November 20, 2019 / 10:48 PM / 23 days ago

Ride-hailing company Juno on road to Ch. 11 liquidation

New York ride-hailing company Juno USA LP on Wednesday sought an order to tap $1 million of a $4.5 million loan from its parent company to fund a bankruptcy liquidation it began a day earlier after succumbing to rising costs from local regulations and lawsuits.

Juno in a filing in U.S. District Court in Delaware said restructuring advisor Mackinac Partners had determined the debtor-in-possession financing from GT Gettaxi Ltd was likely the only bankruptcy loan available in light of the ride-hailing company having shut down.

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