(Bloomberg) -- Knighthead Capital Management and Certares Management for a second time sweetened their proposal to buy Hertz out of bankruptcy as the rental car company’s board meets to review bids, according to people with knowledge of the matter.The latest plan, which was submitted Tuesday afternoon, would hand shareholders more value -- specifically a 40% stake in the reorganized company through a combination of direct investment and a more than $1 billion equity rights offering, the people said.Representatives for Knighthead and Certares declined to comment. A representative for Hertz didn’t immediately respond to a request for comment. Hertz shares reversed earlier losses to close up 5.6% at $1.90 after Bloomberg reported on the new plan.The battle over ownership of Hertz has been heating up. The company earlier this month picked a plan from Centerbridge Partners, Warburg Pincus and Dundon Capital Partners that outbid an earlier Knighthead deal.Last week, Knighthead and Certares responded with a plan that assigned Hertz an enterprise value of around $6.2 billion, paid senior lenders and unsecured bondholders in full, and offered existing equity holders a shot at recovery. The deal was backed by investors including Apollo Global Management Inc.The Centerbridge-led proposal would swap unsecured funded debt claims for 48.2% of the equity in the reorganized company and the right to purchase an additional $1.6 billion of equity. Holders of general unsecured claims would recover around 75 cents on the dollar while existing equity holders would be wiped out.In a court hearing last week, U.S. Bankruptcy Judge Mary Walrath delayed approval of a creditor vote on the Centerbridge-backed reorganization to give Hertz time to consider both proposals.Any bankruptcy plan Hertz selects is subject to creditor and court approval. A virtual hearing to approve voting on a plan is scheduled for 11:30 a.m. Wednesday in Delaware.The case is Hertz Corp. 20-11218, U.S. Bankruptcy Court, District of Delaware (Wilmington). To view the docket on Bloomberg Law, click here.(Updates Certares comment in third paragraph, hearing in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A verdict has been reached in the trial of former police officer Derek Chauvin, who was charged with murder in the death of George Floyd.
The Board of Directors of Discover Financial Services declared a quarterly cash dividend of $0.44 per share of common stock payable on June 3, 2021, to holders of record at the close of business on May 20, 2021.
First Trust Dynamic Europe Equity Income Fund (the "Fund") (NYSE: FDEU) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.06 per share payable on May 17, 2021, to shareholders of record as of May 4, 2021. The ex-dividend date is expected to be May 3, 2021. The monthly distribution information for the Fund appears below.
How I Parent explores the ins and outs of modern day parenting with moms and dads from all over the world, who are raising their own unique families and sharing their best advice and most heartfelt lessons with PEOPLE. Want to be a part of it? Email what makes your family so special to firstname.lastname@example.org.
(Bloomberg) -- Apple Inc. unveiled an updated iPad Pro with a faster processor, 5G connectivity, upgraded screen and new cameras, offering a more powerful version of its priciest tablet aimed at workers and students returning to offices and schools.The new models come in the same 11-inch and 12.9-inch screen sizes as the previous version, and they look nearly identical to the iPad Pro design introduced in 2018. The latest devices include the company’s M1 processor from the Mac that Apple said is far faster than the A12Z chip in the previous iPad Pro launched about a year ago.The iPad generated $8.4 billion in revenue during Apple’s key holiday quarter of 2020, the most since 2014. Sales jumped on demand from people working and studying at home during the pandemic. The Cupertino, California-based technology giant is betting on these upgrades to maintain interest in the tablet line, which debuted Tuesday as part of Apple’s product event.The new iPad Pro also includes a MiniLED screen, dubbed by Apple as the Liquid Retina XDR Display, which the company said will enable brighter colors, more details and improved contrast ratios. The new screen, however, is only available on the pricier and larger 12.9-inch model. Apple will also for the first time offer iPads with fifth-generation, or 5G, wireless connectivity, expanding its 5G portfolio from the iPhone 12 line.Apple updated the iPad Pro’s camera system, too, with a new 12-megapixel ultra-wide camera on the front and an improved low-light sensor on the back. The company also announced an updated Magic Keyboard that comes in a new white color.The new iPad Pros go on sale April 30 and will start at $799 for the 11-inch model. The 12.9-inch version with the MiniLED screen will start at $1,099. Models that are 5G-capable will cost extra, and storage tiers will range to as much as 2 terabytes for the first time. Bloomberg News reported on the new iPads last month.Apple has increasingly used its expertise in custom chip development to give it a leg up on the competition. The company started transitioning its Mac personal computers to its internally-designed processors last year, dropping components from Intel Corp. The M1 chip in the new iPads is the same chip inside of the latest MacBook Air, entry-level MacBook Pro, Mac mini and new iMac.The company said that the processor will enable new professional apps and improved rendering for augmented reality. It has eight main computing cores and eight graphics cores, the same as in the Mac chips. That’s more than the A14 processor in the iPhone 12 and cheaper iPad Air, which have six main computing cores and four graphics cores.Apple said the new iPad Pros will include a Thunderbolt connector for the first time, allowing compatibility with additional accessories such as external monitors. This also lets the iPad sync with some external storage drives at faster speeds. While the port is updated, it is the same size as the USB-C connector on the previous iPad Pro. That means users won’t need to buy new chargers.