Hi-Crush To File For Bankruptcy: Shares Crash After Robinhooders Went All-In Tyler Durden Fri, 06/26/2020 - 08:04 As we've been warning - a bankruptcy tsunami has only just begun - there's a striking correlation between the unemployment rate and loan delinquencies. So it comes at no surprise, yet another company, Hi-Crush (HCR), a fracker with shale plays in Texas, the Midwest, and interior Northeast, is working on the terms for a prearranged bankruptcy filing with lenders, reported Reuters . HCR is expected to file for bankruptcy imminently regardless of the terms and conditions of a prearranged filing agreed upon with its debt holders. With already signed forbearance agreements, lenders will not exercise default-related rights on the company until July 5. As oil prices corrected and went negative during the pandemic (read: US Shale Faces Bankruptcy Wave ) - management had no other choice but to slash the workforce by 60% and idle three production units as demand for oil collapsed. HCR took a $145.7 million asset impairment charge on its production and terminal facilities in Q1, which resulted in a $1.46 per share loss.
Media-Induced Fear Of COVID-19 Is Starting To Cause A Second-Wave Of Severe Economic Panic Tyler Durden Thu, 06/25/2020 - 19:50 Authored by Michael Snyder via TheMostImportantNews.com, Fear of COVID-19 absolutely crippled the U.S. economy during the first half of this year, and now it appears that there are some people that are pushing for that to happen again during the second half of 2020. Earlier this evening, I came across a headline that boldly declared that there will be “180,000 U.S. deaths of COVID-19 by October” , and right now just about every mainstream news outlet is running stories about how the number of confirmed cases in the U.S. is surging. And it is definitely true that we are seeing an alarming rise in the number of confirmed cases. In fact, the number of new cases in the U.S. on Wednesday set a new record … The U.S. broke its record for the highest coronavirus cases recorded in a single day, with 36,358 new positives reported on Wednesday, according to a tally by NBC News.
DELAWARE • GNC Holdings, the parent company of nutrition supplement chain GNC, has filed for bankruptcy, with plans to close at least 800 to 1,200 locations and possibly sell itself.. Read more at straitstimes.com.
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DELAWARE (REUTERS, BLOOMBERG) - GNC Holdings, the parent company of nutrition supplement chain GNC, has filed for bankruptcy, with plans to close at least 800 to 1,200 locations and possibly sell itself.. Read more at straitstimes.com.
L'entreprise américaine de distribution de vitamines et suppléments GNC Holdings s'est placée sous la protection des tribunaux aux États-Unis.
Vitamin and nutrition chain GNC Holdings filed for Chapter 11 bankruptcy this week, with plans to close up to 1,200 of its 5,200 U.S. stores as it searches for a buyer. GNC - General Nutrition Centers - has struggled for years to shore up sales as it tried to pay back more than $900 million in debt. Then came the coronavirus pandemic, which forced it to shutter about 40 percent of its stores, leading to millions in lost revenue. The company reported a $200 million loss during the first quarter of this year and last month warned that some of the company's temporary closures could soon turn permanent. The company's bankruptcy filing comes days after it paid nearly $4 million in cash bonuses to top executives, including CEO Kenneth Martindale, who received $2.2 million. Four other executives, including the company's chief financial officer and chief human resource officer, received a combined $1.7 billion in bonuses, according to company documents filed with the Securities and Exchange Commission on Wednesday.
GNC Holdings Inc. filed for chapter 11 bankruptcy protection Tuesday with plans to sell itself and close up to a sixth of its 7,300 stores world-wide.
GNC Holdings Inc, the vitamin and herbal supplement retailer, has filed for bankruptcy, with plans to close at least 800 to 1,200 locations and possibly sell itself. GNC had been trying to reduce its nearly $900 million debt load amid falling sales at its brick-and-mortar stores when the coronavirus
Health and wellness company GNC Holdings has filed for Chapter 11 bankruptcy protection
GNC Holdings Inc., parent company of health and wellness retailer GNC, said it plans to close up "at least 800 to 1,200 stores."
GNC Holdings files for bankruptcy protection in an effort cut its debt load and restructure amid the coronavirus pandemic.
GNC Holdings Inc. undefined filed for bankruptcy late Tuesday, as it expects to accelerate its plan to close at least 800 to 1,200 of its stores. The stock…
(Bloomberg) -- GNC Holdings Inc. filed for bankruptcy protection with the aim of selling itself and closing stores after its latest effort to manage its debt load unraveled amid the coronavirus pandemic.The health and wellness company’s Chapter 11 petition filed in U.S. Bankruptcy Court in Delaware allows
GNC Holdings (NYSE:GNC) files for Chapter 11 bankruptcy, with a commitment from certain term lenders to provide $100M in "new money" debtor-in-possession f