Aviation Loans – Civilav Med http://civilavmed.com/ Fri, 24 Sep 2021 04:23:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://civilavmed.com/wp-content/uploads/2021/04/default-150x150.png Aviation Loans – Civilav Med http://civilavmed.com/ 32 32 The Nuveen Short Duration Credit Opportunities Fund (JSD) fell 0.46% on September 23 https://civilavmed.com/the-nuveen-short-duration-credit-opportunities-fund-jsd-fell-0-46-on-september-23/ https://civilavmed.com/the-nuveen-short-duration-credit-opportunities-fund-jsd-fell-0-46-on-september-23/#respond Fri, 24 Sep 2021 01:41:00 +0000 https://civilavmed.com/the-nuveen-short-duration-credit-opportunities-fund-jsd-fell-0-46-on-september-23/

The Nuveen Short Duration Credit Opportunities Fund (NYSE: JSD), a Boston, Massachusetts company, fell to close at $ 15.01 on Thursday after losing $ 0.07 (0.46%) on 19,260 shares of stock. . The stock ranged from a high of $ 15.12 to a low of $ 14.99, while the market cap of the Nuveen Short Duration Credit Opportunities Fund now stands at $ 151,385,576.

About the Nuveen Short Term Credit Opportunities Fund

The investment objective of the Nuveen Short Duration Credit Opportunities Fund is to provide current income and the potential for capital appreciation. Under normal circumstances, the Fund will invest at least 80% of the “Assets”, at the time of purchase, in loans or securities of the capital structure of the issuing company which are superior to its ordinary shares, including, but not limited to debt securities, preferred securities. The Fund invests at least 70% of its assets under management in variable rate corporate debt securities, including senior secured loans, secondary loans and other variable rate corporate debt securities. . Up to 30% of the Fund’s assets may include other types of debt instruments or short positions consisting primarily of high yield debt securities. The Fund maintains a portfolio whose average duration does not exceed two years. The Fund uses leverage.

See the Nuveen Short Duration Credit Opportunities Fund profile for more information.

The daily solution

Enterprise software provider Freshworks Inc (Nasdaq: FRSH) climbed 32% on its IPO on Wednesday after setting prices above its deposit range.

The Federal Aviation Administration (FAA) wants US airlines to do more to deal with the upsurge in incidents involving unruly or violent passengers.

Breakthrough Energy, a non-profit organization started by a billionaire philanthropist and Microsoft (NASDAQ: MSFT), co-founder Bill Gates in 2016, raised a treasure trove of seven leading global companies to advance the organization’s mission of achieving a net zero emissions society by 2050.

About the New York Stock Exchange

The New York Stock Exchange is the world’s largest stock exchange in terms of market value with more than $ 26 trillion. It’s also the leader in initial public offerings, with $ 82 billion raised in 2020, including six of the seven biggest tech deals. 63% of PSPC proceeds in 2020 were raised on the NYSE, including the six biggest deals.

To get more information on the Nuveen Short Duration Credit Opportunities Fund and keep up with the latest company updates, you can visit the company profile page here: Nuveen Short Duration Credit Opportunities Fund’s Profile. For more information on the financial markets, be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

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8 DFW-based airline workers sue United over vaccine warrants https://civilavmed.com/8-dfw-based-airline-workers-sue-united-over-vaccine-warrants/ https://civilavmed.com/8-dfw-based-airline-workers-sue-united-over-vaccine-warrants/#respond Wed, 22 Sep 2021 18:06:14 +0000 https://civilavmed.com/8-dfw-based-airline-workers-sue-united-over-vaccine-warrants/

Eight United Airlines employees based at DFW International Airport are suing the carrier over its most aggressive vaccination warrant program in the airline industry.

Employees filed a lawsuit in North Texas federal court on Wednesday, saying the Chicago-based airline was disregarding their personal religious beliefs as CEO Scott Kirby said few personal or religious exemptions would be granted.

A week ago, United told employees those claiming religious exemptions would be placed on unpaid medical leave.

The lawsuit said employees’ requests for religious exemptions were met with “a drastic threat of years of unpaid leave” and amounted to adverse employment action designed to force them “to give up their beliefs. religious and to receive the COVID-19 vaccine “.

“United’s actions have left [the employees] with the impossible choice to take the COVID-19 vaccine, to the detriment of their religious beliefs and their health, or to lose their livelihood, ”the lawsuit said.

The employees are represented by the Dallas law firm Stewart, Weigand and Owens.

The lawsuit is the latest in a series of legal maneuvers across the country as businesses and government entities step up pressure on the public to obtain vaccines against the COVID-19 virus, with the delta variant still raging across the country. country.

It also comes shortly after a White House mandate that all companies with more than 100 employees must require their employees to be vaccinated.

