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Search resuls for: "Gladstone"


11 mentions found


☆ FTX Files for Bankruptcy, CEO Sam Bankman-Fried Resigns
  + stars: | 2022-11-11 | by ( Caitlin Ostroff | Vicky Ge Huang | Alexander Gladstone | ) www.wsj.com   time to read: 1 min
Beleaguered cryptocurrency platform FTX filed for bankruptcy protection Friday, and Chief Executive Sam Bankman-Fried resigned. FTX and a bevy of affiliates said they had more than 100,000 creditors and tens of billions of dollars in assets and liabilities. It is the largest crypto-related bankruptcy ever, and a demise remarkable for its swiftness as well as its size.
☆ FTX Digital Markets Assets Frozen in the Bahamas
  + stars: | 2022-11-10 | by ( Alexander Gladstone | ) www.wsj.com   time to read: 1 min
The Securities Commission of the Bahamas said that it froze the assets of FTX Digital Markets Ltd. and related parties on Thursday and appointed a provisional liquidator. FTX Digital Markets, based in the Bahamas, is a subsidiary of cryptocurrency exchange FTX Trading Ltd., led by founder Sam Bankman-Fried. The powers of the directors of FDM have been suspended and no assets held by the firm can be transferred without the provisional liquidator’s approval, the commission said.
☆ Carvana’s Earnings Crash Spurs Bond Selloff
  + stars: | 2022-11-09 | by ( Alexander Gladstone | Alexander Saeedy | ) www.wsj.com   time to read: 1 min
Carvana Co. ’s bonds are touching all-time lows, spotlighting investors’ concerns about the used-car seller’s long-term trajectory as it burns cash and faces rising borrowing costs. Carvana’s long-term bonds have declined to distressed levels, with some now trading as low as 33 cents on the dollar on Wednesday, a sign that investors don’t believe they will be paid back in full. The yield on their 10.25% notes was over 30% as of Tuesday, according to MarketAxess , a sign that Carvana would struggle to borrow from bond markets presently.
☆ Oregon man accused of abducting, sexually abusing Canadian child he met online
  + stars: | 2022-11-01 | by ( The Associated Press | ) www.nbcnews.com   time to read: +1 min
PORTLAND, Ore. — U.S. prosecutors have accused an Oregon man of abducting a Canadian child he met online, taking her across the border and into the U.S. his vehicle’s trunk and sexually abusing her. Madrano, 41, allegedly traveled to Canada to meet the girl in person twice before taking her into the United States. He took her to a hotel room in Canada, sexually abused her and made videos of the abuse, according to an affidavit in support of a criminal complaint. On July 2, FBI agents and Oregon City police found Madrano and the girl in the Oregon City hotel. Madrano was arrested and the girl was returned to her parents in Edmonton, Canada, according to prosecutors and court records.
☆ Junk-Rated Companies Search for the Right Time to Tap Investors
  + stars: | 2022-10-16 | by ( Nina Trentmann | ) www.wsj.com   time to read: +8 min
While there is limited pressure overall as many businesses refinanced in 2020 and 2021 when funding was cheaper and investor appetite stronger, high-yield companies with immediate financing needs have to find the right time to tap investors, corporate bankers say. Adding loans and revolving-credit facilities, speculative companies have maturities of around $1.47 trillion through 2027, ratings firm Moody’s Investors Service said last week. And the high-yield bond market isn’t closed, it has just become more expensive, bankers said. Movie theater chain AMC Entertainment Holdings Inc. on Friday said that its subsidiary Odeon Finco PLC priced a $400 million bond. Bankers said they have received few calls from triple C-rated companies in recent months looking for maturity extensions.
☆ In Puerto Rico’s Troubled Energy System, McKinsey Gets Paid by Both Government and Vendors
  + stars: | 2022-10-10 | by ( Alexander Gladstone | ) www.wsj.com   time to read: 1 min
McKinsey & Co., the consulting powerhouse that advises not just Puerto Rico’s government but also the primary contractors and vendors for the island territory’s energy system, is facing scrutiny in the wake of the power grid’s continued dysfunction. Since McKinsey was hired as the top consultant to Puerto Rico’s financial-oversight board, which oversees public spending, the firm has helped officials shape efforts to overhaul the territory’s electricity system through a privatization process that resulted in a venture backed by one of McKinsey’s clients winning the lucrative contract to operate the grid.
☆ Australia rules out curbs on gas exports after producer deal
  + stars: | 2022-09-29 | by ( Sonali Paul | ) www.reuters.com   time to read: +2 min
MELBOURNE, Sept 29 (Reuters) - Australia will not put curbs on gas exports after reaching a deal with its three east coast producers of liquefied natural gas (LNG) to avert a forecast supply crunch, Resources Minister Madeleine King said on Thursday. The pact unveiled on Thursday provides for Queensland Curtis LNG, run by Shell, Australia Pacific LNG, run by ConocoPhillips (COP.N), and Gladstone LNG, run by Santos (STO.AX), to offer an extra 157 petajoules of gas to the domestic market next year. The terms require the LNG exporters to offer uncontracted gas to the domestic market before international buyers and ensure domestic buyers will not pay more for uncontracted gas than customers offshore. This is because it is the only east coast exporter to take more gas out of the domestic market each year than it supplies. GLNG agreed to step up domestic supply during Australia's peak winter demand period, Santos said.
☆ Cineplex Seeks to Revive Regal Merger After Cineworld Bankruptcy
  + stars: | 2022-09-28 | by ( Alexander Saeedy | Alexander Gladstone | Andrew Scurria | ) www.wsj.com   time to read: 1 min
Resume SubscriptionWe are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service.
☆ Crypto Crash Pulls Bitcoin-Mining Host Compute North Into Bankruptcy
  + stars: | 2022-09-23 | by ( Alexander Gladstone | Akiko Matsuda | ) www.wsj.com   time to read: 1 min
Resume SubscriptionWe are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service.
☆ Analysis: Overstretched U.S. companies feel pinch of higher borrowing costs
  + stars: | 2022-09-20 | by ( Matt Tracy | ) www.reuters.com   time to read: +5 min
Sharpie markers owned by Newell Brands are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew KellySept 20 (Reuters) - When U.S. consumer products company Newell Brands Inc (NWL.O) refinanced $1.1 billion worth of bonds earlier this month, it saw its borrowing costs jump by more than half. Register now for FREE unlimited access to Reuters.com RegisterA Newell Brands spokesperson did not respond to a request for comment. But most companies with junk-rated debt have significant exposure to higher interest rates. HIGHER BANKRUPTCY RISKThe burden of higher interest payments is expected to lead to more companies filing for bankruptcies.
☆ Puerto Rico Re-Examines Plan to Fix Power Grid as Fiona Cuts Electricity
  + stars: | 2022-09-19 | by ( Andrew Scurria | Alexander Gladstone | ) www.wsj.com   time to read: 1 min
Resume SubscriptionWe are delighted that you'd like to resume your subscription. You will be charged $ + tax (if applicable) for The Wall Street Journal. You may change your billing preferences at any time in the Customer Center or call Customer Service. You will be notified in advance of any changes in rate or terms. You may cancel your subscription at anytime by calling Customer Service.
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