Navios Maritime Holdings’ stock fell this morning after the shipping and logistics company announced a new debt financing in which proceeds will be used to address a stack of near-term bond maturities. Navios Maritime Holdings (Navios Holdings) is a publicly traded holding company that has relied on intercompany loans to support its balance sheet.…
Read more Navios Maritime Holdings equity weakens on new debt financing
Shorts are leaning on Shutterfly’s bonds after the digital imaging company posted disappointing results for 3Q21, with lower revenue and EBITDA figures year-over-year, according to two sources following the company. Adjusted revenue excluding Spoonflower – a marketplace connecting consumers with artists in the home decor space that Shutterfly acquired last year – totaled USD 325m, compared…
Read more Shutterfly debt leaks lower as 3Q21 EBITDA and revenue fall YoY
A slew of disappointing earnings reports from Cooper-Standard, coupled with the lower guidance for full-year 2021 has incited investor concerns regarding the auto supplier’s thinning liquidity profile, according to three sources familiar with the situation. The grim financial reports along with the continued semiconductor shortage has put the spotlight on the issuer’s recovery estimates, the sources…
Read more Cooper-Standard investors map out recovery valuations as liquidity concerns grow
Service King disclosed going concern language in its 3Q21 earnings report late yesterday, according to three sources familiar with the situation. The event came after the collision repair center operator’s bonds due 1 October 2022 became current, they said. The company also unveiled that it received a USD 15m Libor+ 675bps (75bps floor) term loan…
McDermott booked negative USD 141m of EBITDA in 3Q21, compared to negative USD 36m in the same period last year, according to two sources familiar with the company. The company credited the loss to labor losses, fixed cost contracts, and the supply chain crisis, the sources said. For the quarter ended 30 September, revenue totaled USD…
Read more McDermott dives further into negative EBITDA territory for 3Q21
Veritas Technologies’ fiscal 2Q22 earnings edged higher as the company’s appliance hardware business continued to grow, according to two sources familiar with the situation. For fiscal 2Q ended 30 September, Veritas booked USD 194m of adjusted EBITDA, compared to USD 181m in the prior year period, the sources said. The latest adjusted EBITDA figure…
Read more Veritas posts EBITDA and revenue gain in 2Q, but cash burn intensifies
MultiPlan bonds traded off today on growing fears that UnitedHealthcare — one of its largest customers — will stop using MultiPlan’s services to help resolve claims, according to three sources following the situation. The unrest unfolded amid United’s ongoing litigation against physician staffing firm Team Health, with the lawsuit fueling anxiety that the insurance provider could drop MultiPlan’s services…
Read more MultiPlan debt craters as UnitedHealth contract termination fears flare up
American Axle’s debt and equity edged up after the auto supplier reported 3Q21 EBITDA at the high end of expectations and exceeded revenue estimates. The gains came even after the company lowered earnings guidance for 2021. For the quarter ended 30 September, the issuer reported USD 183.2m of adjusted EBITDA, which while 38% lower versus…
Cooper-Standard’s debt and equity dipped after the auto supplier reported weak 3Q21 earnings and reduced full-year guidance for 2021 after market close yesterday (3 November). The company starkly lowered its outlook for 2021 EBITDA to negative USD 10m – negative USD 25m, from previous expectations of positive USD 75m–USD 105m. Revenue is now expected to…
American Axle’s earnings will continue to take a slight hit in the second half of 2021, as the auto supplier continues to feel the effects of the semiconductor shortage, according to three sources following the company. Carmakers this year have cut production amid supply chain disruptions, creating earnings pressure for a host of auto suppliers.…
Read more American Axle projected to generate FCF in 2021, despite chip shortage troubles
Farhin Lilywala 