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Coronavirus bringing record $1 trillion of new global corporate debt in 2020: report

Coronavirus bringing record $1 trillion of new global corporate debt in 2020: report

By: Marc Jones
Source: Reuters
Date of Publication: July 13th, 2020
Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated.
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Wall Street giant faces bipartisan fire in running unprecedented Fed bailout

Wall Street giant faces bipartisan fire in running unprecedented Fed bailout

By: VICTORIA GUIDA
Source: Politico
Date of Publication: June 2nd, 2020
BlackRock, a Wall Street titan that manages $7 trillion in assets, is facing growing scrutiny over its role at the center of the Federal Reserve’s massive bailout of U.S. corporations — and it's coming from all sides.
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Hertz files for bankruptcy

Hertz files for bankruptcy

By: Chris Isidore
Source: CNN Business
Date of Publication: May 24th, 2020
Hertz filed for bankruptcy Friday night, the latest victim of the sudden economic downturn sparked by the Covid-19 pandemic.
Uber and Lyft Drivers Sue for New York Unemployment Benefits

Uber and Lyft Drivers Sue for New York Unemployment Benefits

By: Noam Scheiber
Source: New York Times
Date of Publication: May 26th, 2020
In the latest challenge over their labor status, gig workers say the state is illegally failing to pay them jobless benefits in a timely way.
Cinemark Raising $250 Million in Debt Offering Amid Virus Crisis

Cinemark Raising $250 Million in Debt Offering Amid Virus Crisis

By: Etan Vlessing
Source: The Hollywood Reporter
Date of Publication: April 13th, 2020
The fresh cash follows Fitch Ratings and Moody's downgrading the exhibition giant's credit rating.
Hertz Bankruptcy And Fleet Liquidation Threaten To Make Mess Of Used-Vehicle Prices With Burst Of 'Pent-Up Supply'

Hertz Bankruptcy And Fleet Liquidation Threaten To Make Mess Of Used-Vehicle Prices With Burst Of 'Pent-Up Supply'

By: Wolf Richter
Source: Seeking Alpha
Date of Publication: May 25th, 2020
Here come the “bankruptcy-remote special-purpose subsidiaries” and $14.5 billion in rental-vehicle-backed securities. The Chapter 11 bankruptcy filing of Hertz Corporation and its US and Canadian subsidiaries threatens to make a royal mess of used-vehicle wholesale prices. Further valuation pressures and bigger losses for Hertz creditors, the entire rental car industry, and leasing companies that also have to dispose of their vehicles.
Yahoo Finance SP Global CEO.JPG

S&P Global CEO Speaks to Yahoo Finance

Source: Yahoo Finance
Date of Publication: May 19th, 2020
COVID-19- related corporate bankruptcies and debt defaults in the U.S. are on the rise. And it’s likely to get much uglier in the months ahead, despite efforts by lawmakers to shore up corporate balance sheets. “So far this year, we’re almost running at a rate of double the defaults of last year,” said S&P Global CEO Douglas Peterson on Yahoo Finance’s The First Trade. “We think that there is going to be an increase in default levels up to potentially 10% of the high yield debt [markets].” In April, the rate was 3.9%.
Navient statement on supporting federal and private student loan borrowers nationwide during COVID-19 pandemic _ Navient Corporation

Navient Statement on Supporting Federal and Private Student Loan Borrowers Nationwide During COVID-19 Pandemic

By: Navient
Source: Navient
Date of Publication: April 24th, 2020
Our mission at Navient is to support our student loan borrowers, regardless of where they live or go to college. We have a long history of assisting borrowers, including during times of crisis, with innovative programs and solutions. Today, we are using that experience to address the needs of those impacted by the COVID-19 crisis, whether they need assistance due to a health emergency, job loss or other economic impact. Our programs and solutions are available to all borrowers wherever they reside.
J. Crew Files for Bankruptcy in Virus’s First Big Retail Casualty_The New York Times

J Crew Bankruptcy

By: Vanessa Friedman, Sapna Maheshwari and Michael J. de la Merced
Source: New York Times
Date of Publication: May 4th, 2020
J. Crew filed for bankruptcy protection on Monday. It is the first major retailer to fall during the coronavirus pandemic, though other big industry names including Neiman Marcus and J.C. Penney are also struggling with the toll of mass shutdowns.