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Two large movie theater owners issued dire warnings on Wednesday about their ability to bounce back from the coronavirus. AMC, the nation’s biggest cinema chain, said in a regulatory filing that there’s a “substantial doubt” about its ability to “continue as a going concern for a reasonable period of time.” Companies issue “going concern” warnings …
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SoftBank Group is launching a $100 million fund to invest in “companies led by founders and entrepreneurs of color,” in the latest corporate action as protests roil the US. Described as SoftBank’s bid to improve diversity, “we have to put money behind it, set plans, and hold ourselves accountable,” SoftBank chief operating officer Marcelo Claure, …
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Bank of America Corp on Tuesday pledged $1 billion to help communities across the country address economic and racial inequality, the first big bank to vow monetary support following violent protests after the death of an unarmed black man at the hands of police in Minneapolis. “The events of the past week have created a …
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The coronavirus crisis could make America’s banks an easy target for bandits, a federal regulator warns. Requiring people to wear face masks in public amid the pandemic creates a “very real risk” of a spike in bank robberies, according to Brian P. Brooks, the US Treasury’s acting comptroller of the currency. Brooks issued the warning …
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SoftBank Vision Fund’s head, Rajeev Misra, saw his total pay for the past business year more than double to 1.6 billion yen ($14.8 million), even as the fund’s underperformance pushed SoftBank to a record $13 billion operating loss. The figure was second only to remuneration for SoftBank Group Chief Operating Officer Marcelo Claure, which rose …
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Carl Icahn exited Hertz like a stuntman abandoning a burning car — and he suffered some nasty cuts and bruises on his way out. The billionaire investment tycoon took a loss of more than $1.8 billion as he dumped his entire stake in the bankrupt rental-car company in recent days, according to court filings. Icahn, …
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Cineworld, the owner of Regal cinemas in the US, expects to reopen its doors for business in July. The movie-theater giant said late Wednesday it anticipates that government restrictions related to cinemas will be lifted in each of its territories in the coming months and “anticipates the reopening of all of its cinemas in July.” …
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LATAM Airlines Group announced Tuesday that it filed for bankruptcy in the latest sign of how the coronavirus pandemic has roiled the travel industry. Latin America’s biggest airline and its affiliates in Chile, Peru, Colombia, Ecuador and the US sought Chapter 11 bankruptcy protection in Manhattan federal court as part of a reorganization brought on …
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Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business. The Estero, Florida-based company’s lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline, triggering the filing in U.S. …
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The billionaire founder of electric-car startup Faraday Future — who boldly challenged Tesla with a far-out car design in 2015, only to file for personal bankruptcy last fall — said Friday his Chapter 11 restructuring plan has won court approval. The nod from a federal bankruptcy judge is a win for Faraday Future’s ex-chief executive …
Two large movie theater owners issued dire warnings on Wednesday about their ability to bounce back from the coronavirus. AMC, the nation’s biggest cinema chain, said in a regulatory filing that there’s a “substantial doubt” about its ability to “continue as a going concern for a reasonable period of time.” Companies issue “going concern” warnings …
