All articles tagged with #rescue deal
Originally Published 3 months ago — by BBC
Claire's UK stores have been partially saved through a sale to Modella Capital, which will keep about 156 stores and 1,000 jobs, but 145 stores and around 1,000 jobs remain at risk as the company continues to assess its options amid ongoing financial difficulties.
Originally Published 2 years ago — by Financial Times
UBS is considering delaying the release of its financial results after Credit Suisse's rescue deal with Greensill Capital and Archegos Capital Management. The bank is reportedly concerned that its own results could be overshadowed by the Credit Suisse scandal, and is weighing the option of postponing its earnings announcement until after the Swiss bank's Q1 results are released.
Originally Published 2 years ago — by Fox Business
Shares of First Republic Bank continue to plummet amid uncertainty about a rescue deal, with the bank's share value down about 96% since the beginning of the year. Federal officials are reportedly coordinating talks to rescue the distressed lender, but private-sector efforts have yet to yield a deal. The Federal Deposit Insurance Corporation released its assessment of what led to Silicon Valley Bank's collapse, calling for greater supervision by regulators.
Originally Published 2 years ago — by CNBC
First Republic's stock is up more than 4% in premarket trading as the regional bank searches for a potential rescue deal to reshape its business after suffering massive deposit outflows in the first quarter. U.S. officials are coordinating meetings with other banks to broker a rescue plan for First Republic. The bank's advisors are preparing to pitch larger banks on a plan that would let the regional lender sell bonds and other assets at an above-market rate and then raise equity. The sales would result in a loss for the banks that buy the bonds, but could be cheaper long-term than letting the bank fail and get seized by regulators.
Originally Published 2 years ago — by CNBC
First Republic's stock fell by 31% on Wednesday, extending losses of nearly 50% on Tuesday, as the troubled regional bank looks for a rescue deal. The bank lost roughly 40% of its deposits in the first quarter, despite a group of 11 larger banks infusing $30 billion of deposits into First Republic in an attempt to instill confidence and prevent bank runs from spreading. Advisors to First Republic are trying to convince at least a few of those banks to provide further support by buying some of First Republic's assets at above-market rates.
Originally Published 2 years ago — by The Economist
Credit Suisse held its final annual general meeting before being rescued by UBS, with shareholders expressing anger and disappointment at the bank's demise. The rescue deal, which was agreed without a shareholder vote, valued Credit Suisse's shares at a mere SFr0.76 ($0.84). The bank's dividend was scrapped, and five members of the board did not seek re-election. Swiss owners represent 87% of Credit Suisse's total, and many are furious at the death of the 167-year-old institution.
Originally Published 2 years ago — by Yahoo Finance
Tom Barrack, founder of Colony Capital and a member of First Republic Bank's board, is playing a key role in advising the bank on its options as it seeks to avoid collapse after a $30 billion rescue last week failed to reassure investors. Barrack is working closely with Executive Chairman Jim Herbert in orchestrating any potential deal. Moody's has downgraded the bank to junk, warning that the rescue could weigh on profits, while S&P Global has lowered First Republic's long-term issuer credit rating further into junk territory.