WeWork bonds, already junk, downgraded by Fitch

first_imgWeWork CEO Sandeep Mathrani (Wikipedia Commons; iStock)WeWork’s credit rating, already rated as junk, has been downgraded on concerns that the pandemic could seriously weaken demand for office space.Ratings agency Fitch dropped WeWork’s long-term issuer default rating Thursday one notch from CCC+ to CCC. Both scales are non-investment grades, otherwise known as junk or high-yield status, representing a real possibility that the company will default on its credit obligations.“The downgrade reflects Fitch’s concern over the viability of WeWork’s business model in light of a potential lasting shift by companies to a hybrid office model that leads to permanently lower office space demand,” the ratings agency wrote.“While WeWork has made material progress to reduce its cash burn rate, in a scenario where demand is structurally lower, Fitch sees WeWork as potentially requiring additional liquidity sources inclusive of and beyond the full $3.3 billion SoftBank financing commitment,” the agency continued.ADVERTISEMENTRead moreWhat are We worth?The story of WeWork’s mysterious first investorAdam Neumann, deal junkie: CEO ramps up personal bets as WeWork balloons Message* Email Address* Full Name*center_img This content is for subscribers only.Subscribe Now Fitch and other ratings agencies dropped WeWork’s rating from investment grade to junk bond status in October of last year after the company’s aborted IPO. The next rating two notches down on Fitch’s scale — CC — would mean that the ratings agency believes that a default seems probable.WeWork’s bonds that mature in 2025 were most recently trading at about 63 cents on the dollar, according to Trace data cited by Bloomberg News.Fitch noted that WeWork has taken some steps toward strengthening its balance sheet this year, including improving its cash-burn rate, exiting obligations to build out new locations and trimming overhead through staff reductions.SoftBank earlier this summer committed another $1.1 billion to the office-space provider.But that may not be enough if the office market does not recover from the pandemic. In Manhattan, only 10 percent of workers have returned to their offices; even in cities with less restrictive lockdown policies, like Houston, that number is still below 50 percent.Contact Rich Bockmannlast_img read more

Foster Wheeler central to UK CCS

first_imgSubscribe Get instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270.last_img

YouTube star Logan Paul on suicide video backlash: “I am a good guy who made a bad decision”

first_imgFreeform(NEW YORK) — YouTube star Logan Paul said he believes the backlash he has received over a video he posted last year “happened for a reason,” and has vowed to turn the experience into a new personal mission.ABC’s Good Morning America anchor Michael Strahan spoke to Paul exclusively, and he opened up about the knocks he’s taken — both online and to his wallet  — after posting a Dec. 31 vlog, which appeared to show a lifeless, hanging body in Japan’s so-called suicide forest.“I think that reason [it happened] is so I could… spread the message the right way about suicide prevention and suicide prevention awareness,” he said in the GMA interview. Paul, 22, has repeatedly accepted the blame for the video in question.“It’s not like I’m a bad guy. I am a good guy who made a bad decision,” he said.  “It’s been tough, cause ironically I’m being told to commit suicide myself,” he revealed. “Millions of people literally telling me…”  And Paul said he deserves the criticism.“This has been…the hardest time in my life,” he said. “…I can, will and am going to learn from it and be a better person.”Paul has taken to social media and other online platforms to apologize repeatedly this year.  On Jan. 1 he wrote a letter to fans, saying he never intended to anger anyone.  He later followed up with a video apology, and tweeted on January 3: “Taking time to reflect. No vlog for now. See you soon.” After a self-imposed hiatus, Paul returned to YouTube last week with a heartfelt video that focused on suicide prevention, and an interview with a man who had attempted suicide. Paul also pledged to donate a million dollars to various charities — the first installment of which, $250,000 to the National Suicide Hotline, was paid last week.Copyright © 2018, ABC Radio. All rights reserved.Powered by WPeMatico Relatedlast_img read more