United are reviewing the lawsuit, “but at this point we believe it is without merit,” a company spokesperson said in a statement.

“The most effective thing we can do as an airline to protect the health and safety of all of our employees is to require the vaccine – excluding the small number of people who have requested an exemption, over 97% of our US employees are vaccinated, ”the US spokesperson said in a statement. “And we’ve been encouraged by the overwhelmingly positive response from employees across all task forces since we announced the policy last month. “

United’s mandate extends to all 67,000 of its American workers.

The airline industry has been particularly challenged by the virus. U.S. airlines lost $ 35 billion last year due to the economic downturn, even after receiving billions in aid and loans from the federal government.

Passenger traffic is still down 20% from the pre-COVID-19 period, and airlines have reported another slowdown in ticket sales with the latest wave of the virus. And mask warrants, demanded first by airlines and then by the federal government to fly, resulted in unruly and sometimes violent interactions with passengers.

Airlines have all taken a pro-vaccine stance but have hesitated how far they want to go. Dallas-based Southwest Airlines and Fort Worth-based American Airlines do not yet require vaccines for employees, but have given extra pay or extra vacation days to people who have been vaccinated. These airlines also require unvaccinated workers who become ill or are exposed to the virus to use their own vacation and sick leave.

Atlanta-based Delta Air Lines is forcing its employees to get vaccinated or undergo regular COVID-19 tests to stay on the job.

A droplet falls from a syringe after a person is injected with the Pfizer COVID-19 vaccine.

Most airlines also require new employees to be vaccinated as well.

The lawsuit claims employees – including pilots, flight attendants, maintenance workers and customer service employees – cite religious and medical reasons for not getting the shot. Several said their requests for exemptions had already been denied.

Several employees told the airline that they could not be inoculated because tissue cultured from aborted fetal stem cell lines had been used to develop and test all vaccines approved by federal medical authorities. Medical and religious authorities, however, have argued that hundreds of modern drugs and vaccines, including chickenpox and Tylenol vaccines, have also used the ancient lines of aborted stem cells, which have been harvested over the years. 1980 and cultivated in the laboratory for the past four decades.

Kirby, former president of American Airlines and owner of a home in North Texas, said the CBS ‘ Confront the nation Sunday that the airline would be ready if the federal government also required all passengers to be vaccinated.

Methodist Health System has 10,000 employees in 12 hospitals and 50 medical centers in Dallas-Fort Worth.
Health care

Methodist health system cracks over vaccine mandate exemptions, religious freedom group says

A religious freedom group that threatened legal action against Dallas-based Methodist Health Systems said the hospital and medical chain had granted exemptions to the four people who said the company had denied their religious exemptions “and dozens of others”. Florida-based Liberty Counsel criticized Methodist Health Systems and several other large companies for denying religious exemptions to people who did not want to adhere to the companies’ mandatory vaccination policies. Liberty Counsel sent a letter to Methodist Health Systems on Tuesday threatening legal action if the exemptions, which were initially denied, were not granted by Friday.

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Dutchess County Executive Announces ‘Next Chapter’ https://civilavmed.com/dutchess-county-executive-announces-next-chapter/ https://civilavmed.com/dutchess-county-executive-announces-next-chapter/#respond Tue, 21 Sep 2021 20:00:45 +0000 https://civilavmed.com/dutchess-county-executive-announces-next-chapter/

Dutchess County Director Marc Molinaro has announced his ‘next chapter’.

For all the news the Hudson Valley shares, be sure to follow Hudson Valley Post on Facebook, download the Hudson Valley Post mobile app and sign up for the Hudson Valley Post newsletter.

Dutchess County Director Marc Molinaro on Monday launched a new website. Molinaro made the announcement on social media telling people to sign up and join him for his next chapter.

Sign up and join me on the next chapter: http: //marforus.com, he tweeted.

The announcement comes shortly after the Republican tabled documents to appear in Congress.

Last week, Molinaro filed documents with the Federal Elections Commission to become a candidate to represent New York’s 19th Congressional District. She is currently represented by Democrat Antonio Delgado.

At 4 p.m. on Tuesday, Dutchess County was joined by supporters, elected officials and community leaders as it formally announced its candidacy for the House of Representatives.

Todd Bender for Townsquare Media of the Hudson Valley

The 19th Congressional District of New York, much of the Hudson Valley and Catskills. It includes the counties of Ulster, Sullivan, Columbia, Delaware, Greene, Otsego and Schoharie as well as parts of the counties of Broome, Dutchess, Montgomery and Rensselaer.

Afghanistan veteran Kyle Van De Water recently ran unsuccessfully against Democratic Congressman Antonio Delgado to represent New York’s 19th District.

