Credit & Capital

Bankruptcy

New York Sports Club Owner Files for Chapter 11

Gym owner Town Sports warned a filing was imminent as it tried to strike a refinancing deal with lenders.
Global Business

Moody’s Pushes Turkey Debt Rating Down to B2

"As the risks to Turkey's credit profile increase, the country's institutions appear to be unwilling or unable to effectively address these challenges."
Bankruptcy

Discount Legend Century 21 Files for Chapter 11

The company says its insurers “turned their backs on us" as it tried to recover from store closures due to the COVID-19 pandemic.
M&A

JC Penney Reaches Deal to Avoid Liquidation

Brookfield and Simon Property would acquire assets through a court-supervised sale.
M&A

LVMH Breaks Off Tiffany Merger

The move prompted a lawsuit from the U.S. jeweler to keep the deal on track.
The Cloud

Snowflake Sets Terms for $2.7B Public Offering

Investments by Salesforce and Berkshire Hathaway could provide the data warehouse startup with more than $800 million in additional capital.
M&A

GM Takes 11% Stake in EV Truck Maker Nikola

The deal will enable GM to deploy its Ultium electric battery system and Hydrotec fuel cells in pickups and big rigs.
Fraud

Hedge Fund Founder Accused of Neiman Fraud

U.S. authorities say Daniel Kamensky coerced a rival bidder to drop a higher offer for the e-commerce business of the bankrupt retailer.
M&A

Altice Offers to Buy Cogeco Communications for $7.8B

Cogeco's controlling family has reportedly said it would not support the proposal.
Cash Flow

Metric of the Month: Cash-to-Cash Cycle Time

APQC found that top performers on this measure have a CCC of 33.2 days or less on average, while bottom performers take 74 days or longer.
M&A

AstraZeneca Inks COVID-19 Vaccine Supply Deal

The pharma giant agreed to pay Oxford Biomedica $20 million to reserve 1,000 liters of production capacity.
Applications

KKR Sells Epicor Software to CD&R for $4.7B

CD&R has “significant experience investing in the industrial sector, from which most of Epicor’s customer base hails."
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