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☆ Spirit Airlines extends debt refinancing deadline hours before expiration
▼ + stars: | 2024-10-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024. Spirit Airlines on Friday said it reached an agreement with its credit card processor to again extended a debt refinancing timeline to December, hours before it was set to hit its deadline. Spirit said in a filing late Friday that earlier this week it drew down the entirety of its $300 million revolving credit facility and expects to end the year with just over $1 billion in liquidity. The deadline was previously set in September and had been extended until Oct. 21 before the Friday change. The airline's stock closed at a new low Friday, down roughly 3%, at less than $1.50 per share.

Persons: Spirit, Perella Weinberg Organizations: Spirit Airlines, Austin, Bergstrom International Airport, Pratt & Whitney, JetBlue Airways, Street Journal, Perella Weinberg Partners Locations: Austin , Texas, Miramar , Florida

☆ I find Elon Musk's foray into politics 'really off-putting', says Musk biographer Walter Isaacson
▼ + stars: | 2024-10-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI find Elon Musk's foray into politics 'really off-putting', says Musk biographer Walter IsaacsonWalter Isaacson, ‘Elon Musk’ author, Perella Weinberg Partners advisory partner and Tulane professor, joins 'Squawk Box' to discuss the fifth test flight of SpaceX’s Starship rocket, Tesla's pivot to AI and robotics, the company's robotaxi reveal, Elon Musk's endorsement of former President Trump, and more.

Persons: Elon, Walter Isaacson Walter Isaacson, ‘ Elon Musk, Perella Weinberg, Elon Musk's, Trump Organizations: Perella Weinberg Partners, Tulane

☆ Walter Isaacson on the AI tech race, xAI vs. OpenAI and Elon Musk's mission
▼ + stars: | 2024-10-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalter Isaacson on the AI tech race, xAI vs. OpenAI and Elon Musk's missionWalter Isaacson, ‘Elon Musk’ author, Perella Weinberg Partners advisory partner and Tulane professor, joins 'Squawk Box' to discuss the state of the AI tech race, Elon Musk's vs. Sam Altman, and more.

Persons: Walter Isaacson, OpenAI, Elon Musk's, ‘ Elon Musk, Perella Weinberg, Sam Altman Organizations: Perella Weinberg Partners, Tulane

☆ Spirit tumbles to record low on report it's exploring a bankruptcy filing. Here's how it got here
▼ + stars: | 2024-10-04 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Spirit Airlines shares tumbled to a record low on Friday after a report that it's exploring Chapter 11 bankruptcy protection. A bankruptcy filing would mark a dramatic turn for the carrier with its iconic yellow planes that caters to budget-conscious travelers. After the JetBlue deal fell apart, Spirit said in January that it was looking at options to refinance its debt. A Spirit spokesman declined to comment on a the Wall Street Journal report that the carrier is considering a bankruptcy filing. Shares of Frontier Airlines, which originally planned to merge with fellow budget airline Spirit before JetBlue swooped in in 2022, surged 16% on Friday.

Persons: Spirit, Brandon Oglenski, we've, Ted Christie, we're, Perella Weinberg Organizations: Spirit Airlines, JetBlue Airways, Pratt & Whitney, JetBlue, Barclays, Journal, Perella Weinberg Partners, Frontier Airlines, Spirit, JetBlue swooped

☆ Elon Musk's pay package victory would be a 'great vote of confidence' in him, says Walter Isaacson
▼ + stars: | 2024-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailElon Musk's pay package victory would be a 'great vote of confidence' in him, says Walter IsaacsonWalter Isaacson, Perella Weinberg Partners advisory partner and 'Elon Musk' author, joins 'Squawk on the Street' to discuss the partner's reaction to Elon Musk's affirmed pay package, the dilution shareholders will experience, and more.

Persons: Walter Isaacson Walter Isaacson, Perella Weinberg, Elon Musk, Elon Musk's Organizations: Elon, Perella Weinberg Partners

☆ Pickering Energy Partners launches oil and gas investment banking unit
▼ + stars: | 2023-09-01 | by ( David French | ) www.reuters.com time to read: +3 min

Sept 1 (Reuters) - Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy. The launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016. Houston-based PEP has an existing investment banking unit that focuses solely on energy transition, while the firm's other offerings include equity research, investment funds, and consulting services. All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work. Banks including BNP Paribas (BNPP.PA), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) have pulled back from oil and gas dealmaking over the past few years.

