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<Elon Musk Frantically Warns Employees of Potential SpaceX Bankruptcy Musk advised employees to work over the weekend after reading Raptor engine production issues were far worse than previously thought. Image: Win McNamee (Getty Images) SpaceX employees received a nightmare email over the holiday weekend from CEO Elon Musk, warning them of a brewing crisis with its Raptor engine production that, if unsolved, could result in the company’s bankruptcy. The email, obtained by SpaceExplored, CNBC, and The Verge, urged employees to work over the weekend in a desperate attempt to increase production of the engine meant to power its next-generation Starship launch vehicle. “Unfortunately, the Raptor production crisis is much worse than it seemed a few weeks ago,” Musk reportedly wrote. “As we have dug into the issues following exiting prior senior management, they have unfortunately turned out to be far more severe than was reported. There is no way to sugarcoat this.” SpaceX did not immediately respond to Gizmodo’s request for comment but Musk did Tweet about the report Tuesday afternoon. “The magnitude of the Starship program is not widely appreciated” Musk tweeted. “It is designed to extend life to Mars (and the moon), which requires ~1000 times more payload to orbit than all current Earth rockets combined.” Though Musk did not confirm or deny the email’s veracity he spoke to its content saying that, while he did not believe bankruptcy was likely, it wasn’t impossible either. The CEO went on to apparently quote Intel founder and former CEO Andrew Grove, writing “only the paranoid survive.” In his email, Musk advised workers to cut their holiday weekend short and called for an “all hands on deck to recover from what is, quite frankly, a disaster.” Summing up the problem, Musk warned the company could face bankruptcy if it could not get Starship flights running once every two weeks in 2022. If all of this sounds familiar, that’s because Musk has previously spoken publicly about times where both SpaceX and Tesla were on the verge of bankruptcy in their early years. More recently Musk claimed Tesla came within “single digits” of bankruptcy as recent as 2018. Raptor’s engine is a critical component of Starship, which SpaceX hopes will one-day transport cargo and people to the moon and Mars. Starship’s ability to meet these ambitious goals is critical to SpaceX’s long-term success which is built upon Elon Musk’s promise of multi-planetary human exploration. According to Musk’s email, Starship will also play a critical role in launching Starlink’s next-generation satellites into orbit. Musk’s stressed-out email follows a tweet earlier this month where the CEO admitted the Raptor 2 would need a “complete design overhaul” to make multi-planetary life possible. Not long after that, two SpaceX vice presidents abruptly left the company according to CNBC. One of those executives, Will Heltsley, who had been at the company since 2009, was working on the Raptor project but was taken off due to a lack of progress. The alarming news comes near the close of what’s been an otherwise stellar year for SpaceX. In 11 months SpaceX managed to launch 25 successful Falcon 9 missions, sent a dozen astronauts to space and drew a roadmap to mass commercialization with its Starlink satellite internet service. You can read the full email over at The Verge.>
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https://uk.motor1.com/news/542379/ssangyong-to-be-sold-260million/ "SsangYong to be sold for only £188 million It wasn't a buttery smooth ride for the South Korean automaker. SsangYong is reportedly getting a fresh start, thanks to a six-year-old electric vehicle startup. The South Korean automaker filed for bankruptcy in December 2020 and is currently under court receivership. According to Nikkei Asia, SsangYong named an Edison Motors-led tie-up as its preferred bidder. The deal is said to be worth around $260 million,(approx. £188 million) according to the publication's sources. The automaker and the bidder are expected to finalise and ink a corporate agreement towards the end of November. Edison was founded in 2015 and is known to make electric buses and develop commercial trucks. Its interest in SsangYong can be attributed to its intention to penetrate the passenger vehicle market, with the aim to mass-produce passenger EVs in the automaker's factory in Pyeongtaek. To say that SsangYong Motor has a smooth-sailing corporate life would be blatant lie. Starting its life in 1986, South Korea's fourth-largest automaker began its world-renown in 1991 with its high-profile partnership with Daimler, enabling it to develop an SUV with Mercedes-Benz technology. Then in 1997, Daewoo bought a controlling stake at SsangYong. That was short-lived as Daewoo then sold off its shares. Chinese automaker SAIC bought a 51 percent stake of SsangYong in 2004. In 2009, the company reported a $75.42 million (£54.63 million) loss, putting the company under court receivership. Mahindra & Mahindra took over the company in 2011, costing the Indian company $463.6 million (£335.8 million). And while it looked like the Korean automaker was back on its feet during its time with Mahindra, it could not recover completely, which led to its current debt-laden state today. SsangYong isn't about to give up despite its long trail of troubles. The company has announced a design concept called the X200 showing its intention to capitalise on the rising tide of boxy SUVs."
