Chesapeake Energy skips interest payment; borrowing base slashed

(Reuters) – Chesapeake Energy Corp, the shale pioneer widely anticipated to seek bankruptcy protection, said on Thursday it had skipped an interest payment due June 15 on some of its notes and its capacity to borrow money was slashed by lenders. The company said in a regulatory filing www.sec.gov/ix?doc=/Archives/edgar/data/895126/000089512620000120/a8-k2020x06x18rerestru.htm its borrowing base under a so-called ‘reserve-based’ loan was cut to […]

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Danish central bank keeps 2020 bond issuance target unchanged

COPENHAGEN, June 12 (Reuters) – Denmark’s central bank said on Friday it maintained its target for issuance of government bonds this year at 125 billion Danish crowns ($19.0 billion), despite increased funding needs from the government. The government’s increased borrowing requirements will instead be met by short-term issuance, T-bills and commercial papers, it said. In March, the government raised its […]

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GE reopens parts of prior debt offerings to raise $3 billion

(Reuters) – General Electric Co (GE.N) said on Monday it reopened portions of its prior debt offerings for $3 billion in total proceeds to boost its cash reserves amid the coronavirus crisis. The company said the reopening was in response to a reverse inquiry from a long-term strategic investor seeking to buy the company’s debt. GE said it expects to […]

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Argentina to Rework Debt Offer After Missing Interest Payment

Argentina will improve the terms of its offer to restructure $65 billion of overseas bonds after the country defaulted on interest payments. Economy Minister Martin Guzman didn’t give any details on his plans in an interview at his office, but said discussions with creditor groups continue. The latest proposals from bondholders have shrunk the gap between the parties’ positions, he […]

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New York obtains student loan debt relief fraud settlements

NEW YORK (Reuters) – New York’s attorney general said on Friday she has settled a lawsuit against three companies accused of tricking struggling borrowers into paying more than $1,000 for student loan debt relief services that were available for free. Attorney General Letitia James said the accord permanently bans Debt Resolve Inc, Progress Advocates LLC, Student Loan Care LLC and […]

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Wave of U.S. Bankruptcies Builds Toward Worst Run in Many Years

First, J. Crew. Now Neiman Marcus. Flashing red: J.C. Penney, Hertz and many more. Get ready for what could be the most jarring stretch of corporate bankruptcies in memory. The coronavirus has crushed the life out of some venerable household names. For many troubled companies, like luxury retailer Neiman Marcus Group Inc., which filed on Thursday, the lockdown super-charged the […]

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Consumer debt surged to $14.3T before worst of coronavirus crisis, Fed says

Fed will mantain low rates until economy has weathered coronavirus Former Dallas Fed adviser Danielle DiMartino Booth, FOX Business contributor Gary Kaltbaum, senior vice president and market strategist for Vision 4 Fund Distributors Heather Zumarraga and Fitz-Gerald Group chief investment strategist Keith Fitz-Gerald provide insight into the Federal Reserve’s decision to keep interest rates at zero during the coronavirus outbreak. […]

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