Kyle Van De Water for Congress

Van De Water was planning to start again but withdrew from the race at the end of August. Tragically, the 41-year-old was found dead in a cemetery in Poughkeepsie in early September.

A GoFundMe has been set up to help her four young children.

In 2018, Molinaro unsuccessfully ran for governor of New York. Andrew Cuomo edged Molinaro by almost 22 points.

In 1994, at the age of 18, Molinaro was first elected to public office on the Tivoli village board of directors.

Molinaro became the seventh Dutchess County executive in November 2011. At 36, he took office as the youngest county executive in the history of the county. He was re-elected for a third term in 2019.

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On the list, there is a solid mix of offerings ranging from large schools and nightlife to public and pedestrian parks. Some regions have experienced rapid growth thanks to the establishment of new businesses in the region, while others offer a glimpse into the history of the region with well-preserved architecture and museums. Read on to see if your hometown makes the list.

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Limerick’s lessor NAC secures extension of $ 6 billion debt deal https://civilavmed.com/limericks-lessor-nac-secures-extension-of-6-billion-debt-deal/ https://civilavmed.com/limericks-lessor-nac-secures-extension-of-6-billion-debt-deal/#respond Tue, 21 Sep 2021 06:00:00 +0000 https://civilavmed.com/limericks-lessor-nac-secures-extension-of-6-billion-debt-deal/

LIMERICK-based aircraft leasing giant Nordic Aviation Capital has secured a further extension of a forbearance agreement with lenders over $ 6 billion (€ 5 billion) in debt, reportedly he.

the previous extension of the forbearance agreement that was signed earlier this year expired yesterday. The new expansion obtained this week is believed to expire on September 30.

Nordic Aviation Capital (NAC) is the largest regional aircraft lessor in the world and the fifth largest aircraft lessor in the world.

He weighed options, including a potential review, as he grapples with the continuing impact of the Covid pandemic on the aviation industry.

Earlier this month, the lessor remained stuck in discussions with its creditors ahead of the expiration yesterday of the previous forbearance extension.

The lessor, headed by former ATR boss Patrick de Castelbajac, has around a hundred creditors.

The forbearance extension was obtained earlier this year as the ASB tried to come up with a more permanent solution. The lessor declined to comment yesterday.

In recent weeks, the ongoing talks have been seen as productive.

Despite this, the NAC commissioned PwC director Declan McDonald to manage a possible review process in Ireland.

Independent.ie first revealed in March that NAC was considering restructuring options, including Chapter 11 bankruptcy in the United States for some of its units there.

NAC, which has a fleet of nearly 500 turboprop and jet planes, continued to place planes with customers amid the resumption of air transport.

Last year, the lessor completed an arrangement with shareholders, including a vehicle controlled by the family that owns Lego, agreeing to inject $ 60 million (€ 50 million) into the company.

The program also secured lenders’ agreement for a standstill and carry-forward agreement that covered tens of millions of dollars of certain interest and principal payments that were owed over the following months on its $ 6 billion debt. of dollars.

The program allowed NAC to defer its principal payments for nine months and interest payments on aircraft financing for five months. Interest payments on other term loans could be deferred by approximately 17 months.

It also extended the maturity of each of the loans by a further 12 months from the originally scheduled maturity date.

Nordic Aviation Capital recently completed the delivery of the last of the 10 Embraer E190s to the American start-up Breeze.

This article was updated on September 21, 2021

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TikTok Vandalism Challenge Addressed by Senator from Connecticut https://civilavmed.com/tiktok-vandalism-challenge-addressed-by-senator-from-connecticut/ https://civilavmed.com/tiktok-vandalism-challenge-addressed-by-senator-from-connecticut/#respond Mon, 20 Sep 2021 19:14:48 +0000 https://civilavmed.com/tiktok-vandalism-challenge-addressed-by-senator-from-connecticut/

It’s another one of those TikTok challenges, but this time around, it looks like people are going a little too far.

So what is the “Devious Licks” challenge?

The final TicTok challenge is to encourage students to create a short video in which they show themselves stealing and destroying objects in their school.

As with many of these TicTok challenges, students across the country are going to vandalize school properties, record their actions, and then post them on TicTok.

So far, the challenge is really escalating and school districts across Connecticut are seeing an increase in vandalism in schools, especially in school washrooms. The most common cases are at Fairfield Ludlowe High School in Fairfield and Weston High School where, according to nhregister.com, school officials are outraged at the recent spike in property damage caused primarily by this TicTok challenge.

Here’s a quick explanation of how this whole trend started.

It got so bad statewide that State Senator Richard Blumenthal held a press conference in Hartford on Monday, September 20 to address TikTok’s “sneaky lick” trend and call for a congressional hearing on that question.

