Some pretty wild reporting from the Journal that suggests that the pandemic has made it nearly impossible for banks to determine who’s creditworthy these days. The Fed has released details about the nearly 800 companies “whose bonds it will be buying directly to support the market for investment-grade corporate debt.” Big Auto and Big Tech look like the early winners – WSJ and Bloomberg and MarketWatch Wirecard’s troubles have brought some unwanted attention to its auditor, Ernst & Young, as well – WSJ The Times walks us through the stunningly rapid fall from grace of Wirecard (and its former CEO, Markus Braun), which has filed for insolvency proceedings just days after acknowledging a missing (and likely nonexistent) $2.1 billion on its balance sheets – NYTimes ![]() ![]() ![]() Fracking pioneer Chesapeake Energy has filed for bankruptcy, “unable to overcome a mountain of debt that became unsustainable after a decade of stubbornly low gas prices.” The company grew wildly in the early 2000s under co-founder and former CEO Aubrey McClendon, but it also amassed $20 billion in debt before McClendon was pushed out in 2013, and that load finally caught up with it – NYTimes and WSJ and Bloomberg and MarketWatch and Law360īoeing has received the long-awaited FAA nod to begin test flights for its 737 Max “to demonstrate that it can fly safely with new flight control software,” a “major step in the company’s effort to get its best-selling plane flying again” – NYTimes and WSJ and Bloomberg and MarketWatchĬovid cases hit 10 million worldwide and are surging again across the U.S., yet MarketWatch warns that the virus is but one of 7 factors that could make this a wild week for the markets – MarketWatch
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