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 yet another opioid settlement.
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 position, 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 that are renewing their calls for Congress to provide additional financial assistance as rising Covid-19 cases slow U.S. economic activity. Dining establishments in particular are facing a whiplash, as the Delta variant prompts some to shut down meals indoors again.
Councilors cannot avoid lawsuits against the ill-fated Harrisburg incinerator. The city of Harrisburg, Pa., May continue to pursue legal claims that lawyers and bankers misled city officials by backing a $ 360 million incinerator project that ruined the finances of the state capital, a Pennsylvania court ruled. The 95-page decision said that while Pennsylvania Gov. Tom Wolf’s administration had no legal status as a plaintiff, many of the claims filed by Harrisburg City 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 lawsuits against her from states, counties, towns and Native American tribes over opioids, which the company said Thursday it was focusing on resolving.
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.
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)
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