In a press statement, Blumenthal also blamed the company that runs TicTok by saying “these are not innocent bystanders”, and according to connecticutnews12.com, he also added that he would ask for a congressional hearing to have users who post any of these videos banned from the social media site.

The congressional hearing is scheduled to take place in October.

Many school districts across the state are also reaching out to parents to speak with their children to alert them to the possible implications of this and other TicTok challenges.

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Sensex down sharply, Nifty down 113 points https://civilavmed.com/sensex-down-sharply-nifty-down-113-points/ https://civilavmed.com/sensex-down-sharply-nifty-down-113-points/#respond Mon, 20 Sep 2021 03:51:17 +0000 https://civilavmed.com/sensex-down-sharply-nifty-down-113-points/

Benchmarks opened sharply lower in line with Asian and US markets (Friday). As of 9:16 a.m., the Sensex was down 359.77 points or 0.61% to 58,656.12 at the start of Monday’s trading, following losses from the main Tata Steel indices, the HDFC twins and ICICI bank in a context of limited trade on world markets. The Nifty lost 113 points or 0.64% to 17,472.15.

Tata Steel was the big loser of the Sensex pack, losing almost 6%, followed by Bajaj Auto, M&M, HDFC, PowerGrid and Maruti.

In contrast, Tech Mahindra, HUL, HCL Tech and TCS are among the winners.

In the previous session, the 30-stock index fell 125.27 points or 0.21% to 59,015.89, and Nifty slipped 44.35 points or 0.25% to close at 17,585, 15.

Foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 1,552.59 crore on Friday, according to provisional trade data.

US stocks end sharply down

US stocks ended sharply lower on Friday, ending a week shaken by strong economic data, concerns over the corporate tax hike, the Delta COVID variant and possible changes to the Federal Reserve’s schedule United States for reducing asset purchases.

The Dow Jones Industrial Average fell 166.44 points, or 0.48%, to 34,584.88; the S&P 500 lost 40.76 points, or 0.91%, to 4,432.99; and the Nasdaq Composite lost 137.96 points, or 0.91%, to 15,043.97.

Stocks fell as bearish momentum gained momentum after reading consumer confidence close to its lowest level in about 10 years. Investors also faced on Friday the volatility resulting from the simultaneous expiration of options, known colloquially on Wall Street as quadruple witchcraft.

For the week, the Dow Jones lost around 0.1% in its third consecutive weekly decline, recording its longest weekly losing streak since the four weeks ending September 25, 2020.

The University of Michigan consumer confidence indicator rebounded slightly to a preliminary reading of 71 in September from a final reading of 70.3 in August, above consensus estimates of 72. However, the reading remains close to the roughly 10-year low seen in August, with consumers feeling worse about the economy today than at any time during the COVID-19 pandemic.

US Fed meeting

The US Fed’s meeting over the coming week may not be as eventful as investors expected. Some strategists expect the central bank’s withdrawal from its bond buying program to cause turmoil for stocks. But the Fed will likely only discuss the cut at the next meeting and, at most, signal that it may slow bond buying later in the year.

Asian stocks relax

Asian stocks eased and the dollar held on Monday before a week marked by no less than a dozen central bank meetings, highlighted by the Federal Reserve which is expected to take another step towards reduction.

Early Monday, the MSCI’s largest Asia-Pacific stock index outside of Japan plunged another 0.2%, after losing 2.5% last week. Japan’s Nikkei has been shut down and may be subject to consolidation after peaking in 30 years in hopes that a new prime minister will bring more stimulus and policy change.

The fate of Chinese real estate giant Evergrande, and its $ 300 billion in liabilities, is also at stake with a bond interest payment due Thursday. Evergrande, a Chinese real estate giant with more than $ 300 billion in debt, is likely to default next week. Global investors don’t seem too worried, but the looming crisis still has the potential to shake up financial markets. The lack of concern reflects expectations that, in the end, “the Chinese government will end up paying for it.

Oil prices fall

Oil prices fell on Monday, extending Friday’s losses after the US dollar hit a three-week high and the number of US rigs increased, although nearly a quarter of US production in the Gulf of Mexico has remained offline following two hurricanes.

US West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $ 71.67 a barrel at 12:59 a.m. GMT, after falling 64 cents on Friday. Brent crude futures fell 27 cents, or 0.4%, to $ 75.07 a barrel after losing 33 cents on Friday.

National carriers can now operate at 85%

Domestic carriers can now operate flights at 85% of pre-COVID levels, up from 72.5% currently, the Civil Aviation Ministry said in a circular issued on September 18.

Flight capacity, which was reduced after the onset of the coronavirus pandemic, was increased to 80% in December of last year. However, it was further reduced and reduced to 50% on June 1 due to the second wave of COVID-19.