Yves Moultier – a never ending story

first_img3rd Dave Hutchinson (0) 37ptsB Flight1st Yves Moultier (15) 39pts2nd Eddy Beilby (15) 39pts3rd Christian Boysen (19) 37ptsNear Pins: No 5 Dave Stockman, No 8 Pat Regan, No 12 Jum Karagit, No 16 Dave Hutchinson.Aussie star Bob Watson garnered the title spot with a superb gross 73, which racked up 41 points to take A Flight and the man of the match honours.  The rest of the low handicappers showed well on the day with Paul Smith having to settle for second despite a sizzling 38 points.  A log-jam of four players vied for the third spot involving David Hutchinson, Ed ‘our man in the Whitehouse’ Wyckoff, Paul Bray and Kevin Waycott; when the divots had settled it was Dave the scratch player who filled the bronze spot leaving Ed Wyckoff, Paul and Kevin standing at sea level and pot lessYves Moultier.Incredibly Yves Moultier once again took charge of B Flight to record his fifth win in five outings with the society.  This set a record at Lewiinski’s that may take some time to equal as Yves continued his unforgettable run of golf (at least for him) and leave the rest of B Flight to wonder what they have to do to stop him.Yves was closely pursued by Eddy ‘the Eagle’ Beilby and Phil Davies, both with steady 37 point returns but with the former having the better of the count backBob Watson, Dave Stockman, Jim Brackett, William Peach and Jim Bell shared the 2’s pot.Tuesday, July 22, Bangpra – StablefordA Flight1st Kevin Rogers (11) 39pts2nd Connie Walsh (11) 34 pts3rd JP Maffray (11) 34 ptsB Flight1st Phil Davies (21) 35pts2nd Yves Moultier (17) 34pts3rd Mike Jefferys (18) 33ptsIt was off to one of the most entertaining venues for the day, the Japan promotion Bangpra, where a visit from the friendly monkeys is quite common.  Anyway, no one was more entertained than Aussie star Kevin Rogers as his excellent 39 points took the top spot in A Flight.  Kevin was the only player to better par on the day and he was five clear of Ireland’s Connie Walsh.  It should be noted that Connie needed a count back to secure the silver over society friend JP Maffray.The top spot in B Flight went to Phil Davies who made it a second pay window visit this week.  Yves Moultier, who has really put the pedal down to the floor of late, made it six podium spots in as many games with his 34 points and Mike ‘the Welsh Wizard’ Jefferys tided up the flight on 33.Connie Walsh was the sole heir to the 2’s pot.Wednesday, July 23, Treasure Hills – StablefordA Flight1st Adam Barton (15) 40pts2nd Tom Gorey (15) 40pts3rd Connie Walsh (11) 32ptsB Flight1st Yves Moultier (17) 37pts2nd Jimmy Day (20) 33pts3rd Merle Humphreys (20) 33ptsC Flight1st Phil Davies (21) 28pts2nd Jim Elphick (22) 25pts3rd John Ianson (26) 24ptsNote:  Lewiinski’s is situated on Pattaya land Soi 1, Beach Rd Soi13/13 near Walking Street.  Anyone wishing to play with us just pop in and add your name to the list or call Colin on 089 826 0764.  Transport is provide PSC golf from Lewiinski’s Golf SocietySunday, July 20, Green Valley – StablefordA Flight 1st Bob Watson (6) 41pts2nd Paul Smith (4) 38ptslast_img read more

Schenley’s Ken Durrett named to the 2017 Atlantic 10 Legends Class

first_img[email protected] (215) 893-5719http://www.phillytrib.com/sports/la-salle-s-ken-durrett-named-to-the-atlantic-legends/article_1b0aaaac-af65-57eb-8bb3-d33a6a14baf4.html LEGENDS—From left: ABA/NBA legend and Hall of Famer Connie Hawkins, Bill Neal, and Pittsburgh legend and NBA star Kenny Durrett. Neal credits both with playing a vital role in establishing Champion Enterprises. (Photos courtesy of Bill Neal) La Salle University basketball star Ken Durrett will be honored posthumously as a part of the 2017 Atlantic 10 Legends Class. Durrett was born in Pittsburgh and played at Schenley High School.  The Legends program was started in 2013 to recognize men’s and women’s basketball student-athletes and coaches who have made a lasting impact on their respective basketball programs and institutions.This year is the fifth class the Atlantic 10 has inducted. Every year, A-10 schools choose their two legends. In previous years, the honorees have included hall of famers, national champions, Olympians and professional players.(Courtesy Photo/Philadelphia Tribune)Durrett averaged 23.6 points a game during his career. As a sophomore, he helped to lead La Salle to a 23-1 season and a No. 2 national ranking and was named Co-MVP in the Philadelphia Big 5. In addition, he picked up Big 5 Player of the Year honors in 1970 and 1971. He is one of only four players in Big 5 history to win the award three times.In 1971, Durrett’s final year with the Explorers, he was a consensus All-American as the team received a bid to the NIT. Durrett, a 6-foot-7 forward, graduated as the second-leading scorer and rebounder in school history. He was selected fourth overall in the 1971 NBA Draft and had a four-year NBA career (1971-75) with the Cincinnati Royals, Kansas City-Omaha Kings and Philadelphia 76ers.The Men’s Basketball Legends will be recognized on Saturday, March 11 at PPG Paints Arena in Pittsburgh before the A-10 Men’s Basketball Championship semifinals.Jenkins-Powell named ECAC Athlete of the WeekThe Eastern College Athletic Conference (ECAC) has named Lincoln University high jumper Rhashawn Jenkins-Powell the Corvias Men’s Indoor Track and Field Athlete of the Week. Jenkins-Powell received this honor for his effort last Saturday at the Towson Tiger Invitational at the New Balance Track and Field Center at the Armory in New York.Jenkins-Powell had a fourth-place finish at the Towson Tiger Invitational with a jump of 2.01 m. (6’7”) scoring the only points for Lincoln at the meet. His 6’7” jump is the top mark by a CIAA high jumper this year.Burgin-Sparrow bout tops boxing cardLightweights Anthony Burgin and Avery Sparrow will battle over eight rounds or less on Friday, March 10 at the 2300 Arena in South Philadelphia. The first fight will be at 7:30 p.m.Burgin, 24, a pro for more than four years, has a 10-2 record with two knockouts. He comes into this fight after defeating another Philadelphia fighter, Gerald Smith, in his last fight on Oct. 14.Sparrow, 23, hasn’t had many fights, but has a 5-1 record with three knockouts.last_img read more

No interest in pink cash

first_imgBy ANEEKA SIMONIS LEGALISING same-sex marriage would generate millions in weddings revenue alone, yet the Minister for Small Business, Kelly…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img

About Town

first_imgGirl’s got the glamour Gazette reporter Rebecca Skilton has been asked to go above and beyond a few times this…[To read the rest of this story Subscribe or Login to the Gazette Access Pass] Thanks for reading the Pakenham Berwick Gazette. Subscribe or Login to read the rest of this content with the Gazette Digital Access Pass subscription.last_img