Business Maverick: Hertz Kills Share Sale, Ending Unusual Effort to Fund Bankruptcy

Hertz’s board “determined that it was in the best interests of the company to terminate” the offering, according to a Thursday regulatory filing. Hertz said on Wednesday that the stock sale had been suspended while it dealt with issues brought up by Securities and Exchange Commission officials.

Hertz shares resumed trading after an hours-long halt and were down 10% to $1.80 as of 3:30 p.m. in New York. That’s a far cry from the $5.53 price at which the stock closed on June 8. The almost tenfold increase in the shares from 56 cents on May 26 initially spurred the company to approach a bankruptcy judge with plans to raise as much as $1 billion through an equity offering. It scaled back the sum after the price receded.

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Business Maverick: Hong Kong People Shifted Pension Out of City, China StocksHong Kong workers stepped away from local and Chinese equities last month at levels not seen since 2016, as political tensions returned and investors chased big stock gains elsewhere.
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Business Maverick: Asia Stocks Drop With U.S. Futures; Havens Gain: Markets WrapAsian stocks and U.S. equity futures dropped, while the yen and Treasuries advanced, as optimism over policy stimulus gave way to recovery concerns caused by rising infection numbers in some locations.
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BUSINESS MAVERICK: Implats decides not to take option in Waterberg project as miners conserve cashImpala Platinum has decided not to exercise its option to raise its stake in a promising palladium project in the Waterberg. Palladium was all the rage a few months ago, but the Covid-19 pandemic has dramatically altered the global economic landscape and mining companies are focused on cash preservation rather than expansion.
منبع: dailymaverick - 🏆 3. / 84 ادامه مطلب »

BUSINESS MAVERICK: New SAA requires R26.7bn from taxpayers to be airborneSAA, which last turned a profit in 2011, is still expected to have a negative cash flow position over the next five years. The airline is expected to have a cumulative negative cash-flow position of R59.7bn between the financial years 2021 and 2025.
منبع: dailymaverick - 🏆 3. / 84 ادامه مطلب »

SAA business rescue practitioners project 1 000 employees will be retainedBusiness rescue practitioners at SAA want the government to fund an initial working capital of no less than R2.8bn to rehabilitate the carrier. busrep so what, it is only so rich politicians can sit on their A holes and fly for FREE, State Capture was the baby THE PARENTS ARRIVED x 10 = A N Covid 19 looters and that’s how PresidencyZA and goons are fighting to keep their knees on citizens neck, , all in the name of covid 19 busrep I’m at a point that I think those BRP are useless. They are just incompetent nje. I would have done a better job. busrep Rather build houses and support the poor communities in the country!
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