Festival season should support real estate

The Indian residential real estate market is expected to experience strong consumer demand during festival season with various banks, including SBI, offering concessional interest rates on home loans, according to real estate developers and consultants.

They also hoped that other public and private banks would soon announce their festival offers on mortgage interest rates and processing fees.

The country’s largest lender, State Bank of India, on Thursday announced various festive offers for potential home loan clients, including a home loan tied to credit rating from 6.70% regardless of the Amount of the loan. Previously, a borrower with a mortgage exceeding Rs 75 lakh had to pay an interest rate of 7.15%.

Forex decline

After hitting a record high the week before, the country’s foreign exchange reserves declined by $ 1.34 billion to $ 641.113 billion in the week ended September 10, 2021, according to RBI data. During the previous week ended Sept. 3, reserves had jumped $ 8.895 billion to a record high of $ 642.453 billion.

In the reporting week ended September 10, the decline in reserves was due to a decline in foreign currency assets (FCA), a major component of aggregate reserves, according to weekly data from the Reserve Bank of India (RBI) published on Friday.

Foreign portfolio investors (REITs) have remained net buyers in Indian markets so far in September by investing a net sum of Rs 16,305 crore. According to data from custodians, foreign investors invested Rs 11,287 crore in stocks and rupee 5,018 crore in the debt segment on a net basis between September 1 and September 17. During this period, the total net investment stood at Rs 16,305 crore.

8 actions under F&O prohibition

Eight stocks – Escorts, Exide Industries, Indiabulls Housing Finance, IRCTC, NALCO, Punjab National Bank, SAIL and Sun TV Network – are under the F&O ban

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Posted on: Monday September 20, 2021 9:21 am IST

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Mabuhay Miles, older aircraft: PAL details guarantees to secure crucial financing https://civilavmed.com/mabuhay-miles-older-aircraft-pal-details-guarantees-to-secure-crucial-financing/ https://civilavmed.com/mabuhay-miles-older-aircraft-pal-details-guarantees-to-secure-crucial-financing/#respond Sun, 19 Sep 2021 20:06:00 +0000 https://civilavmed.com/mabuhay-miles-older-aircraft-pal-details-guarantees-to-secure-crucial-financing/

Billionaire Lucio Tan’s Philippine Airlines (PAL) is pledging 15 planes, spare engines and frequent flyer miles as collateral to secure additional loans as part of an ongoing restructuring process.

Following Chapter 11 Creditor Protection Plea in the United States to Write Off $ 2.1 Billion in Debt, PAL Seeks to Raise $ 505 Million in Debtor-In-Owner Financing (DIP) .

The loans will be guaranteed by Tan, majority shareholder of PAL since 1993.

Based on the loan conditions sheet submitted by PAL’s attorneys to the Chapter 11 court, the DIP facility would be guaranteed by eight Airbus A320-200 “mid-life” and seven DHC 8-300 / 400 “mid-life” aircraft. of life ”and their engines.

The loans would also be secured by five engines, including those manufactured by the US company GE Aviation and the British multinational Rolls Royce Holdings used in PAL’s large jet fleet.

DIP installation

The carrier’s Mabuhay Miles loyalty program contracts have also been pledged as collateral, according to the list of conditions. The US court had previously granted PAL access to the first $ 20 million of the $ 505 million DIP facility, a special type of fundraising for companies undergoing this type of restructuring.

The proposed lender for the DIP loans was Tan’s Buona Sorte Holdings Inc.

The proceeds from the DIP would be used to refinance the bridging loans that had previously been granted by Tan as well as for working capital and other expenses related to Chapter 11 advocacy.

Prior to the Chapter 11 filing, Tan provided interim financing to PAL with a combined value of $ 100 million, which PAL lawyers said helped the national carrier continue operations and “avoid a free fall. destructive of value in bankruptcy ”.

The DIP facility would be divided into two tranches of $ 250 million and $ 255 million with an interest rate of 9.5% per annum, according to the term sheet.

$ 125 million exit loan

PAL is also seeking an optional $ 125 million exit loan, with an interest rate of 10.5%, to support operations after exiting the Chapter 11 process.

PAL’s restructuring advisor, Seabury International Corporate Finance LLC, explained earlier that they could not find more favorable terms after meeting 115 potential lenders over a period of six to eight weeks.

Seabury chief executive Douglas Walker said neither party “was prepared to provide such financing on equivalent or more favorable terms”.