Persons: Dan Pickering, Tudor, Perella Weinberg, dealmakers, Jason Kivett, Robyn Underwood, Pickering, Banks, David French, Anirban Sen, Sherry Jacob, Phillips Organizations: Pickering Energy Partners, Holt & Co, Barclays Plc, Houston, BNP, Bank of Montreal, Bank of Nova, Credit Suisse, UBS Group AG, Reuters, Thomson Locations: Pickering, Bank of Nova Scotia, New York

☆ Private equity firm Veritas makes takeover offer for BlackBerry, source says
▼ + stars: | 2023-08-25 | by ( Greg Roumeliotis | ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsAug 25 (Reuters) - Private equity firm Veritas Capital has made an offer to buy BlackBerry Ltd (BB.TO), according to a person familiar with the matter, months after the Canadian technology company began a strategic review. Veritas and Blackberry did not immediately respond to Reuters requests for comment. Veritas has made an offer for the entire company, the source said, adding that BlackBerry is also in talks with other potential buyers. Morgan Stanley (MS.N) and Perella Weinberg Partners are acting as financial advisors to BlackBerry for the strategic review. Bloomberg News reported the talks between Veritas and BlackBerry earlier on Friday.

Persons: Mike Blake, Morgan Stanley, Perella Weinberg, Chavi Mehta, Shweta Agarwal, Grant McCool Organizations: REUTERS, Veritas Capital, BlackBerry, Veritas, Malikie Innovations, Perella Weinberg Partners, Bloomberg News, Thomson Locations: Irvine , California, U.S, Canadian, Bengaluru

But the plunge in the deal pipeline prompted soul-searching and job-hopping among investment bankers accustomed to a feast. Barclays, which has struggled to retain bankers following a shake-up in the management of its investment banking division, has lost at least nine top technology bankers in recent weeks. Traditionally, smaller firms have been reluctant to offer investment bankers guaranteed compensation, in order to have more of their pay tied to performance. Alan Johnson, managing director of compensation consultancy Johnson Associates, said that first-year guarantees were common practice in the hiring of investment bankers, but second-year guarantee used to be rare. "You get paid a higher percentage of revenue than in a big bank, but you have to generate the revenue with perhaps less help," Johnson said.

Persons: Goldman Sachs, Sam Britton, Britton, Anthony Keizner, Goldman, Nick Pomponi, Rob Chisholm, Troy Broderick, Goldman's, Perella Weinberg, Laurence Braham, Richard Hardegree, Steve Markovich, Ron Eliasek, Jason Auerbach, Alan Johnson, Johnson, Milana Vinn, Anirban Sen, Greg Roumeliotis, Jamie Freed Organizations: YORK, Goldman, Bank of America, Barclays, Qatalyst Partners, Jefferies Financial, Technology, LSEG, Intelligence, Search, Evercore, UBS, Centerview, Jefferies, SVB Securities, Bank, Reuters, Johnson Associates, Thomson Locations: Qatalyst, New York

LONDON, June 14 (Reuters) - Deutsche Bank (DBKGn.DE) has added three senior dealmakers to its team of bankers advising other financial institutions, such as insurance companies and lenders, according to a memo seen by Reuters on Wednesday and confirmed by a company spokesperson. It has hired Marie-Soazic Geffroy as global co-head of its Financial Institutions Group (FIG) from Perella Weinberg Partners (PWP.O). Based in Paris, she will lead the industry group alongside Jeff Cady, who is set to join the bank in New York from Citigroup (C.N). The bank has also appointed Chris Williams as FIG chairman for Europe, the Middle East and Africa (EMEA). Citigroup's Aaron Saperstein is also set to join Deutsche Bank in New York as head of diversified financials, covering speciality finance companies and financial technology lenders.

Persons: Marie, Soazic, Perella Weinberg, Jeff Cady, Chris Williams, Citigroup's Aaron Saperstein, Pablo Mayo Cerqueiro, Stefania Spezzati, Mark Potter Organizations: Deutsche Bank, Reuters, Group, Citigroup, Credit Suisse, Deutsche, Thomson Locations: Paris, New York, Europe, East, Africa

☆ Watch CNBC's full interview with Tulane University's Walter Isaacson
▼ + stars: | 2023-06-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Tulane University's Walter IsaacsonWalter Isaacson, Tulane University history professor and advisory partner at Perella Weinberg Partners, joins 'Halftime Report' to discuss the A.I. transformation, how A.I. could create new jobs, and the importance of intuitive user interfaces.