(Updates with other coverage after second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- A broad attempt by Congress to stem China’s influence could put at risk research collaborations and funding that U.S. universities count on by subjecting some foreign gifts and contracts to national security reviews.Senators are seeking increased oversight of grants and contracts to universities from overseas as part of a bipartisan package of legislation designed to increase U.S. competitiveness with China in science and technology.The proposal would give U.S. national security officials new authority to scrutinize foreign gifts and contracts of more than $1 million to schools if the funding is related to research and development of “critical technologies” and provides access to material nonpublic technical information.The American Council on Education said it identified about 700 contracts and gifts that were reported to the Department of Education worth $1 million or more in 2019 that could potentially be subject to national security reviews under the proposal. The trade group said the proposal could “severely hinder” international research collaborations.Although funding from any overseas source would be subject to scrutiny, the target of the measure is clear.“We don’t allow people who are running for public office, or who are in public office, to accept money from China,” said Senator Jim Risch of Idaho, the top Republican on the Foreign Relations Committee. “Why would we allow these institutions that engage in this important enterprise of educating Americans, why would we allow them to be influenced by money from the Chinese Communist Party?”The proposal comes as there is a growing bipartisan sentiment in Congress to confront the challenge of China’s growing economic and diplomatic power. It is included in a bill being worked on in the Foreign Relations Committee that is expected to be part of a package of legislation sponsored by Senate Majority Leader Chuck Schumer and Indiana Republican Senator Todd Young intended to bolster U.S. competitiveness on a variety of fronts. They plan to introduce the measure soon, and Schumer has said he wants the Senate to pass it in the coming weeks.U.S. Education Department data show that China sent $226 million to colleges in the U.S. between July 2019 and last September, the most of any country. That was followed by England, with $202 million, Australia at $170 million, Canada at $158 million and Saudi Arabia with $131 million.Reviews would be conducted by the Committee on Foreign Investment in the U.S., known as Cfius, an interagency panel led by the Treasury Department that examines foreign acquisitions of American businesses. The panel has the power to impose conditions on investments it reviews or recommend that the president block them.In addition to scrutinizing funding tied to technology research, the panel would gain the power to look at gifts and contracts that carry conditions such as faculty employment. Cfius would have to report to Congress whether there are “foreign malign influence or espionage activities” aimed at obtaining research and development knowledge from universities or “secrets related to critical technologies.”The Council, the Association of American Universities, the Association of Public and Land-grant Universities and the Association of American Medical Colleges sent a letter Tuesday to the Foreign Relations Committee to opposing giving Cfius such sweeping authority. Doing so, it said, “would damage U.S. research and our economic competitiveness.”Foreign Relations Chairman Bob Menendez of New Jersey said the Cfius provision was the product of a weeks-long negotiation between him and Risch aimed at gaining bipartisan support. Risch said Republicans are unlikely to support the broader package if it’s not included.“We think that we’ve struck a sweet spot,” Menendez said.The Education Department has long required schools to report contracts with or gifts from the same foreign source worth $250,000 or more. But the Trump administration last October accused educational institutions of “pervasive noncompliance” with disclosure rules and said it had uncovered $6.5 billion in previously unreported financing that came from countries including China and Russia.And under former President Donald Trump, the Justice Department started its China Initiative to counter economic espionage, a campaign that in part focused on so-called non-traditional collectors of information like academic researchers who are in a position to transfer technology overseas.In January, a professor at the Massachusetts Institute of Technology was charged by the Justice Department for failing to disclose to the Department of Energy millions of dollars in funding that prosecutors said came from China.The congressional proposal to review foreign donations is intended to identify and stop just that kind of activity, said Richard Sofield, a lawyer at Wiley Rein LLP in Washington who works on Cfius reviews.“What the government’s been concerned about is these non-traditional collectors coming over here and exploiting that free give-and-take in the academic environment to acquire information and technology that gets brought back to China, and used to advance China’s goals,” he said.Research ProjectsBut Terry Hartle, a senior vice president of the American Council on Education, said the proposal risks damaging scientific innovation in the U.S. A foreign pharmaceutical company that is developing a vaccine would need Cfius approval to partner with a U.S. university to run a clinical trial, he said.