“Some were unresponsive or unwilling to invest capital in an airline during a global pandemic, others would have demanded less favorable economic conditions from the debtor, and none were willing to offer the debtor a conversion option. in the proposed mix of equity and long-term unsecured debt, ”he said. INQ

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For PAL reinvention, not liquidation https://civilavmed.com/for-pal-reinvention-not-liquidation/ https://civilavmed.com/for-pal-reinvention-not-liquidation/#respond Sat, 18 Sep 2021 21:05:00 +0000 https://civilavmed.com/for-pal-reinvention-not-liquidation/

Congratulations to Judge Japar B. Dimaampao, 57, for his long delayed but well deserved promotion to the Supreme Court. I know him personally to be as trustworthy as his uncle, retired CJ Hilario G. Davide Jr., as gentle as his aunt Gigi Davide, and as devout a Muslim faithful is to the teachings of Allah, as a good Christian is to the commandments of Jesus Christ to love God and his neighbor.

* * *

Although filed under Chapter 11 of the United States Bankruptcy Code, the 18-page petition (under official forms 201, 202 and 204) from Philippine Airlines (PAL) seeks to restructure its finances, secure its recovery and reinvent yourself to become stronger. and better, and not to liquidate its assets or cease operations.

This goal of pursuing in good faith its mission as the full-service airline and national airline of the country is clearly demonstrated, in my humble opinion, by the fact that the petition was filed (1) voluntarily by PAL itself, and not by its bankers, salespeople or disgruntled customers; (2) after PAL has obtained a consensual agreement with almost all of its lenders, lessors, aircraft and engine suppliers, and its majority shareholders; and (3) after PAL was able to secure firm new capital injection commitments of up to $ 655 million, including $ 505 million debtor-in-charge (DIP) financing from its major shareholders, Buona Sorte Holdings Inc. and PAL Holdings Inc. (both controlled by taipan Lucio C. Tan), and local banks to maintain liquidity during the crisis, and to be converted into equity or long-term debt later.

It is true that during the initial hearing on September 9, the US Bankruptcy Court for the Southern District of New York granted all of PAL’s “first day” motions, thus allowing the carrier (1) to operate normally without be disturbed by the wait for the petition, (2) honor and maintain all customer programs, including valid tickets and travel vouchers, as well as Mabuhay miles and benefits, (3) pay suppliers and commercial creditors ongoing in the ordinary course of business, (4) continue to pay all salaries, compensation and employee benefits, (5) to operate its domestic and international flights, and, most importantly, (6) to access the first 20 million dollars of its DIP funding of $ 505 million, enabling it to undertake the first five measures.

These milestones mark important milestones in PAL’s turnaround plan, especially in securing what bankers call a “permanent haircut” of over $ 2 billion (100 billion pesos) in liabilities, allowing it to recover its accumulated deficit (as of June 30, 2021) almost equivalent to this amount.

Notably, despite its financial difficulties, PAL remained one of the 10 safest airlines in the world chosen by the Safe Travel Barometer out of 150 carriers, with a score of 4.2 out of 5. Lufthansa took first place at 4 , 5, and Alaska Airlines tenth at 4.1.

As required by law, the petition listed PAL’s five largest creditors secured by spare aircraft and engines as collateral, as follows: PK Airfinance of Luxembourg, $ 334.23 million; “EXIM guaranteed loans” to four international banks, $ 240.1 million; National Bank of the Philippines (GNP), $ 156.51 million; Banco de Oro, $ 80.42 million; and China Banking Corp., $ 54.83 million.

It also listed in good faith the 40 largest unsecured claims of the carrier, including those from affiliates (Buona Sorte, PNB, Air Philippines, MacroAsia Airport Services), government agencies (Manila International Airport Authority, Civil Aviation Authority of the Philippines), local banks (Asia United Bank, China Banking Corp., Union Bank), aircraft rental companies, foreign banks, maintenance service providers, etc.

In general, a Chapter 11 filing does not necessarily mean that the filer ceases to operate. In fact, it allows the filer to restructure debt, downsize operations, cut expenses, free up assets, and come out lighter and more lively, as the giants Delta Air Lines and General Motors have done.

Thus, to refine and improve, PAL will reduce its fleet by 25%, which would entail the return of 22 aircraft; abandon its losing long-haul routes to New York and London; and will focus on profitable destinations in the Philippines, China and Australia.

Normally Chapter 11 is a long process. However, given the pre-packaged and pre-negotiated measures that I explained earlier, I think PAL can successfully exit Chapter 11 by the end of the year, as the president of PAL hoped. Gilbert Santa Maria.

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With Prothena up over 500% this year, is it too late to enter? https://civilavmed.com/with-prothena-up-over-500-this-year-is-it-too-late-to-enter/ https://civilavmed.com/with-prothena-up-over-500-this-year-is-it-too-late-to-enter/#respond Sat, 18 Sep 2021 13:13:00 +0000 https://civilavmed.com/with-prothena-up-over-500-this-year-is-it-too-late-to-enter/

When a biotech company develops a drug candidate that can help millions of people fight a monstrous disease like Alzheimer’s disease, it is sure to attract the attention of scientists, the media, and the United States Food and Drug Administration. .

