Crypto AM’s community play their part in the war against COVID-19 June 25, 2020 Ever since the Crypto AM Awards 2020 on the 11th March and the subsequent lockdown enforcement, it was clear that the new normal required new and lateral thinking with the government’s clarion call for support in the war against the coronavirus COVID-19. Now, months later, I reached out to Crypto AM’s global community to hear [...]
Wirecard files for insolvency after disclosing €1.9bn financial hole June 25, 2020 Wirecard has filed for insolvency after disclosing a €1.9bn financial hole in its accounts. Shares in the firm were suspended by the Frankfurt Stock Exchange before the announcement. Last week shares in the firm fell by 90 per cent after auditor EY refused to sign off Wirecard’s 2019 accounts. In a statement today, the embattled [...]
Government mulls financial support for UK’s ailing theatres June 24, 2020 The UK government is in talks to support the performing arts industry, Downing Street confirmed today, amid growing concerns the sector is nearing collapse as a result of the coronavirus crisis. Number 10 today said it was working with senior figures from the theatre industry on a rescue package, as the Prime Minister’s announcement yesterday [...]
Rent day: Landlords braced for as little as one-sixth of quarterly payments June 24, 2020 Commercial property owners are braced to receive as little as 15 per cent of the rent they are owed today, with quarterly payments due by the end of today. Experts have warned of an impending crisis on both the landlord and tenant side without further government support, with businesses across the spectrum unable to pay [...]
Lufthansa shares slump as bailout battle approaches showdown June 22, 2020 Shares in German flag carrier Lufthansa slumped 6.7 per cent this morning as the saga of its mammoth €9bn (£8.1bn) state bailout continued. Last week, the airline’s largest shareholder, billionaire Heinz Hermann Thiele, announced his objections to the plan, which would see Germany take a 20 per cent stake in the carrier. A source told [...]
JD Sports-owned Go Outdoors on brink of administration, with 2,400 jobs on the line June 21, 2020 Go Outdoors is said to be teetering on the brink of collapse, after the JD Sports-owned retailer was reported to be calling in administrators. JD Sports has lined up Deloitte as administrator to the company, which employs about 2,400 people across 67 stores, according to reports. Go Outdoors, which sells bikes, tents and waterproof clothes, [...]
How do you solve a problem like Wirecard? June 19, 2020 It’s been a wild ride for Wirecard. When the German payments firm premiered on the prestigious blue-chip Dax index just two years ago, shares were priced at €200 apiece. Today, prices hit as low as €20 per share, forcing out chief executive Markus Braun and leaving the future of the digital payments firm in question. [...]
Boohoo set to swoop for bankrupt Oasis and Warehouse June 16, 2020 Online fashion giant Boohoo is set to announce the purchase of high street brands Oasis and Warehouse, which went bankrupt at the end of April. Sky News reported that the deal could be announced tomorrow when Boohoo releases its first quarter results. When the two brands collapsed into administration on 30 April, with 1,803 redundancies, [...]
Travelex set for restructuring after auction process halted June 12, 2020 Debt investors in embattled foreign exchange provider Travelex are pushing the firm’s banks to negotiate a restructuring deal. Sky News reported that after an auction process stalled, bondholders represented by investment bank PJT Partners are pushing banks including Barclays and Goldman Sachs to enter negotiations. Travelex’s banks are owed about £90m by the company, while [...]
Premier Inn owner scoops up almost £1bn to bolster against pandemic June 10, 2020 Whitbread investors have agreed to supply more than 90 per cent of its £1bn cash call, the Premier Inn owner announced today, as it attempts to beef up its balance sheet amid the coronavirus crisis. Existing investors scooped up 91 per cent of the discounted 1-2 fundraiser issued by the hotel group in a bid [...]