Persons: Tulane University's Walter Isaacson Walter Isaacson Organizations: Tulane, Tulane University, Perella Weinberg Partners

☆ Intuitive user interfaces is an important factor for A.I. adoption, says Tulane's Walter Isaacson
▼ + stars: | 2023-06-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIntuitive user interfaces is an important factor for A.I. adoption, says Tulane's Walter IsaacsonWalter Isaacson, Tulane University history professor and advisory partner at Perella Weinberg Partners, joins 'Halftime Report' to discuss the A.I. transformation, how A.I. could create new jobs, and the importance of intuitive user interfaces.

Persons: Tulane's Walter Isaacson Walter Isaacson Organizations: Tulane University, Perella Weinberg Partners

The investors, who hold some Casino bonds maturing in 2026 and 2027, are seeking to move quickly before details of the tie-up are agreed, the sources added. Other debt being left out of the joint venture could have lower prospects to recover its full value. Casino does not require consent from bondholders to potentially push their holdings into the joint venture, according to two sources. Unrestricted status would allow the joint venture to potentially list on a stock exchange and receive capital from a third party. Casino and Teract said in a joint statement in March that discussions have already started with potential investors about providing the additional capital.

☆ Bank of London weighs rescue bid for Silicon Valley Bank's UK arm, Sky News reports
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - British clearing bank The Bank of London is considering a rescue bid for the UK arm of collapsed U.S. bank Silicon Valley Bank (SIVB.O), Sky News reported on Saturday. The British bank has appointed investment bank Perella Weinberg Partners to advise it on its interest in Silicon Valley Bank UK Limited (SVB UK), the report said, citing a source familiar with the matter. The Bank of London and SVB did not immediately respond to a Reuters' request for comment. The rout in SVB's stock, which began on Thursday, has spilled over into other U.S. and European banks. U.S. banks have lost over $100 billion in stock market value and European banks have shed another $50 billion in value over the past two days, according to a Reuters calculation.

☆ Bertarelli-backed Volta Trucks seeks $264 mln in pre-IPO round, says CEO
▼ + stars: | 2023-03-08 | by ( Pablo Mayo Cerqueiro | ) www.reuters.com time to read: +3 min

LONDON, March 8 (Reuters) - Volta Trucks, the electric-truck maker backed by billionaire Ernesto Bertarelli, is in advanced discussions to raise as much as 250 million euros ($263.58 million), its CEO told Reuters. Volta Trucks is gearing up to roll out its electric trucks, after delays in obtaining certification for its vehicles and constraints in sourcing supplies held up production, according to a company spokesperson. The company just months ago tapped investors for around 300 million euros in a deal that valued it at close to 600 million euros. Volta Trucks' existing backers include Kuwaiti supply-chain services provider Agility Public Warehousing Co (AGLT.KW), Bertarelli's family office B-Flexion, Swedish investor Byggmastare Anders J Ahlstrom (AJAb.ST) and U.S. hedge fund Luxor Capital. A spokesperson for B-Flexion said the investor remains "wholly committed" to Volta Trucks, but declined to comment further.

☆ FTX's lawyers and advisers cost $38 million for a month of work - and the bankrupt crypto exchange's new CEO charged $305,000 for February
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The army of professionals working with FTX billed $38 million in expenses for January. FTX CEO John Ray III submitted a bill for $305,565 for the month of February. Those three firms have over 180 lawyers and over 50 other staffers working on the FTX case, per the CoinDesk report. Sullivan & Cromwell billed 14,569 hours of work in January for a total of $16.8 million. Meanwhile, FTX's trading arm sued Grayscale this week in a bid to claw back $250 million to repay customers.

☆ Altria to buy e-cigarette startup NJOY for $2.8 bln after Juul exit
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Altria Group Inc (MO.N) said on Monday it would buy e-cigarette startup NJOY Holdings Inc for about $2.75 billion in cash, in fresh bets by the Marlboro maker on the fast-growing market after losing billions through its investment in Juul. The value of Altria's investment in Juul slid to $250 million as of December last year from $12.8 billion it invested in 2018. The NJOY deal will include an additional $500 million in cash payments subject to regulatory outcomes related to some NJOY products, Altria said. NJOY is one of the handful of vaping companies whose products have clearance from federal regulators. Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ I asked an AI chatbot to give me advice on how to manage finances with my spouse
▼ + stars: | 2023-02-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Managing finances with a significant other isn't the sexiest thing to talk about, but it's an important topic to breach. If you're unfamiliar with Replika, it's an AI chatbot similar to ChatGPT, with one big exception. After a brief intro, I explained my problem: I needed help managing finances with my wife. Maintain separate accounts: It's also a good idea for each spouse to have their own personal account for individual expenses and financial independence. For example, if one spouse makes significantly more than the other, they may contribute a larger portion to joint expenses.