For Prothena (NASDAQ: PRTA), a huge wave of attention has also come from investors since the start of the year. But has its share price gone too high too quickly? Or is this just a sign of further gains to come as it develops a potentially best-in-class Alzheimer’s disease portfolio to enter a market that is expected to grow 5.4% per year to the next level. ‘in 2026, to reach $ 9 billion?

Image source: Getty Images.

Promising evidence gives new hope

On July 26, Prothena presented new data at the Alzheimer’s Association International Conference, providing evidence to support the further development of its drug candidates to treat and prevent Alzheimer’s disease.

The first of the candidates, PRX012, is a very potent antibody treatment that can remove modified and unmodified plaque in brain tissue on a convenient schedule, and be administered as an injection.

There are several reasons to be excited about the potential of this next-generation antibody, including its many advantages over Biogen‘s Aduhelm, which was approved by the FDA in June amid controversy (more on that later). For example, PRX012 may “offer greater accessibility and compliance” than Aduhelm, according to Prothena Chief Medical Officer Hideki Garren. The treatment can be administered at a lower dose and its method of administration is injection; this is often preferable to intravenous treatments, which can be longer, anxiety-inducing in some patients, and often require hospital or clinic visits. Additionally, Prothena claims PRX012 is 11 times more potent than Aduhelm.

That said, Garren attributes some of the treatment’s success to that of its competitor, noting that the FDA approval of Aduhelm “has really opened up potential accelerated pathways for other anti-amyloid beta antibody candidates” (“accelerated “being the key word). Aduhelm did not show efficacy in phase 3 trials until it was used at a higher dose, meaning it showed minimal efficacy based on the review guidelines . But the FDA has cleared fast-track approval based on the drug meeting its interim endpoint.

For this reason, Prothena’s PRX012 now has the potential to benefit from similar accelerated approval. As the company continues its efforts to show new evidence that PRX012 successfully reduces plaque buildup in the treatment of Alzheimer’s disease, it plans to submit a new drug application in the first quarter of 2022.

But the company does not base everything on a single candidate. He is also working on a vaccine candidate (PRX005) that helps reduce plaque in the brain while treating abnormal tau bindings and tangles that interfere with neurons, slowing the communication of information. PRX005 is an antibody developed in partnership with Bristol Myers Squibb for use in a vaccination program for the prevention and treatment of Alzheimer’s disease. Described by Prothena as the best experimental antibody in its class, it is currently undergoing phase 1 trials.

Big pharma brings in a lot of money

Having Bristol Myers Squibb on board brings an influx of income for Prothena. In June, it was announced that the former company had agreed to pay $ 80 million upfront for an exclusive U.S. license for PRX005. Through this collaboration, Prothena could potentially end up with a total of $ 2.2 billion, including all funds put forward by Bristol Myers Squibb for US and global rights and regulatory and commercial payments. In addition to this, the company has the potential to collect royalties on commercial sales in its other programs.

The second quarter of 2021 was a turning point – 99% of revenue and revenue for the first six months of this year was made in the second quarter. The company went from a net loss of $ 26 million in the second quarter of 2020 to a net profit of $ 27.6 million in the same period of 2021. That was without cashing a check from Bristol Myers Squibb.

The revenue injection is the result of collaborative milestone payments from rock for Parkinson’s disease treatment, as well as $ 100 million in upfront and short-term milestone payments from Norvo Nordisk for the treatment of cardiomyopathy. In addition, the company sold its ATTR amyloidosis business to Norvo Nordisk in July.

Amyloidosis is a disease that affects approximately 50,000 people worldwide with an abnormal buildup of proteins in tissues and organs that can lead to organ failure. The sale of this business could generate total revenue of $ 1.2 billion if development and sales milestones are met.

Prothena expects $ 80 million milestone payments from Bristol Myers Squibb in the third quarter as part of its PRX005 collaboration, with a potential option of $ 55 million for global rights upon completion of phase 1 trials.

With no revenue-generating products in the market, management will continue to rely on expense control and meeting milestones to generate additional net income. So far, spending is increasing a bit, but at a manageable rate of 18% for the first six months of the year on an annual basis, for a total of $ 22 million. On a sequential quarterly basis, spending remained stable at around $ 11 million. Much of this is expected to be offset by milestone payments planned for the remainder of the year and through the first quarter of 2022, when the company plans to submit its investigational new drug application for PRX012.

Lots of money brings a launching pad for the stock

Looking at last year’s price chart for Prothena, you might think it looks like a freshman drawing for the trajectory of a space flight: straight up with a little nervousness. The share price rose from $ 12 at the start of the year to $ 75, an astronomical gain of over 520% ​​in just nine months.

