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Title: Climate Firm That Partnered With Meta, Microsoft Goes Bankrupt

Link: https://slashdot.org/story/25/04/03/1653226/c...

Climate startup Aspiration, which boasted a roster of celebrity backers and
arranged carbon credits for Meta Platforms, Microsoft and other large
companies, filed bankruptcy weeks after its co-founder was arrested on fraud
charges. From a report: CTN Holdings, as the company is now known, has about
$170 million in debt. The goal of the bankruptcy is to sell its assets as
quickly as possible in order to repay creditors, chief restructuring officer
Miles Staglik said in a court filing. The pool of potential bidders is small
and the nature of the CTN's ventures will likely require more cash and "long
term horizons before any potential value could be realized for creditors,"
Staglik said. The bankruptcy was filed after co-founder Joseph Sanberg was
charged by federal prosecutors with conspiring to defraud two investor funds
of at least $145 million, according to a US Department of Justice
announcement earlier this month. The charges involve his personal conduct and
don't implicate CTN or its affiliates "in any criminal activity," said
Staglik, a managing director at CR3 Partners that's been hired as CTN's
restructuring adviser.

Read more of this story at Slashdot.

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