Bankruptcy Pro Briefing: Hertz Seeks CEO After Bankruptcy; Delta Variant renews its calls for help

0

Good day. Investors who bought Hertz Global Holdings from its pandemic bankruptcy are looking for a new chief executive, and the spread of the Delta variant is clouding the outlook for restaurants, gyms and other businesses, renewing calls for more federal help.

Elsewhere, the city of Harrisburg, Pa., Won a court ruling against its former lawyers and bankers, while drugmaker Endo International reached another opioid settlement.

Top news

Hertz is looking for a new CEO after bankruptcy. Hertz Global Holdings Inc. is in talks to appoint a new chief executive, as the car rental company resets after coming out of bankruptcy under a new owner, people familiar with the matter have said. Several qualified candidates have expressed interest in the CEO role, and Hertz would like the decision to be made before the company goes public on a major exchange.

Hard-hit industries renew appeals for help from Covid-19. Restaurants, live event businesses and gyms are among industries renewing calls for Congress to provide additional financial assistance amid signs rising Covid-19 cases are slowing activity American economy. Dining establishments in particular are facing a whiplash, as the Delta variant prompts some to shut down meals indoors again.

Distress

Councilors cannot avoid lawsuits against the ill-fated Harrisburg incinerator. The city of Harrisburg, Pa., May continue to advance legal claims that lawyers and bankers misled city officials by backing a $ 360 million incinerator project that wrecked the finances of the state capital, a Pennsylvania court ruled. The 95-page decision said that while Pennsylvania Gov. Tom Wolf’s administration did not have legal status as a plaintiff, many of the claims filed by the City of Harrisburg coordinator, Marita Kelley, were strong enough. to continue.

Endo moves to New York, seeks a broader deal. Endo International PLC has agreed to pay $ 50 million to resolve the opioid crisis with New York State and County authorities as the drugmaker pursues a broader resolution of its opioid-related responsibilities. Endo still faces nearly 3,000 other pending court cases against her from Native American states, counties, towns and tribes over opioids, which the company said Thursday it was focusing on resolving.

International

Chinese real estate bonds are selling on Evergrande. Bonds from lower-rated Chinese real estate developers fell sharply after warnings of a potential default from industry giant China Evergrande Group sent investors scrambling to protect themselves from problems elsewhere in their portfolios.

Markets

The abandonment of Libor is fueling sales of risky debt. Managers of secured loan bonds – securities made up of loans bundled with bad credit ratings – are rushing to close deals before the year-end drop of the London interbank offered rate. For CLO portfolio managers on Wall Street, offering trades allows them to lock in new income, rather than waiting to see how the Libor transition affects the market.

$ 19.2 billion

CLO issue in the United States in August, a monthly data record dating back a decade, according to data from S&P Global Market Intelligence

In other news

Luxury furniture retailer ABC Carpet & Home on Friday obtained court approval to tap part of a $ 5.7 million loan to fund its operations while it is bankrupt. (Reuters)

A group of creditors of Talen Energy Corp. is looking to increase its size and exert more influence ahead of debt talks with management, according to people familiar with the matter. (Bloomberg)

 

(END) Dow Jones Newswires

September 13, 2021 08:49 ET (12:49 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.


Source link

Share.

Leave A Reply