 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Businessman Using Goldman Name Secures Lucrative Bankruptcy Assignments
A Southern California businessman has emerged in a series of bankruptcy cases as a trustee and representative of creditors while operating a side business named Goldman Sachs Capital LLC that has no connection to the famed Wall Street bank, WSJ Pro Bankruptcy reported. Arian Eghbali has been involved in dozens of recent chapter 11 cases, including Forever 21, Hooters and Virgin Orbit, representing trade creditors through his firm Olympus Guardians. Eghbali has also won an assignment as the liquidating trustee of Plenty Unlimited, a vertical farming startup that was backed by Jeff Bezos and SoftBank before it filed for bankruptcy this year, and serves as the trustee for unsecured creditors in Zips Car Wash, one of the nation’s largest privately owned carwash chains. READ MORE | | |  | | Editor's Picks | | | | | Assisted Living Community, Parent Company Enter Bankruptcy After Former Owner’s Alleged Misuse of $11 Million in Funds
A former owner of a Tennessee assisted living and memory care community has been indicted on eight felony counts related to fraud and financial misconduct for misusing almost $11 million of company funds, and the loss of funds has pushed the community and its parent company into bankruptcy, McKnights Senior Living reported. Andrew Charles Sneed was arrested on May 23 and indicted on June 2 on charges of computer offenses, criminal simulation, forgery, money laundering and theft of property. Sneed co-owned, with Tracy Sneed and John Holden Jr., Remember Me Senior Care, which opened in 2018. He also was a member of Lighthouse Land Holdings. READ MORE | | Sunnova Energy to Lay Off 718 Employees
Sunnova Energy said yesterday that it would lay off about 55% of its workforce, or 718 employees, in a bid to rein in spending as the residential solar panel installer grapples with a massive debt pile and sluggish demand, Reuters reported. The company, which is restructuring its debt, had warned in March that it might not be able to continue as a going concern. READ MORE | | Illinois Carrier Files for Chapter 11 Protection
AZA Transportation, a Chicagoland-area trucking company, filed for chapter 11 protection with the U.S. Bankruptcy Court for the Northern District of Illinois last month, according to court filings, TruckingDive.com reported. The carrier, which reported having 70 power units as of October, will have the opportunity to reorganize its finances while paying down its debts in order to stay in business. AZA Transportation, owned by President Azamat Sadyrbaev, has $826,458 in liabilities and $403,432 in personal property assets. READ MORE
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June 17 | New York, N.Y. | | | | | | |  | | Daily Roundup | | | | | Builder.ai Files for Bankruptcy After Creditors Seize Accounts
Builder.ai filed for bankruptcy in the U.S. after creditors seized most of the cash in the British startup’s bank accounts, Bloomberg News reported. The company published a list of creditors in a chapter 7 case in a Delaware bankruptcy court, Builder.ai said in a filing dated June 2. (Subscription required.) READ MORE | | Utah MLM Modere Was Hiding Insolvency, Lawsuit Alleges
In the two months since Modere, a Utah-based multilevel marketing company, abruptly shut down, a picture of the company’s finances has started to take form, the Salt Lake Tribune reported. Modere and its executives have not filed for bankruptcy. Shaklee, a nutritional supplement company in Florida, has bought most of the company’s assets, according to a news release issued May 23. But a lawsuit filed last week accuses Modere of being financially “insolvent” — which is why, the suit claims, Modere owes CSB Nutrition nearly $2 million. CSB Nutrition, based in Spanish Fork, manufactures nutritional supplements and was one of Modere’s largest suppliers, the lawsuit claims. Even before Modere shut down, CSB Nutrition claims Modere was slow to pay its invoices and rarely paid them in full. (Subscription required.) READ MORE | | Owner of Mississippi Apartment Complex Files for Bankruptcy
The owner of a Jackson City. Miss., apartment complex recently cited for failing to pick up residents’ trash has filed for bankruptcy, WLBT.com reported. City Attorney Drew Martin told the Jackson City Council on Tuesday that owners of the Chapel Ridge Apartments had filed for bankruptcy in bankruptcy court. READ MORE | | Hiring Slowed in May, With 139,000 New Jobs
U.S. job growth slowed slightly last month, a sign employers remained cautious about hiring amid uncertainty over tariffs and the nation’s economic outlook, the Wall Street Journal reported. The Labor Department reported today that the U.S. added 139,000 jobs in May. The unemployment rate, which is based on a separate survey from the jobs figures, held steady at 4.2%. (Subscription required.) READ MORE | | U.S. Worker Productivity Slumps in First Quarter
U.S. worker productivity dropped at a faster pace than initially thought in the first quarter, driving labor costs sharply higher at a time when businesses are already facing rising costs from tariffs on imported goods, Reuters reported. Nonfarm productivity, which measures hourly output per worker, decreased at a 1.5% annualized rate last quarter, the Labor Department's Bureau of Labor Statistics said on Thursday. READ MORE | | | | |
