Tag Archives: Chapter 11

Financial Daily Dose 7.1.2020 | Top Story: Airbus to Cut 15,000 Jobs in Effort to Weather Pandemic-induced Drop in Air Travel

BY: Michael D. Reif | July 1, 2020

French aircraft giant Airbus is cutting 15,000 jobs—the “largest downsizing in the company’s history”—as it prepares for a “lasting decline” in airline demand in the wake of the coronavirus pandemic – NYTimes and WSJ and MarketWatch More on the U.S.’s suddenly hot tech cold war with China, with the FCC on Tuesday designating Chinese telecomm … Continue reading

Financial Daily Dose 6.29.2020 | Top Story: Fracking Giant Chesapeake Energy Files for Ch. 11 Protection

BY: Michael D. Reif | June 29, 2020

Fracking pioneer Chesapeake Energy has filed for bankruptcy, “unable to overcome a mountain of debt that became unsustainable after a decade of stubbornly low gas prices.” The company grew wildly in the early 2000s under co-founder and former CEO Aubrey McClendon, but it also amassed $20 billion in debt before McClendon was pushed out in … Continue reading

Financial Daily Dose 6.24.2020 | Top Story: Top German Court Upholds Antitrust Ruling Against Facebook Over Illegal Data Harvesting

BY: Michael D. Reif | June 24, 2020

Germany’s Federal Court of Justice upheld a decision by the country’s antitrust watchdog on Tuesday that “Facebook had abused its dominance in social media to illegally harvest data about its users”—a “major victory for proponents of tougher regulation of the world’s largest technology companies” – NYTimes and Law360 Meanwhile, here in the States, the DOJ … Continue reading

Financial Daily Dose 6.16.2020 | Top Story: Supreme Court Issues Landmark Decision Protecting LGBTQ and Transgender Workers

BY: Michael D. Reif | June 16, 2020

On Monday, the Supreme Court delivered a surprising and monumental win for LGBTQ and transgender Americans, ruling 6-3 that the Civil Rights Act of 1964 applies to protect “gay and transgender workers from workplace discrimination.” The “vastly consequential” decision extended workplace protections to the millions of workers in states where, until yesterday morning, “it was … Continue reading

Financial Daily Dose 5.28.2020 | Top Story: Canadian Court Clears U.S. Extradition Path for Huawei Exec

BY: Michael D. Reif | May 28, 2020

The path for extradition of Huawei exec Meng Wanzhou is much clearer now that a Canadian court has ruled that “the conduct she is accused of in the United States, if proved, also constitutes a crime in Canada.” That finding—the legal concept known as “double criminality”—was essential for Canada to transfer Ms. Meng to the … Continue reading

Financial Daily Dose 5.22.2020 | Top Story: U.S. Sees 2.4 Million More Unemployment Claims and Concerns Over Undercounting

BY: Michael D. Reif | May 22, 2020

This week’s latest initial unemployment filings numbered 2.4 million, a “slight drop-off in the wave of historically high weekly filings” since the pandemic hit the U.S. economy. Don’t get too excited, though. Continuing benefit payouts are in the 25 million range as states struggle to keep up with the surge in claims since early March … Continue reading

Financial Daily Dose 5.19.2020 | Top Story: US Markets Surge on Hopes for Covid-19 Vaccine

BY: Michael D. Reif | May 19, 2020

Optimism over promising results for a coronavirus vaccine from Moderna helped drive stocks up on Monday after a rough go of it last week – WSJ and NYTimes and Bloomberg and MarketWatch Inside sources suggest that the DOJ is preparing to file “antitrust charges against Google as early as this summer . . . in … Continue reading

Financial Daily Dose 5.18.2020 | Top Story: Uber Eliminates 3,700 Jobs

BY: Juvian Hernandez | May 18, 2020

Uber Technologies Inc. will eliminate 3,700 jobs. This equates to the company shedding a quarter of its workforce. Rumors are also circulating that Uber “is in talks to buy rival Grubhub Inc.” – WSJ U.S. stocks rallied rising 2.5-3.5% across major indexes; 10-year Treasury bond yields ticked up to 0.696%; the S&P 500’s energy, real … Continue reading

Financial Daily Dose 9.12.2019 | Top Story: Purdue Pharma Reaches Tentative Comprehensive Opioid Crisis Settlement

BY: Michael D. Reif | September 12, 2019

After weeks of rumors, Purdue Pharma and its owners, the Sackler family, have tentatively reached a “wide-ranging settlement with thousands of municipal governments, states and tribes nationwide that are suing the pharmaceutical industry for the devastation resulting from the opioid epidemic.” Deal specifics are far from final, but under the current outline, Purdue would file … Continue reading

Financial Daily Dose 8.7.2019 | Top Story: Novartis Hid Altered Drug Test Data From FDA

BY: Michael D. Reif | August 7, 2019

A new report out Tuesday from the Food & Drug Administration reveals that drug maker Novartis “concealed manipulated data” from the agency “while applying for approval of an extremely expensive gene therapy treatment and then delayed reporting the issue.” Still, the FDA is keeping Zolgensma, the drug in question, on the market – NYTimes and … Continue reading