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Lordstown's Tough Road Ahead; Hertz Bulls Get Chapter 11 Crash Course
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Good day. Lordstown Motors’ financial needs show how building a car manufacturer from the ground up requires ongoing infusions of capital, and why the auto industry is dotted with failed startups, including a number that had previously targeted the electric-vehicle market.
And as Hertz Global Holdings prepares to exit bankruptcy, it has thrust many of its retail shareholders into a process shaped by the interests of bigger institutions and wealthier investors.
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Lordstown Motors Corp.’s headquarters in Lordstown, Ohio.
PHOTO: DUSTIN FRANZ/BLOOMBERG NEWS
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Lordstown Motors Warning Highlights Cash Needs of EV Startups
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Lordstown Motors Corp.'s recent troubles, including its going-concern notice, could hamstring further fundraising efforts by the company, which has yet to generate any revenue from trucks, making getting its first one into production even more crucial. Read More.
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Hertz’s Mom-and-Pop Investors Face a Bankruptcy Process Not Designed for Them
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Individual stock traders looking to cash in winning bets on Hertz Global Holdings Inc. are in unfamiliar territory as the company exits chapter 11, finding themselves navigating a bankruptcy process that favors the interests of bigger, wealthier investors. Read More.
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$8
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Possible per-share payout as Hertz Global Holdings exits bankruptcy, made up of cash, securities and stock-buying rights
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Trading Software Business Adara Gets Approval of Bankruptcy Plan
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Trading software business Adara Enterprises Corp., which has ties to a 1990s spinoff by 3M Co., got its bankruptcy plan approved less than two months after filing for chapter 11. ESW Capital LLC, a billionaire-backed investment firm that regularly shops for reorganizing business-to-business tech companies, is acquiring the New York-based company.
ESW has been a preferred Adara shareholder as well as a secured lender, owed $12.8 million. Adara, formerly known as Imation Enterprises Corp., has been owned by GlassBridge Enterprises Inc., which has its roots in a 1996 data-storage spinoff by 3M. GlassBridge will receive some cash and intellectual property. —Becky Yerak
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SEC to Review Market Structure as Meme Stocks Stir Frenzy
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The Securities and Exchange Commission is considering changes to some of the stock market’s most fundamental rules in light of the surge in trading over the past year by individual investors in meme stocks such as AMC Entertainment Holdings Inc. and GameStop Corp. Read More.
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The troubled owner of Jessica Simpson’s brand is nearing a deal to sell its majority stake in the fashion line back to the singer and offload other assets as part of a potential Chapter 11 bankruptcy filing, according to people with knowledge of the plans. (Bloomberg)
LATAM Airlines Group, the region’s largest carrier, said on Wednesday that it had sought to extend until September the deadline to present its restructuring plan as part of the bankruptcy protection process initiated in 2020. (Reuters)
California’s drought is accelerating the start of the 2021 wildfire season — and intensifying the pressure on PG&E Corp. to prevent more mega-fires of the sort that drove the state’s largest utility into bankruptcy. (Sacramento Bee)
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