|
|
|
|
|
Repair Chain's Cash Crunch; Ex-Defense Chief Testifies About Theranos; Retail Finance Risks
|
|
|
|
|
|
Good day. A Blackstone Group auto-repair chain is struggling, former Defense Secretary Jim Mattis testified about his involvement with failed blood-testing startup Theranos, and finance executives for retailers face an evolving set of risks as the pandemic drags on.
|
|
|
|
|
Rush-hour traffic in New York in 2019. Driving in the U.S. remains below pre-pandemic levels amid a cash crunch for Blackstone’s Service King.
PHOTO: LI MUZI/ZUMA PRESS
|
|
|
|
Blackstone’s Service King conserves cash. Service King Collision Repair Centers Inc. has begun to skip cash interest payments and tapped a line of credit as the pandemic has pushed down automobile traffic and raised costs for the business, WSJ Pro Bankruptcy reports.
|
|
|
A courtroom sketch showing former Defense Secretary Jim Mattis testifying at the criminal trial of Theranos founder Elizabeth Holmes in San Jose on Wednesday.
PHOTO: VICKI BEHRINGER
|
|
|
|
|
Retail finance chiefs navigate an uncertain future. Finance executives in the retail industry continue to face a multitude of challenges as they plan for the fall and the holiday season despite being generally optimistic on their companies’ earnings outlook.
|
|
|
|
|
|
Bankrupt jeweler Alex & Ani approved for debt-cutting plan. Jewelry retailer Alex & Ani LLC won court approval of a bankruptcy plan backed by all stakeholders eligible to vote. The bankruptcy plan swaps the company's nearly $112 million debt for equity and provides approximately $4.5 million in exit financing, Alex & Ani lawyer Allyson Smith said in Wednesday's court hearing.
Judge Craig Goldblatt of the U.S. Bankruptcy Court in Wilmington, Del. gave congratulations to the parties for taking a "moderately complicated case" and finding consensus after the retailer's June bankruptcy filing.
As part of the final plan, Alex & Ani founder and former CEO Carolyn Rafaelian agreed to sell her stake in a Bank of America credit facility split between herself and investor Lion Capital, while settling disputes between herself, Lion Capital, and Bank of America. — Alexander Saeedy
|
|
|
|
|
Fed Chairman Jerome Powell said Wednesday that a gradual tapering process ‘is likely to be appropriate.’
PHOTO: JOSE LUIS MAGANA/ASSOCIATED PRESS
|
|
|
|
Fed signals rate rises possible next year. The Federal Reserve signaled it was ready to start reversing its pandemic stimulus programs in November and could raise interest rates next year amid risks of a lengthier-than-anticipated jump in inflation.
|
|
|
|
|
"This is something that needed to happen and will ultimately be good for the Chinese credit market.”
|
— Christian Stracke, Pimco’s global head of credit research
|
|
|
|
|
|
|
|
|
|