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The Failure of Tsinghua Unigroup Tests China’s Tech Ambitions

In 2015, an obscure company run by a real estate mogul woke the world to China’s ambitions in semiconductors, the foundational technology that powers computing. Laden with state funding and political backing, the company made jaws drop with a $23 billion bid to buy the American chip maker Micron.Six years on, China’s would-be microchip champion looks more like a national disappointment. The company, Tsinghua Unigroup, said this month that one of its creditors had initiated bankruptcy proceedings, raising the prospect that it could be broken up.Tsinghua Unigroup’s flagging financial fortunes are an uncomfortable failure for Chinese officials, …

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The Ghosts of Brooks Brothers

ENFIELD, Conn. — The bones of Brooks Brothers stores are scattered across 100,000 square feet here in a warehouse near the Massachusetts border, mixed in with a sea of cardboard boxes and junk.There are legions of mannequins, empty circular tables that once displayed neckties, posters of horseback-riding gentlemen from a bygone era. There is a whole section of Christmas trees and countless gold-painted ornaments of sheep suspended by ribbon — a Brooks Brothers symbol since 1850 known as the Golden Fleece. Blank order forms for tailors are strewn about. A neon sign that apparently still works. There is no apparel, but there are …

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Greensill Capital: The Collapse of a Company Built on Debt

LONDON — The courthouse should have already been closed for the day.At a hearing that began at 5 p.m. on March 1, lawyers for Greensill Capital desperately argued before a judge in Sydney, Australia, that the firm’s insurers should be ordered to extend policies set to expire at midnight. Greensill Capital needed the insurance to back $4.6 billion it was owed by businesses around the world, and without it 50,000 jobs would be in jeopardy, they said.The judge said no; the company had waited too long to bring the matter to court. A week later, Greensill Capital — valued at $3.5 billion less …

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Paper Source Files for Bankruptcy, Frustrating Cardmakers

“Hell hath no fury like a stationer scorned.”That was the opening salvo of an Instagram post last week from Lisa Krowinski, founder of Sapling Press, a letterpress design and print shop in Pittsburgh. Ms. Krowinski was reeling after Paper Source, the stationery chain with 158 stores, abruptly filed for bankruptcy on March 2. Her five-person business had fulfilled big orders from the chain in January and February, and was owed more than $20,000 for items like Father’s Day cards and tea towels.The post attracted a slew of comments from other frustrated cardmakers — a niche industry dominated by female entrepreneurs — who …

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Europe’s Bankruptcies Are Plummeting. That May Be a Problem.

PARIS — Romain Rozier’s cafe should be bankrupt by now.Since the coronavirus hit last spring, sales at the once buzzing lunch spot in northern Paris are down 80 percent. The only customers on a recent day were a couple of UberEats couriers and a handful of people spaced far apart at the counter, ordering takeout.“We’re at death’s door,” Mr. Rozier said, tallying the 300 euros ($365) he had made from the lunch shift, well below the €1,200 he used to pull in. “The only reason we haven’t gone under is because of financial aid.”France and other European countries …

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The N.R.A. Wants to ‘Dump’ Its Regulators via Bankruptcy. Will It Succeed?

Not long after the National Rifle Association declared bankruptcy last Friday, one of its board members wanted to set the record straight.“It has nothing to do with the N.R.A.’s financial posture, which is very, very strong,” said Bob Barr, a former Republican congressman from Georgia, in a TV interview. “It simply is a legal vehicle to move under protection of federal laws, to escape the abuse by the New York authorities.”The organization’s audacious bankruptcy filing, in which it is not actually claiming to be insolvent, seeks to use the bankruptcy process to circumvent regulators …

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