“Giving the federal government prior approval on research projects that are not funded by the federal government is unprecedented,” Hartle said.Jim Lewis at the Center for Strategic and International Studies in Washington agreed the U.S. should be paying attention to national security risks around China’s reliance on American universities to learn advanced technology. But he said existing counterintelligence and export-controls laws are probably more appropriate tools rather than Cfius.“There’s a real problem, but this probably isn’t the fix,” he said.In addition to direct funding, colleges often depend on foreign students who pay the full price of tuition. Because of the coronavirus pandemic and related travel restrictions, the number of international students at U.S. campuses has declined.Even before the pandemic, foreign enrollment dropped as the Trump administration tightened rules on student visas, and universities worry about further discouraging students from other countries. About one-third of international students are from China.Rich DeCapua, founding president of the Global Alliance for International Student Advancement, a nonprofit that helps develops best practices for colleges to recruit and retain international students, said scrutiny of foreign funding could further damage an already deteriorating enrollment pipeline.“Chinese students are now looking at institutions in Europe and more Canada more favorably,” he said. “There could be an inverse, an unfortunate side effect that legislation meant to make us more competitive with China makes us less competitive with other countries because of the view of the unwelcomeness of the United States.”Risch said the bill isn’t aimed at students:“What it’s designed to do is to eliminate the malign influence that cash has when it comes to influencing people’s decisions.”(Updates with letter from college trade groups in the 11th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Evergy, Inc. (NYSE: EVRG) announced today it will release its 2021 first quarter earnings Thursday, May 6, 2021, before market open. The company plans to host its quarterly conference call and audio webcast to discuss the results Thursday, May 6, 2021.
Blueknight Announces Timing of First Quarter 2021 Results and Conference Call
The former Manchester United defender turned pundit has been among the competition’s most outspoken and emotional critics.
“I am so proud of the man that he became,” the NBA legend wrote in a tribute published on his social media platforms.
Jury reaches verdict on all three counts against former Minneapolis police officer
Jurors set to return unanimous verdicts on all three charges
Argo Group Announces that 2021 Annual General Meeting Will be Held in Virtual Format
A number of clubs have either quit the project or are reported to be walking away.
Woodward played a key role in the now stuttering Super League and has paid the price for its imminent collapse
(Bloomberg) -- The let-up of lockdowns from the pandemic caught up with Netflix Inc., and its shares plunged.The streaming service said Tuesday it added 3.98 million subscribers in the first quarter of 2021, missing Wall Street’s estimate of 6.29 million and its own forecast of 6 million. The current quarter will be challenging too, with Netflix predicting 1 million new customers, far below the 4.44 million projected by analysts.See details here.Key InsightsNetflix has been warning for months that growth would slow in early 2021 because so many people signed up for its streaming service last year, when Covid-19 lockdowns led to a surge in subscriptions. The first quarter of 2020 was the strongest in company history, with 15.8 million new customers. The latest three months, in contrast, marked the slowest first quarter since 2013, when Netflix added about 3 million customers.The company’s output of new shows slowed in the first quarter due to fallout from the pandemic, which led to production delays. Netflix was able to sustain its release schedule for the first several months of the pandemic because it had already finished production on many shows. But movies and programs that were supposed to be in production last March, April and May had to stop, leading to the current shortfall.All of that coincided with a stiffening of competition in streaming, from Disney+, HBO Max and Apple TV+ to newer entrants like Discovery+ and Paramount+. Some are less expensive than Netflix, which raised its U.S. prices in October.Europe continues to be a bright spot for Netflix. The streaming service added 1.81 million customers across Europe, the Middle East and Africa, leading the company. “Lupin,” a French heist thriller, was the service’s most popular new series in the quarter.Market ReactionNetflix fell as much as 13% to $480 in extended trading after the results were announced. The stock has risen 1.6% this year through the close Tuesday in New York.Get MoreLink to Netflix letter to shareholders.See the Bloomberg Consensus estimates here.(Corrects 2013 subscriber number in first Key Insight)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Mastercard announced that Sachin Mehra, CFO, will present at the virtual MoffettNathanson Payments, Processors & IT Services Summit on May 10.
Mr Floyd’s brother, Philonise, said ‘It’s gonna be alright’ after told jury had reached decision
It is now my pleasure to turn the conference over to Karen Bauer, Vice President of Investor Relations, Corporate Strategy, and Treasurer. On the call with me today are Ken Bockhorst, Chairman, President, and Chief Executive Officer, and Bob Wrocklage, Chief Financial Officer.