One month after furloughing its entire 900-person workforce, Bitwise Industries has filed for Chapter 7 bankruptcy.
The failed Fresno-based tech and real estate filed for bankruptcy in a Delaware federal court on Wednesday.
The big picture: Bitwise’s bankruptcy filing reported $252.03 million in total financial liabilities – $212 million from the main Bitwise Industries company while the rest from its other corporations, including Alpha Works Technologies, LLC and Bruce’s Bagels, Beverages and Bites, LLC.
- The company reported that $12.7 million of the liabilities is secured by property, and over $239 million is for nonpriority unsecured claims.
- Bitwise also reported $175.51 million in assets, which includes a cash on hand amount of $635. The company’s assets also include a $167,325 certificate of deposit with Central Valley Community Bank and a standby letter of credit with US Bank for $140,250.
- Court documents reveal that Bitwise owes an undetermined amount of taxes in Alabama, Florida, Hawaii, Indiana, Nevada, New York, Ohio, Texas, Virginia, Washington and Wyoming.
Go deeper: Over 1,000 creditors are listed in the filing, including the Central California Food Bank, the Central Valley Community Foundation and the Fresno Chaffee Zoo.
- 906 Ventures, LLC – a company tied to the Walton Family of Walmat – is the largest creditor in the filing at $10 million, as well as unliquidated amounts. 906 Ventures has a $15.5 million claim, according to the filing.
- The filing also lists employees that Bitwise owes reimbursement to, including $53,217 for former co-CEO Jake Soberal and $33,496 for former co-CEO Irma Olguin.
