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DFS

NNI

SOFI

President Joe Biden's administration will erase $39 billion of student debt for over 800,000 Americans, despite the Supreme Court's decision to strike down widespread student debt relief plans. The administration will work around the court's decision by updating a technical requirement under a long-existing program. Student loan interest is set to resume in September, while payments will restart in October. Several publicly traded loan servicers, including Sofi Technologies Inc (NASDAQ:SOFI), Nelnet Inc (NASDAQ:NNI) and Discover Financial Services (NYSE:DFS), have been impacted by the Supreme Court's decision.

Portfolio Pulse from Aaron Bry

July 14, 2023 | 7:09 pm

MNK

Mallinckrodt Plc Trust has extended the due date of its Opioid Deferred Cash Payment from July 14, 2023 to July 21, 2023. This is part of an ongoing series of extensions for the $200 million payment required to be made to the Trust. The company is still analyzing its situation and has not determined whether it will file for bankruptcy.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 5:49 pm

BAC

SPY

The U.S. Department of Education will forgive $39 billion in student debt, benefiting over 804,000 borrowers. This follows the Supreme Court's ruling against a broader $400 billion student loan forgiveness plan. The revised plan counts more payments towards the forgiveness program, allowing borrowers to become eligible after making 20 - 25 years' worth of expenses. The Biden administration has already discharged $72 billion in targeted loans. A new repayment plan allows financially distressed borrowers to delay payments from October 2023 to September 2024, but interest will still accrue.

Portfolio Pulse from Anusuya Lahiri

July 14, 2023 | 2:41 pm

WBA

Walgreens Boots Alliance Inc. (NASDAQ:WBA) has a total debt of $11.90 billion, with $8.84 billion in long-term debt and $3.06 billion in current debt. After adjusting for $871.00 million in cash-equivalents, the company has a net debt of $11.03 billion. The company's debt-ratio is at 0.12, considering its $98.61 billion in total assets. The debt-ratio indicates the degree of financial leverage a company has, and a higher ratio increases the risk of defaulting on loans.

Portfolio Pulse from Benzinga Insights

July 14, 2023 | 1:45 pm

GABLF

GABY Inc. has forfeited its shares in Miramar Professional Services (MPS) in exchange for the release of a $22.5M debt. The company had defaulted on its obligations under a promissory note for $22.5M, secured by a first priority security interest in the collateral, which included all outstanding shares of MPS. The company will consider the feasibility of continuing to operate its CBD business under the Lulu's and 2Rise brands.

Portfolio Pulse from Vuk Zdinjak

July 14, 2023 | 1:41 pm

NTRB

NTRBW

Nutriband Inc. (NASDAQ:NTRB) (NASDAQ:NTRBW) has increased its existing credit line to $5 million to support the continued development and regulatory submission process for its patented lead product platform, AVERSA™ Fentanyl. The company is targeting FDA submission for AVERSA™ Fentanyl in the first half of 2024. AVERSA™ Fentanyl, which combines Nutriband’s proprietary AVERSA™ abuse-deterrent transdermal technology and Kindeva Drug Delivery’s FDA-approved transdermal fentanyl patch system, is estimated to reach peak annual US sales of $80M - $200M.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 1:21 pm

GRUSF

Grown Rogue International Inc. has secured $5 million through a non-brokered private placement of unsecured convertible debentures. The company also issued 13.7 million common share purchase warrants to the subscribers. The debentures will mature in four years and bear an interest rate of 9% per annum. The proceeds will be used for business expansion and general corporate purposes.

Portfolio Pulse from Vuk Zdinjak

July 14, 2023 | 1:17 pm

C

SPY

Citigroup's CFO has stated that their base case is for a mild recession, but also noted that the U.S. economy has proven to be quite resilient.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 1:15 pm

JPM

JP Morgan Chase CEO has stated that the economy is facing substantial and somewhat unprecedented headwinds. This could indicate potential challenges for the banking sector.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 1:09 pm

BNED

Barnes & Noble Education is in the process of obtaining and implementing refinancing and other liquidity solutions, which will impact disclosures in Form 10-K. The company is considering various options including refinancing.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 1:06 pm