British Petroleum (BP), one of Limetree Bay Refining’s main suppliers, is working with Arnold & Porter as legal counsel, according to three sources familiar with the matter. The law firm was initially brought in as class action counsel to tackle litigation that arose from a flaring incident in May at Limetree Bay’s refinery, which sprayed oil on…
Read more Limetree Bay Refining supplier British Petroleum hires legal counsel
Issuers heavily levered towards oil and oil prices traded higher this morning, ahead of the OPEC+ meeting this afternoon, according to three buysiders and one sellsider. The energy alliance, made up of OPEC and non-OPEC partners, noted plans at its last meeting on 1 June to slowly increase production by roughly two million barrels per day between…
Read more Occidental Petroleum, Transocean bounce ahead of OPEC+ meeting – Market React
Shutterfly’s proposed acquisition of Spoonflower is expected to augment its growing consumer business through a diversification of product offerings, according to four sources following the company. As such, the company recently released flash numbers for the month of April along with 2021 and 2022 guidance, which projects a topline rebound for its business, said two of the…
Cooper-Standard Automotive is expected to slow its cash burn this year as a series of strategic initiatives lead to margin improvement and the auto market continues to recover from the early effects of the pandemic, said two buysiders and a sellsider. For 2021, the auto products supplier is expected to report a cash drain of USD…
Read more Cooper-Standard puts brakes on cash burn concerns as margins, industry outlook heal
Carnival Cruise Line will continue to burn cash this year and perhaps for years to come, as the industry attempts to return to normalcy, according to four sources following the company. The borrower’s cash burn will stay at inflated levels as it ramps up capex spending to increase capacity and keep up with its mountain of…
Read more Carnival’s cash burn will persist as cruise industry navigates choppy waters
Anchor Glass booked USD 16m of adjusted EBITDA in 1Q21, compared to USD 29.7m in 1Q20, according to two sources familiar with the matter. Revenue slipped 4.5% on the year to USD 136.6m from USD 143.6m, driven by high freight, raw material and energy costs, the sources added. For the same period, the CVC Capital Partners-owned…
Read more Anchor Glass EBITDA falls in 1Q21, driven by higher costs
Investors are piling into Hertz’s proposed exit financing, as the commitment deadline has been accelerated to today from its initial deadline of next Tuesday (15 June), according to six sources following the situation. For bullish investors, the investment thesis is grounded in the belief that the rental car market will remain strong, with strong trading comps…
Read more Hertz’s turnaround story drives demand for exit loan, as books fill
Dayco’s loans have caught a bid after the company reported strong free cash flow generation for FY21, even as EBITDA and revenue trended lower, according to two sources familiar with the company. During the fiscal year ended 28 February, the company clamped down on working capital and capex spend, resulting in a material improvement in…
Read more Dayco loans pop on improved free cash flow in FY21
Intrado recently released 1Q21 results, disclosing declines in EBITDA and revenue, according to two sources familiar with the situation. The top-line pressure was due in part to softness in the enterprise communication segment, which includes the company’s legacy conference call business, the sources added. Adjusted EBITDA in 1Q21 came in at USD 114.3m, compared to USD…
Read more Intrado’s 1Q21 earnings soften as enterprise communication segment loses momentum
Ziply Fiber (fka Northwest Fiber) reported lower earnings for the first quarter of 2021, as it raised capex spending to improve network coverage, according to two sources familiar with the company. The privately held company booked USD 136m of revenue in 1Q21, down from USD 145m in 1Q20, the sources said. Adjusted EBITDA was USD 52m, compared…
Read more Ziply Fiber earnings dip in 1Q21, capex spend rises