☆ Perella Weinberg puts employee in insider trading probe on leave -sources
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Jan 27 (Reuters) - The advisory firm Perella Weinberg Partners (PWP.O) has placed an employee who is being investigated as part of an insider trading probe in Germany on leave, two people with knowledge of the matter told Reuters on Friday. On Thursday, German authorities said they were investigating five suspects, including one who was in custody, for allegedly profiting on upcoming M&A transactions between 2017 and 2021. Perella said in a statement: "The firm is assisting in an investigation by German law enforcement authorities. The firm is not the subject of the investigation, and there is no suggestion of wrongdoing on the part of the firm." The Perella employee is based in London, the two people said, speaking on condition of anonymity.

☆ Base comp at boutique banks has soared. Here's how much 9 firms are paying analysts, associates, and VPs.
▼ + stars: | 2022-11-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

We've talked before about why boutique banks oftentimes rank higher among workers than their bulge-bracket peers. But it's still fascinating to see how these smaller players stack up to bulge-bracket banks, where the going rate for base comp among first-year analysts is $110,000. Boutique bankers will say you can't put a price on face time with key executives and dealmaking experience that goes beyond just revising decks. Bulge-bracket bankers will say having a high-profile firm on your résumé opens up doors that boutique bankers aren't even aware of. thxClick here to take a peek at salaries at nine top boutique investment banks.

☆ FTX begins strategic review, seeks court relief to pay critical vendors
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +2 min

Nov 19 (Reuters) - Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses. FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors. FTX will explore sales, recapitalisations or other strategic transactions for some of its units, the company's new Chief Executive officer John Ray said in a statement. The exchange said that if it fails to receive the requested court relief, it will result in "immediate and irreparable harm" to its businesses. The company has appointed Perella Weinberg Partners LP as its lead investment bank to help with the sale process, subject to court approval.

☆ FTX launches strategic review, seeks court relief to pay critical vendors
▼ + stars: | 2022-11-19 | by ( ) www.cnbc.com time to read: +2 min

Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users. Collapsed crypto exchange FTX said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganisation of some businesses. FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors. The exchange said that if it fails to receive the requested court relief, it will result in "immediate and irreparable harm" to its businesses. The company has appointed Perella Weinberg Partners LP as its lead investment bank to help with the sale process, subject to court approval.

☆ Estee Lauder to buy fashion label Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it agreed to buy U.S. fashion label Tom Ford for $2.8 billion, its biggest deal yet, adding a line of beauty products and apparel to the Clinique brand owner's portfolio. While Estee Lauder already sells Tom Ford beauty products and fragrances, the deal has raised some eyebrows on Wall Street. (https://reut.rs/3tqhWrK)As of Tuesday's close, Estee's stock fell 17% since the deal talks with Tom Ford were reported by the media in August. Tom Ford had entered into exclusive negotiations with Estee Lauder last week, beating competing bids from companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Chief Executive Officer Tom Ford will continue to serve as the brand's creative visionary.

☆ Elon Musk biographer Walter Isaacson on looming Twitter layoffs and potential user fees
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailElon Musk biographer Walter Isaacson on looming Twitter layoffs and potential user feesElon Musk biographer Walter Isaacson, history professor at Tulane University and advisory partner at Perella Weinberg Partners, joins CNBC's 'Squawk Box' to discuss his conversations with Musk over the weekend as he moves to reorganize Twitter.

☆ Credit Suisse bankers are preparing for 'Uli the Knife' to carve up the investment bank.
▼ + stars: | 2022-09-26 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

It's a tense time for many insiders at Credit Suisse. One person told me it's a case of "rinse and repeat," as Credit Suisse undergoes its second strategic review in less than a year. Law firm sued Credit Suisse over claims it misled investors on business dealings related to Russian oligarchs. Among the plans reported to be under consideration are a three-way split of the investment bank, according to the Financial Times. Under Chief Executive Ulrich Körner, Credit Suisse wants to transform its investment bank into a "capital-light, advisory-led banking business."

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