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Hertz Liquidation Rattles ABS Lenders | PG&E Raises More Than $5 Billion | Judge OKs Windstream Chapter 11 Exit Plan | Jason Industries Files for Bankruptcy
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Good day. Asset-backed securities investors are balking at what they call Hertz Global Holdings Inc's assault—a bankruptcy bid to dump more than 25% of its rental fleet—on their securitization structure. PG&E Corp. said it expects to net more than $5 billion to help fund its emergence from chapter 11 bankruptcy. Windstream Holdings Inc. won approval of a restructuring strategy that puts Elliott Management Corp. and other senior creditors in control of the business while extinguishing more than $4 billion in debt. And Jason Industries Inc., which makes seats for Harley-Davidson Inc. motorcycles and John Deere tractors and others, has filed for chapter 11 bankruptcy with a lender-backed plan to cut about $250 million from its balance sheet.
Now for today's news...
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Hertz’s Plan to Liquidate Part of Rental Fleet Rattles ABS Lenders
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Hertz Global Holdings Inc.’s plan to cut its U.S. rental fleet by more than a fourth could upset the asset-based securitization market, a key mechanism for funneling Wall Street cash to businesses, a group of lenders says. Read More.
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PG&E Raises More Than $5 Billion Ahead of Bankruptcy Exit
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PG&E Corp. said it expects to net more than $5 billion to help fund its emergence from chapter 11 bankruptcy after pricing public offerings of common stock and equity units. Read More.
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Seat Maker Jason Industries Files for Chapter 11 Bankruptcy
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Jason Industries Inc., a maker of seats for Harley-Davidson Inc. motorcycles, John Deere tractors and others, filed for bankruptcy with a lender-backed plan to cut about $250 million from its balance sheet. Read More.
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Windstream Wins Approval for Elliott-Backed Chapter 11 Exit
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A bankruptcy judge approved Windstream Holdings Inc.’s restructuring strategy putting Elliott Management and other senior creditors in control of the business while extinguishing more than $4 billion in debt. Read More.
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The company and its franchisees operate more than 700 venues under the Chuck E. Cheese and Peter Piper Pizza brand names. PHOTO: ANTHONY RATHBUN/ASSOCIATED PRESS
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Chuck E. Cheese, Home of Kids’ Pizza Parties, Undone by Covid-19
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Chuck E. Cheese, the pizza chain synonymous with children’s birthday parties, filed for bankruptcy protection Wednesday after the Covid-19 pandemic shook its family-friendly business model to its core. Read More.
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GNC Wins Interim Approval to Tap Bankruptcy Financing
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A bankruptcy judge gave interim approval to GNC Holdings Inc. to start drawing on chapter 11 financing, despite bondholders’ protest that the vitamin seller is racing through bankruptcy on orders from senior lenders. Read More.
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Macy’s stores were closed starting March 18 and began reopening May 4; a spokeswoman said the company is watching the surge in coronavirus cases in several states closely. PHOTO: DEMETRIUS FREEMAN/BLOOMBERG NEWS
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Macy’s to Cut 3,900 Corporate Jobs
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Macy’s Inc. is laying off roughly 3,900 corporate staffers as the retailer, like other businesses, confronts a slow recovery from a coronavirus-induced economic crisis that wiped out its profits in the most recent quarter. Read More.
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‘Massive’ Forgery Helped Hide $3 Billion Hole
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A distressed energy-trading company overstated its assets by more than $3 billion using “routine and pervasive” forgery, while its founder oversaw years of disastrous bets on oil derivatives, a report filed with a Singapore court said. Read More.
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Mohegan Gaming & Entertainment has reopened its casinos after the mid-March closures because of Covid-19. However, the seasonally weak first half combined with the pandemic shutdowns produced a potential liquidity crisis for the regional tribal gaming operator. Read More.
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“That is an unfortunate result, obviously.”
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— U.S. Bankruptcy Judge Robert Drain on Windstream unsecured creditors recovering nothing under the company's chapter 11 plan
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GNC shares jumped as much as 71% in New York on Thursday even though the company’s turnaround plan warns shareholders they’ll be wiped out. (Bloomberg)
Boris Johnson has pledged hundreds of millions of pounds to invest in the collapsed satellite operator OneWeb, in a move that underlines the government’s push to put the U.K. at the forefront of space technology. (FT)
Modell’s Sporting Goods’ going-out-of-business sales are back on at more than 100 stores. (Footwear News)
A deal to sell the Philadelphia Energy Solutions oil refinery to a Chicago-based real estate developer is expected to close on Friday for $26.5 million less than originally agreed to, lawyers for the bankrupt refiner said in court on Thursday. (Reuters)
The big short on malls is the only distressed game in town. (Bloomberg)
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