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https://www.bizjournals.com/pittsburgh/news/2020/06/24/gnc-files-for-chapter-11-bankruptcy-protection.html GNC. Maybe u guys want to look out for closing down sale or discounted sales from them.
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Forever 21 weighs bankruptcy filing Source: https://www.straitstimes.com/business/companies-markets/forever-21-weighs-bankruptcy-filing NEW YORK • Forever 21 is preparing for a potential bankruptcy filing as the fashion retailer's cash dwindles and turnaround options fade, according to people with knowledge of the plans. The company has been in talks for additional financing and is working with a team of advisers to help it restructure its debt, but negotiations with possible lenders have so far stalled, the people said. Focus has thus shifted towards securing a potential debtor-in-possession loan to take the company into Chapter 11, they said, even as some window remains to strike a last-minute deal that keeps it out of court. A bankruptcy filing would help the company shed unprofitable stores and recapitalise the business, said the people, who requested anonymity discussing private negotiations. Representatives for Forever 21 did not respond to a request for comment. Co-founder Chang Do-won had been focused on maintaining a controlling stake in the company, which limited its fund-raising options. A faction of Forever 21 officials, without the approval of Mr Chang, had asked its biggest landlords to consider taking a stake in the company amid a disagreement within its leadership, Bloomberg previously reported. Founded in 1984, Forever 21 operates more than 800 stores in the United States, Europe, Asia and Latin America. It was founded by South Korean husband-and-wife team, Mr Do and his wife Jin Sook, after they immigrated to the US. Outside the US, most of stores are franchised or operated in joint ventures with local partners. While there used to be as many as four outlets in Singapore, the brand has closed all but one store, which is at 313@Somerset. BLOOMBERG
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Oh no. Hope the stores in Singapore will remain open for years. I think Toy R Us gave us many memories in our childhood and now to parents as new found memories. It's a pity if it shuts down. Toys 'R' Us Files For Bankruptcy, But Will Keep Stores Openhttps://www.forbes.com/sites/laurengensler/2017/09/19/toys-r-us-bankruptcy/#4062f746574a Toys 'R' Us, the children's toy store struggling from a massive amount of debt and fierce online competition, has filed for bankruptcy. The retailer sought Chapter 11 bankruptcy protection late Monday evening in federal court, seeking a way out of the $5 billion in debt it has racked up. It said it would keep its 1,600 Toys 'R' Us and Babies 'R' Us stores open as normal heading into the busy holiday season. Toys 'R' Us has been crippled by debt since it was acquired by private equity firms KKR and Bain Capital, plus real estate company Vornado Realty Trust, in a $6.6 billion leveraged buyout in 2005. It had started the process of going public in 2010, but ultimately pulled the filing, citing "unfavorable market conditions." The company described the bankruptcy as a way to work with its creditors to get back on solid financial footing and invest in long-term growth in a difficult retail environment. "Today marks the dawn of a new era at Toys"R"Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way," said CEO Dave Brandon in a statement. The company has received more than $3 billion in debtor-in-possession financing from J.P.Morgan Chase and other lenders, which will help it sustain operations during the bankruptcy process. Toys 'R' Us, which began as a single store for baby carriages and cribs in Washington, D.C. in 1948, quickly became a favorite destination for children's toys. In recent years, the big-box retailer snatched up competitors like FAO Schwarz and KB Toys, pursued international expansion and slashed prices in an effort to continue attracting shoppers to its colorful aisles. However, sales have slipped in the face of competition from giants like Amazon and Wal-Mart. In its latest quarter, same-store sales fell by 4.1%, helping the retailer to post losses of $164 million. While Toys 'R' Us said the "vast majority" of its stores are profitable, it will likely be reevaluating at its physical footprint during the bankruptcy process. Toys 'R' Us joins a parade of other retailers that have sought bankruptcy protection this year, including shoe store Payless and children's clothing retailer Gymboree. Many other retailers have aggressively closed stores and laid off employees, instead shifting resources to online capabilities.
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interesting read of how Nissan turned their fortunes around by ceding the reins of the company to Mr Carlos Ghosn, which was unthinkable for a Jap company... http://www.channelnewsasia.com/news/cnainsider/outsider-rescued-nissan-brink-bankruptcy-carlos-ghosn-9462320
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Saab Files for Bankruptcy After All Rescue Plans Fail, This Could be the End It is sad news for the automotive world to learn of the demise of a company. Unfortunately, Monday December 19, will mark the end of the road for Swedish carmaker Saab
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Facing bankruptcy legal advice needed !!!
