcy looms. The company intends to sell individual stores and close the rest, sources told the outlet. The Independent has reached out to Rite Aid Corp. for confirmation and comment on the reports. Bloomberg reported in March that Rite Aid entered into talks with its creditors to access cash, following concerns over its liquidity. At that time the company agreed to meet certain financial and operational targets in addition to closing some locations. In September 2024 Rite Aid announced that it was exiting its first bankruptcy, after closing hundreds of stores – cutting around $2 billion. The company had been taken over by creditors and received about $2.5 billion in exit financing to support future operations, according to Bloomberg. Local reports of closures have been ongoing for the past two years across the country, with stores shutting their doors in California, New York, New Jersey, Pennsylvania, New Hampshire, Oregon, Washington, among others. It comes after two other major national drugstores – Walgreens and CVS – have also come under financial pressure. Walgreens also reportedly plans to close some 1,200 stores in the next three years and in March was acquired by private equity firm Sycamore Partners in a deal worth $23.7 billion. CVS has said it plans to close 270 more stores in 2025, as part of a stream-lining process at the company, aiming to optimize its business model and address changing consumer needs.
The Guardian
05-04-2025
- Business
- The Guardian
Genetic data is an another asset to be exploited – beware who has yours
Ever thought of having your genome sequenced? Me neither. But it seems that at least 15 million souls have gone in for it and are delighted to know that they have Viking ancestry, or discombobulated to find that they have siblings of whom they were hitherto unaware. The corporate vehicle that enabled these revelations is called 23andMe, which describes itself as a 'genetics-led consumer healthcare and biotechnology company empowering a healthier future'. Back in the day, 23andMe was one of those vaunted 'unicorns' (privately held startups valued at more than $1bn), but is now facing harder times. Its share price had fallen precipitately following a data breach in October 2023 that harvested the profile and ethnicity data of 6.9 million users – including name, profile photo, birth year, location, family surnames, grandparents' birthplaces, ethnicity estimates and mitochondrial DNA – and there have been internal disagreements between its board and the CEO and co-founder, Anne Wojcicki. So on 24 March it filed for so-called Chapter 11 proceedings in a US bankruptcy court in Missouri. At which point the proverbial ordure hit the fan because the bankruptcy proceedings involve 23andMe seeking authorisation from the court to commence 'a process to sell substantially all of its assets through a Chapter 11 plan or pursuant to Section 363 of the US Bankruptcy Code'. And those assets are… well, basically the genetic data of the company's 15 million users. And the problem is that these assets are very attractive to many potential purchasers – some good (medical researchers, for example) and some not so good (marketers, scammers, spooks and authoritarians, to name just a few). A person's genome yields information about biological characteristics (eye and hair colour, height predisposition); health (disease risk, cancer susceptibility, recessive genetic conditions that could be passed on to offspring, how they might respond to certain medications); information about ancestry; and of course precise identification for forensic purposes. Genetic data can reveal a lot about a person, from their health predispositions and vulnerabilities to even their food preferences. Researchers at Edinburgh University and Milan, for example, have identified hundreds of genetic variants – differences in people's genetic make-up – linked with their liking for specific foods, including ones associated with a love of aniseed, avocados, chillies, steak, oily fish and many more. But the really important thing is that genetic data is permanent, unique and immutable. If your credit card is hacked, you can always get a new replacement. But you can't get a new genome. When 23andMe's data assets come up for sale the queue of likely buyers is going to be long, with health insurance and pharmaceutical giants at the front, followed by hedge-funds, private equity vultures and advertisers, with marketers bringing up the rear. Since these outfits are not charitable ventures, it's a racing certainty that they have plans for exploiting those data assets, though they will be, er, economical with the truth about their intentions. In 2020, a US genealogy company that operates a network of genealogical, historical records and related genetic genealogy websites, was bought by the Blackstone group for $4.7bn. When the Los Angeles Times started asking questions about why one of the world's biggest asset-management firms was interested in genealogy, the company declared: 'We invested in Ancestry because it is a clear leader in its industry with a digital subscription business that has continued to grow significantly. Blackstone has not and will not access user DNA and family tree data, and we will not be sharing this data with our other companies. To be crystal clear, doing so was never part of our investment thesis – period.' Aw, shucks: a megacorp settling for modest subscription revenues. What can those who entrusted their genetic information to 23andMe do to ensure that their ultra-personal data isn't enriching its new owners? There's plenty of good advice available. California's attorney general, Rob Bonta, immediately issued a consumer alert to the company's customers, advising them to delete their data and destroy any samples of genetic material held by the company – and to revoke permission for their data to be used for research. Similar advice came from the New York Times and the Electronic Frontier Foundation. But perhaps the best advice of all is to think before you sign up for any of these services. A survey of 23andMe customers in 2017 and 2018 showed that more than 40% were unaware that data sharing was part of the company's business model. Once upon a time, we used to say that 'if the service is free, then you're the product'. Turns out that even if it's not free, you're still the product. Naked self-interest The imperialism has no clothes is a nice Substack essay by historian Timothy Snyder about JD Vance's ludicrous visit to Greenland. Breaking news Can journalism survive Trump? Can democracy? Ethan Zuckerman's notes on an extraordinary conversation between Jay Rosen and Taylor Owen. The era of Trump economics A perceptive blogpost by John Ganz, The Juggler is about how Trump resembles Napoleon III. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here.
