J.C. Penney Co Inc needs to exit bankruptcy proceedings in just a matter of months to survive the unprecedented financial strain of prolonged store closures due to the COVID-19 pandemic, a lawyer for the iconic U.S. department store chain said during a court hearing on Saturday.
Canadian Prime Minister Justin Trudeau said on Saturday he would look at possible ways to help airlines further, but laid out no new measures after the country’s biggest airline announced mass layoffs due to the coronavirus pandemic. Air Canada said on Friday it would cut its workforce by up to 60% as the airline tries to save cash amid the COVID-19 pandemic and adjust to a lower level of traffic. “This pandemic has hit extremely hard on travel industries and on the airlines particularly,” Trudeau said in a briefing in Ottawa. …read more […]
(Bloomberg) — More than $8 trillion has been thrown at the Covid-19 crisis by governments around the globe and hundreds of billions more by central banks from Washington to Wellington. And that means investors are finding a swath of opportunities from investment-grade bonds to emerging-market equities.Looking where central banks themselves are buying, even if it’s been well flagged, still has merits, according to portfolio managers at Western Asset Management Co. and JPMorgan Asset Management. Areas of China’s vast bond market, including junk-rated company debt, are yet to benefit and have room to catch up with more highly-rated peers as authorities …read more […]
J.C. Penney Co Inc said on Saturday a U.S. Bankruptcy Court will allow it to keep paying wages and benefits to workers who will remain on the job after the U.S. department store chain filed for Chapter 11 protection from creditors, and also to pay vendors for goods delivered to its stores.
Around 600 banks, most of them small community institutions, tapped the Federal Reserve’s Paycheck Protection Program facility for about $30 billion of loans as of May 6, the U.S. central bank reported on Saturday in its first detailed disclosure under the new program.
Italian Prime Minister Giuseppe Conte said on Saturday that Fiat Chrysler Automobiles NV (FCA) was entitled to apply for Italy’s state guarantees on loans as the automaker employed thousands of people in the country, even though its legal base is located abroad.
Fiat Chrysler (FCA) has asked the Italian government for a state-backed three-year loan, to help the automaker pay suppliers and continue its investment plan in the country, UILM union said on Saturday.
J.C. Penney Co Inc filed for bankruptcy protection on Friday with plans to permanently close some stores and also explore a possible sale, making it the latest brick-and-mortar retailer to crumble as prolonged store closures in response to the COVID-19 pandemic drive a final stake through long-troubled businesses. The U.S. department store chain, known for selling family apparel, cosmetics and jewelry at roughly 850 locations, said it reached an agreement with existing lenders for $900 million of debtor-in-possession financing to aid operations while it navigates bankruptcy proceedings in federal court in Corpus Christi, Texas. The loan consists …read more […]
Canadian Prime Minister Justin Trudeau said on Saturday he would look at possible ways to help airlines further, but laid out no new measures after the country’s biggest airline announced mass layoffs due to the coronavirus pandemic.
The legislation, which is expected to be ignored by the Republican-controlled Senate (at least in its current form), would have considerable implications for student loan borrowers. …read more […]
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