Why Uber is leaving Lyft, UberX, and others in bankruptcy: The tech news is on the line

Posted June 02, 2018 11:03:33What would a bankruptcy ruling look like?

What does it mean for you if you are one of the tens of thousands of people who are now facing bankruptcy?

What do you think about this week’s bankruptcy filing?

What are you waiting for?

Let’s find out!

The Wall Street Journal reported last week that Uber had filed for Chapter 11 bankruptcy protection.

The WSJ reported that Uber is seeking to reduce its debt to about $1.4 billion.

This is in addition to a $500 million cash shortfall, the WSJ noted.

Uber was already in Chapter 11 in 2014 and again in 2016.

However, the company was forced to file for bankruptcy protection after a series of legal battles.

Its creditors, including some former employees, filed a class-action lawsuit against the company in 2017.

Uber has a pending class-wide lawsuit against Lyft.