Pimpmycar posted a topic in Investment & Financial Matters
Husband in mid 50 is unable to pay off credit card loan of 60k, their 3 room hdb flat had been fully paid off. Here the question guys, what can the bank take from their home, old clothes underwear old cupboard ? They got a 11yr daughter if that the case will they take her shoes and toys laptop and bed also. Some of the item are bought by the monther so how to prove ? -
http://www.bbc.com/news/business-29961566
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[extract] After 27 years of operation in the US, Suzuki has announced that it will stop selling new automobile in the States though it will continue offering motorcycles, all-terrain vehicles and boat motors. American Suzuki Motor, the wholly owned U.S. distribution unit, has filed for Chapter 11 bankruptcy protection. Suzuki
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[extract] The Nurburgring is facing bankruptcy because its private operating company, Nurburgring GmbH, is no longer able to pay the interest on a
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Many would have already known about Saab's bankruptcy and the following aftermath. After the Swedish company filed for bankruptcy, several companies have made bids for the ailing company's remaining assets. They include China's Youngman, and India's Mahindra Mahindra and Tata Motors. And it was also reported that the company has a total debt of around $1500 million. In the latest twist to the Saab saga, a Swedish workers union, IF Metall, has send a letter to the United States president, Barack Obama, requesting for help in order to save the once proud Swedish marque. Most people might think that they are requesting for a bailout, like what happened to Chrysler. Instead, they want the United States government to pressure General Motors into releasing access to some of the technology licenses which are necessary to build the Saab 9-4X (pictured above) and the 9-5. By doing so, the Swedish automaker's new owners would be able to build Saabs once again providing salvation for over 4000 of Saab
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[extract] Many would already know the story of Saab
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[extract] We all know that Saab has filed for bankruptcy and the future of the Swedish automaker is uncertain. Swedish laws allow a bankrupt company to come out of bankruptcy if someone or some company injects the necessary amount of money in order to save it. There were reports that the Turkish government might be interested in the Swedish company. And at the same time, Chinese company Youngman has acquired Saab
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As I write this article (27/12/11), there will be only a few days left to 2011. Many things have happened in the automotive industry in 2011. This is not a list of the best or worst of 2011 in the automotive industry but more like a recap of some of the incidents/news that took place in the automotive world in 2011. Japan earthquake and tsunami catastrophe The 9.0 magnitude earthquake that happened in Japan on 11 March 2011 caused extensive damage to a lot of things. Not only properties and infrastructures were damaged, a significant number of human lives were lost as well. It was further made worse by a tsunami which was triggered by the earthquake. Video footage and images of people running to save their lives were broadcast on the news and it was a painful moment for everyone in the country. The earthquake also damaged a nuclear power plant which emitted harmful levels of radiation after that. On the business side, many automakers suffered huge losses when the earthquake and tsunami destroyed their manufacturing plants and new cars. Several of them had to shutdown their manufacturing operations and it took them months to get back at the same level before the disasters occurred. Toyota
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[extract] Over the past several days, many incidents happened with regards to the news of Saab
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[extract] I
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The District Court in V
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The bookstore open its first outlet in Singapore in 1997 and a movie "You've got mail" was shown in 1998 with a story of the mega bookstore chain that 'wipe' out smaller bookstores which was facing in most part of the world..... the point was i fell in love with Meg Ryan after that movie (remind me again in Sleepless in Seattle)....
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Bad credit & Ex-bankruptcy: this car for you:)
Whatisthis04 posted a topic in General Car Discussion
well if u hv bad credit & ex-bankruptcy then u can buy this car.... http://www.sgcarmart.com/used_cars/info.ph...040&DL=1000 hurry while stocks last -
Bankruptcy looms as Ssangyong dispute escalates. The fifth largest korean car maker has been in court-approved bankruptcy protection since February amid falling sales and mounting red ink. Troubles have deepened in the past two months with hundreds of dismissed workers occupying its a paint shop packed with flammable materials at its main plant to protest the massive layoffs. Unionists have been occupying the Ssangyong factory for more than two months to protest a major restructuring plan that calls for the shedding of 2,646 workers, or 36 percent of the work force. Some 1,670 have left the company voluntarily but nearly 1,000 opposed the move. Ssangyong motor is now waiting for court order for bankruptcy in Sep 2009. news reported from 腾讯新闻 03 Aug 09
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Need Help. Can car be transferred before bankruptcy?
Fsrkia posted a topic in General Car Discussion
can my dad transfer the car to me before bankruptcy? the bank haven really issue the letter yet. Will I be violating any law? -
I have a question on bankruptcy, I have a car under my dad' name so if my dad were to bankrupt, what will happen to my car? I am paying for the car totally, wil the creditors/banks take back the car? the car is still a liability(not yet breakeven) and have about 5 years to pay.. please advise me
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http://www.huffingtonpost.com/2009/02/20/s...g_n_168492.html Another one bites the dust...
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What will happen to all those GM's cars sold here. Will it all be grounded without supports service or business usual as through nothing have happen. There is "substantial doubt" about the ability of General Motors (GM) to stay afloat, the firm's auditors have said.
