Netflix Plans to Raise $1 Billion Through Debt Offering
Because nearly all of Netflix’s original productions are currently on hold, that will “shift out some cash spending on content to future years,” the company said in the Q1 letter.With its current outlook and balance sheet, Netflix said it has more than 12 months of “liquidity and substantial financial flexibility.” The company ended Q1 with $5.2 billion in cash and equivalents and maintains an untapped $750 million line of credit.
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California Pizza Kitchen Files for Bankruptcy Because of Coronavirus
Los Angeles-based casual restaurant chain California Pizza Kitchen, better known simply as CPK, is now officially in chapter 11 bankruptcy as a result of the ongoing economic downturn fueled by the global coronavirus pandemic. While today’s announcement, made at Wall Street Journal, Nation’s Restaurant News, and elsewhere, does not mean that the company is closing its more than 250 locations permanently, though it does put the popular chain in direstraights.
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Eater
Human trials for a coronavirus vaccine are starting in late July
The pharmaceutical company Johnson & Johnson announced Wednesday that it is going to begin its human trial phase of developing a potential coronavirus vaccine in the second half of July, rather than September as originally planned. Johnson & Johnson is not the first pharmaceutical company to establish a goal of developing a coronavirus vaccine at an accelerated rate.
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Salon
SBA watchdog probes small business loans as scrutiny intensifies
In his letter, Ware said the SBA inspector general's office started reviews of the PPP and the Economic Injury Disaster Loan program on April 24. “The Criminal Division’s Fraud Section is working with our law enforcement partners, the Small Business Administration and banks processing loans under the Paycheck Protection Program to identify outliers in the data," DOJ spokesperson Peter Carr said.
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Politico
Boeing Goes From Bad to Worse as Coronavirus Crushes Air Travel
Between compensation payments related to the 737 MAX grounding, delayed aircraft deliveries resulting from customers' distress, and Boeing's need to support its supply chain, cash burn will likely continue to exceed reported losses for most if not all of 2020. While Boeing is doing its best to cut costs, dramatically lower production rates will put pressure on profit margins
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Fool