Climate startup that boasted a roster of celebrity backers & arranged carbon credits for Meta, Microsoft & other large companies files for bankruptcy

Climate startup Aspiration Partners Inc., which boasted a roster of celebrity backers and arranged carbon credits for Meta Platforms Inc., Microsoft Corp. and other large companies, filed bankruptcy weeks after its co-founder was arrested on fraud charges.

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.