Poynt Files for Bankruptcy
Poynt Corporation today filed for bankruptcy and insolvency protection with the Court of Queen's Bench of Alberta, Canada. In a statement posted to its web site, Poynt explained, "The Company is not currently in a position to meet the obligations owing to its secured and unsecured creditors and as such, has taken this action under the BIA as the most expeditious and economical manner of addressing the interests of its creditors and allowing it to carry on its operations." Poynt will seek ways to reimburse its creditors while under bankruptcy protection. Poynt provided location-based smartphone applications to devices running the Android, iOS, Windows Phone, and BlackBerry platforms.
Pantech Files for Bankruptcy
Pantech filed for court receivership today, which is the South Korean equivalent of declaring Chapter 11 bankruptcy. The company has seen its share of the global market drop precipitously.
Pantech Files for Bankruptcy In the US
Pantech's U.S. operations filed for Chapter 15 bankruptcy today, following similar legal moves in the company's home market of Korea.
Apple, AT&T Seek to Block RadioShack's Sale of Customer Data
Apple and AT&T have filed legal objections to RadioShack's planned sale of customer data. RadioShack sold products from both AT&T and Apple and originally agreed to keep customer data private.
RadioShack Weighing Bankruptcy
RadioShack is considering whether or not to file for Chapter 11 bankruptcy protection as its cash reserves dwindle. The company ended its most recent quarter with just $30.5 million in cash on hand, with debts totaling $658 million.
RadioShack Declares Bankruptcy, to Sell Stores to Sprint
RadioShack today filed for Chapter 11 bankruptcy protection and signed an agreement to sell approximately 1,750 of its stores to Sprint. Under the terms of RadioShack's Chapter 11 filing, RadioShack will sell the stores to Sprint and General Wireless, a subsidiary of one of RadioShack's major investors.
Now it Makes Sense..