Bondholders in particularly hard-hit sectors like energy, travel and leisure have another issue to watch for as companies struggle to survive the economic shutdown – getting demoted by new debt issues.
As the coronavirus crisis gripped the U.S. economy and Congress approved hundreds of billions of dollars in emergency small business loans, Utah builder Clark Ivory knew what to tell his local colleagues.
Oil prices jumped again on Friday, gaining more ground as producers like Kuwait said they would move to cut output and as the United States approved another package to cope with the economic disruption caused by the coronavirus outbreak.
Oil prices jumped again on Friday, gaining more ground as producers like Kuwait said they would move to cut output and as the United States approved another package to cope with the economic disruption caused by the coronavirus outbreak. Brent crude was up $1.07, or 5%, at $22.40 by 0432 GMT, after having climbed 5% on Thursday. U.S. oil gained $1.12, or nearly 7%, at $17.62 a barrel, having surged 20% in the previous session. …read more […]
Several brokerages, including discount giant TD Ameritrade Corp are restricting customers from buying new positions in certain crude oil contracts after an unprecedented sell-off that sent prices below negative-$40 on Monday.
Job losses, pay cuts, extra bills to stockpile groceries all cut into a family’s ability to pay the rent, the car loan and juggle other bills. …read more […]
(Bloomberg) — Hertz Global Holdings Inc. brought in restructuring advisers to rework the rental-car company’s debt amid a bleak outlook for business trips and vacations.Management is seeking advice from restructuring bankers at Moelis & Co. on ways to boost liquidity and avoid filing for Chapter 11 bankruptcy, according to people familiar with the situation.One of the options that has been under discussion with bankers is raising cash by issuing new debt, Bloomberg previously reported. The maneuver would need an amendment to a secured debt facility, the people said, asking not to be identified while discussing a private matter. The situation …read more […]
Asian shares and U.S. stock futures fell on Friday, spurred by doubts about progress in the development of drugs to treat COVID-19 and new evidence of U.S. economic damage caused by the coronavirus pandemic.
Hertz Global Holdings Inc is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday. The Estero, Florida-based company, whose largest shareholder is billionaire investor Carl Icahn, is reeling from the impact of the pandemic on global travel. Hertz has enlisted restructuring experts at law firm White & Case LLP and investment bank Moelis & Co to help it address a cash crunch that has made its $17 billion debt pile potentially unsustainable, the sources said. …read more […]
Virgin Australia Holdings Ltd owes A$6.9 billion ($4.39 billion) to more than 10,000 creditors based on an initial review and will seek a three-month payment waiver from aircraft lessors, according to the company’s administrators.
(Bloomberg) — An investor who’s consistently topped peers betting on stocks in the developing world says the asset class has never looked so promising.Leon Eidelman, whose $7.4 billion JPMorgan Emerging Markets Equity Fund has trounced 96% of peers through five years, said the firm forecasts 18% annualized returns for a basket of some 1,200 developing-nation stocks over the next half decade. The JPMorgan model jumped to an all-time high last month. He says his fund, which has about half its money in China and India, will do even better.About 19% of Eidelman’s portfolio is invested in four Asian technology firms: …read more […]
(Bloomberg) — Treasury Secretary Steven Mnuchin said he’s considering the creation of a government lending program for U.S. oil companies, which are looking for federal aid as they cope with a devastating plunge in prices.“One of the components we’re looking at is providing a lending facility for the industry,” Mnuchin said in a Bloomberg News interview on Thursday. “We’re looking at a lot of different options, and we have not made any conclusions.”The program would be run out of the Federal Reserve, according to a person familiar with the matter. The administration is also considering taking financial stakes in exchange …read more […]
Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic.
Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic. “The disruption relating to the coronavirus is set to cause the steepest fall in global GDP since the Second World War,” Capital Economics said in a note, forecasting a 5.5% contraction in global economies this year, dwarfing the 0.5% fall seen during the global financial crisis. …read more […]
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