(Bloomberg) -- Wirecard’s lenders are demanding more clarity from the company in return for the extension of almost $2 billion in financing after it breached terms on the loan, people familiar with the matter said.At least 15 commercial lenders, including Commerzbank AG and ABN Amro, are in hectic negotiations about the steps to take after the German payments company said on Thursday it’s unable to release its annual report because it can’t locate 1.9 billion euros in cash ($2.1 billion), the people said.Concerns over the missing money prompted a collapse in Wirecard AG shares and the departure of CEO Markus Braun, who was replaced on an interim basis by James Freis. In an indication of the company’s worsening outlook, Moody’s Investors Service said on Friday it cut Wirecard’s credit ratings six levels, putting it one step from the lowest tier of junk. With Wirecard potentially facing a default on its debt...
On Friday, Rosenblatt analysts led by Mark Zgutowicz raised their price target on shares of Spotify from $190 to $275 while keeping their ‘buy’ rating, as the firm sees ‘attractive monetization potential’ from recent exclusive deals. These include The Ringer, The Joe Rogan Experience, and most recently, Kim Kardashian West’s The Innocence Project and Warner Bros./DC Entertainment. The Final Round panel discusses. ...
(Bloomberg) -- Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April.U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and Trafigura Group and exporter Saudi Aramco all talked up the strength of the demand recovery in recent days, and prices for some of the world’s major oil products have begun to roar higher. OPEC+ gave reassurance on output cuts on Thursday.“You had three key ingredients making the market climb this week,” said Thomas Finlon of Houston-based GF International. A drop in U.S. refined product inventories, OPEC compliance and falling crude inventories at Cushing, Oklahoma, all contributed to the price strength, he said.Inventories in Cushing, the delivery point for West Texas Intermediate futures, have contracted every...
Stocks ended mixed on Friday as investors weighed rising coronavirus cases in key U.S. states against optimism about a quick economic rebound. Overall, investors were rattled by the news that Apple would temporarily shutter stores again in U.S. states where coronavirus cases have been on the rise in recent weeks. The Final Round panel breaks down the details. ...
(Bloomberg) -- A group of banks led by Goldman Sachs Group Inc. may launch a $5 billion debt offering for United Airlines Holdings Inc. as soon as Monday, according to people with knowledge of the matter.Goldman Sachs has started discussions with investors to gauge their level of interest, said the people, who asked not to be named because the talks are private. Early unofficial pricing discussions for a bond that could have a maturity of seven or eight years are for a yield of about 7%, the people said.United is tapping its frequent-flyer program for the deal, the company’s biggest debt sale since the pandemic. The offering may also include leveraged loans and the debt could have one investment-grade rating, Bloomberg previously reported. Talks on the terms of the offering are preliminary and could change, the people said. Representatives for Goldman Sachs and United declined to comment.Goldman, Barclays Plc and Morgan...
