Streetbeat News

Bankruptcy

EVA

Enviva's shares are trading lower, likely due to market volatility following the announcement of voluntary Chapter 11 bankruptcy proceedings. The company also announced a reduction of $1 billion in debt and secured $500 million in new financing.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 5:25 pm

PIII

P3 Health Partners shares are trading lower following the company's announcement of doubts about its ability to continue as a going concern, citing insufficient cash to support its planned operations for the next 12 months.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 3:25 pm

EVA

Enviva has initiated voluntary Chapter 11 proceedings as part of a pre-arranged restructuring plan aimed at reducing its debt by approximately $1.0 billion and securing $500 million in new financing. This move is intended to improve profitability and position the company for long-term success, while continuing its operations and transformation plan.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 5:59 am

ALTU

ALTUU

Altitude Acquisition announced it will not complete an initial business combination within the required timeframe, leading to the liquidation of its trust account.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 9:40 pm

BABA

E-House's restructuring efforts have stalled due to its inability to use its CRIC asset as collateral for a rights issue, necessary for raising funds. The company faces significant financial difficulties, with over 5 billion yuan in interest-bearing liabilities and upcoming loans and convertible notes. Its situation is exacerbated by the real estate market downturn, affecting its main revenue source from property developers. E-House had planned to raise funds through a rights issue and inject its assets into a joint venture with Alibaba, but the plan is now on hold.

Portfolio Pulse from The Bamboo Works

March 11, 2024 | 5:20 pm

KRE

TFC

USB

Federal Reserve Chairman Jerome Powell warned of more bank failures, particularly among regional banks with significant exposure to commercial real estate loans. Powell highlighted the issue is more pronounced in smaller and medium-sized banks, with some holding CRE loans worth nearly 35% of their total assets. The shift to remote work during the COVID-19 pandemic has left 19% of U.S. offices empty, exacerbating the problem. Truist Financial Corp. (TFC), U.S. Bancorp (USB), and New York Community Bancorp are among the banks with the largest exposures. Despite the concerns, the SPDR S&P Regional Banking ETF (KRE) and shares of TFC and USB have remained relatively stable, while NYCB's shares have dropped significantly.

Portfolio Pulse from Neil Dennis

March 08, 2024 | 6:04 pm

KBE

KRE

SPY

XLF

Fed Chair Powell highlighted that banks with significant commercial real estate (CRE) exposure, particularly in the office sector, are being closely monitored. He anticipates failures among small and medium-sized banks with the largest exposure but does not expect major banks to fail. Powell emphasized the importance of all banks being familiar with the Federal Reserve's discount window as a liquidity measure.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 4:29 pm

KBE

KRE

SPY

XLF

Fed Chair Powell emphasized that only banks have accounts at the Federal Reserve, a policy that will continue. He also noted that the Federal Home Loan Banks possess more advanced technology than the Fed, but any significant technological updates or policy changes at the Fed are not imminent.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 4:26 pm

SPY

Fed Chair Powell highlighted concerns over banks with high concentrations of commercial real estate (CRE), indicating they will face losses. He mentioned that the issue is more severe in some banks and locations, and regulators are working with these banks on mitigation strategies. Powell also noted that liquidity rules are being developed but have not yet been proposed.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:47 pm

SPY

Fed Chair Powell emphasized that executives of failed banks should not profit from their failures, advocating for claw backs. He also acknowledged the reality of climate change, highlighting its long-term risks.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:23 pm