Yahoo
26-03-2025
- Business
- Yahoo
23andMe stock plunges following bankruptcy, CEO exit
The stock of DNA testing company 23andMe (ME) dropped 59% Monday after filing for federal bankruptcy protection and the exit of its CEO, a dramatic collapse for a biotech company that once dazzled Silicon Valley and attracted 15 million consumers. 23andMe filed for reorganization under Chapter 11 of the US Bankruptcy Code after it failed to find a buyer. The company announced in January that it would seek a sale of its assets. Its petition seeks court authorization to pursue a structured sale of its assets through an auction. The 23andMe board rejected a nonbinding acquisition offer from co-founder and CEO Anne Wojcicki, who stepped down on Friday. Wojcicki has been trying to take the company private since April. In September, all of 23andMe's independent board members resigned, citing differences with Wojcicki concerning the company's direction. Wojcicki posted on X Monday that she was disappointed the board rejected her bid but intended to continue to pursue an acquisition. "I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder," Wojcicki wrote. 23andMe made its public debut with an initial public offering in 2006. It has since struggled with litigation, including a data privacy breach in 2023 that raised concerns that hackers tapped into customers' genetic information. A consumer class action lawsuit followed, and the company settled with complaining customers for $30 million. The UK and Canada also launched investigations into 23andMe after the 2023 breach. In its early days, 23andMe was ordered by the FDA to immediately discontinue marketing its widely publicized cheek swab tests after making unsubstantiated claims that the company could identify risk levels for a number of diseases. California Attorney General Rob Bonta warned 23andMe's California customers on Friday that they are legally entitled to scrub their genetic data from the company's systems, including their DNA, identity, and biological samples — saliva test samples submitted to the company. "Due to the trove of sensitive consumer data 23andMe has amassed ... Californians who want to invoke these rights can do so by going to 23andMe's website," the attorney general's office said in a statement that outlines the steps consumers can take. "Given 23andMe's reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company," Bonta said. 23andMe filed its voluntary petition for reorganization in the bankruptcy court for the Eastern District of Missouri. The filing reported $277 million in assets as of the end of 2024 and debts of $215 million. Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on X @alexiskweed. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Yahoo
24-03-2025
- Business
- Yahoo
23andMe stock plunges following bankruptcy, CEO exit
The stock of DNA testing company 23andMe (ME) dropped 59% Monday after filing for federal bankruptcy protection and the exit of its CEO, a dramatic collapse for a biotech company that once dazzled Silicon Valley and attracted 15 million consumers. 23andMe filed for reorganization under Chapter 11 of the US Bankruptcy Code after it failed to find a buyer. The company announced in January that it would seek a sale of its assets. Its petition seeks court authorization to pursue a structured sale of its assets through an auction. The 23andMe board rejected a nonbinding acquisition offer from co-founder and CEO Anne Wojcicki, who stepped down on Friday. Wojcicki has been trying to take the company private since April. In September, all of 23andMe's independent board members resigned, citing differences with Wojcicki concerning the company's direction. Wojcicki posted on X Monday that she was disappointed the board rejected her bid but intended to continue to pursue an acquisition. "I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder," Wojcicki wrote. 23andMe made its public debut with an initial public offering in 2006. It has since struggled with litigation, including a data privacy breach in 2023 that raised concerns that hackers tapped into customers' genetic information. A consumer class action lawsuit followed, and the company settled with complaining customers for $30 million. The UK and Canada also launched investigations into 23andMe after the 2023 breach. In its early days, 23andMe was ordered by the FDA to immediately discontinue marketing its widely publicized cheek swab tests after making unsubstantiated claims that the company could identify risk levels for a number of diseases. California Attorney General Rob Bonta warned 23andMe's California customers on Friday that they are legally entitled to scrub their genetic data from the company's systems, including their DNA, identity, and biological samples — saliva test samples submitted to the company. "Due to the trove of sensitive consumer data 23andMe has amassed ... Californians who want to invoke these rights can do so by going to 23andMe's website," the attorney general's office said in a statement that outlines the steps consumers can take. "Given 23andMe's reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company," Bonta said. 23andMe filed its voluntary petition for reorganization in the bankruptcy court for the Eastern District of Missouri. The filing reported $277 million in assets as of the end of 2024 and debts of $215 million. Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on X @alexiskweed. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