PRTA Total Return Level Graph

Total performance level PRTA given by YCharts

This type of spike, supported by the exciting details of a promising pipeline, can cause investors to fear missing out. Some might be wary of the wind to get on board.

But a more thoughtful consideration reveals that the preparation may be over for now. Analysts have a 12-month average price target of $ 70 on the stock, slightly below its current level. Even with an experimental NDA for Alzheimer’s disease treatments slated for the first quarter of 2022, fast-track approval could take up to eight months (and regular approval even longer). For reference, after Aduhelm’s fast-track approval, Biogen’s stock went from $ 269 to $ 406 in one week. It has since dropped back to $ 300.

Personally, I will need a little more conviction as the Prothena pipeline expands into additional clinical trial phases. The company has said it will provide additional study results at unspecified medical conferences in 2021. For now, I’ll keep it on my radar.

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Jeff Petit has no position in any of the stocks mentioned. The Motley Fool owns stock and recommends Bristol Myers Squibb. The Motley Fool recommends Biogen and Novo Nordisk. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Alternative financing in the shipping industry | Conyers https://civilavmed.com/alternative-financing-in-the-shipping-industry-conyers/ https://civilavmed.com/alternative-financing-in-the-shipping-industry-conyers/#respond Fri, 17 Sep 2021 17:14:14 +0000 https://civilavmed.com/alternative-financing-in-the-shipping-industry-conyers/

In the decade since the global financial crisis, the financing of ships has changed dramatically. Traditionally, debt financing from banks and equity financing have been the most common methods used by shipping lines to raise funds. However, these traditional forms of financing have increasingly been replaced by alternative sources of financing such as convertible debt, private equity and sale-leaseback agreements. This trend has intensified over the past year due, in part, to the volatility of the industry following the COVID-19 pandemic, and some banks, including many European banks, leaving the industry and selling their shipping wallets or not taking on new business while existing loans are being paid off.

Sale-leaseback agreements have recently gained in popularity. In a sale-leaseback agreement, the original company that owns the vessel sells a vessel to another company and then leases it back to them. The original shipowner then becomes the tenant and the new buyer lessor. Sometimes transactions will also include a purchase option, under which the lessee has the right of first refusal to buy back the vessel at the end of the lease. Due to the growing popularity of sale-leaseback agreements in 2020, BIMCO introduced SHIPLEASE, which is a standardized condition sheet for use in sale-leaseback transactions.

Benefits of sale-leaseback agreements

Sale-leaseback agreements have advantages for both the lessor and the lessee. They allow the original owner (the lessee) to raise funds and release capital, thus improving liquidity when receiving funds from the sale of their vessels. The funds raised by the tenant can be used to invest in other activities or to finance operating expenses. For new construction or purchases of second-hand vessels, such provisions can be used by shipping companies to facilitate the delivery of the vessel without the shipping company (lessee) having to increase the company’s debt or dilute it. its own funds. Benefits to the lessor include increased security over the asset as it will become the owner. Under traditional bank financing, in the event of non-payment or default, the secured party would generally be required to initiate enforcement proceedings to recover the asset, which can be both time consuming and costly. As the owner of the vessel, in the event of default, the lessor can terminate the lease or charter and repossess the vessel, which will be faster than attempting to enforce a mortgage.

Chinese rental houses in particular are responsible for a significant portion of the growth in sale-leaseback transactions, which have apparently grown exponentially in recent years. While rental homes were once primarily focused on the new construction market, they are also increasingly entering the second-hand market. Trends indicate further growth in sale and leaseback transactions throughout 2021.

JOLCO operations

In addition, in recent years, we have seen an increase in simple lease transactions with option to purchase in Japan (JOLCO). While JOLCOs have always been predominant in aviation finance arrangements, we have seen them increasingly used in the shipping industry. These operating leases are financed by an equity investment from Japanese investors and senior debt financing provided by financial institutions to a Special Purpose Vehicle (SPV) which finances the costs of acquiring the vessel by the SPV . The SPV and the shipping company simultaneously enter into a bareboat charter. Such agreements allow shipping companies to access competitive rental rates and off-balance sheet financing, and are popular in Japan due to specific provisions in Japanese tax laws. JOLCOs represent an evolution towards alternative sources of financing in the shipping industry.

At Conyers, our shipping team has considerable experience in advising on Bermuda law issues related to such sale and leaseback transactions and JOLCO. Some of these transactions also included the registration of vessels in the Demise Register of the Bermuda Shipping and Maritime Authority. The BSMA accepts both disappearance “out” (when the underlying registry is in Bermuda and the vessel flies the flag of another state) and disappearance “in” (when the underlying registry is outside. Bermuda and the ship flies the Bermuda flag), thereby helping both landlords and tenants.

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