Three new option listings and three option delistings on August 4th » 08:3008/0408/04/20
ASNA, ENT, TLRD
New option listings for…
New option listings for August 4th include Ascena Retail Group Inc (ASNAQ), Global Eagle Entertainment Inc (GEENQ), and Tailored Brands Inc (TLRDQ). Option delistings effective August 4th include Ascena Retail Group Inc (ASNA), Global Eagle Entertainment Inc (ENT), and Tailored Brands Inc (TLRD).
|Over a week ago|
Global Eagle receives court approval for 'First Day' motions » 08:3407/2407/24/20
Global Eagle Entertainment announced that it has received interim approvals from the U.S. Bankruptcy Court for the District of Delaware for the "First Day" motions related to the Company's voluntary Chapter 11 petitions filed on July 22, 2020. These approvals will help ensure that the Company's day-to-day operations continue without interruption during the court-supervised process. As previously announced, the Company intends to use this process to facilitate the proposed sale of the business to an investor group comprising approximately 90% of Global Eagle's first-lien term loan holders. This sale is subject to Court approval pursuant to Section 363 of the U.S. Bankruptcy Code and other conditions. Among other approvals, the Court granted interim approval for Global Eagle to access $30M of the $80M in debtor-in-possession financing the Company obtained from the investor group. This new financing, together with cash on hand and cash generated from ongoing operations, is expected to provide ample liquidity to support Global Eagle's operations during the sale process. In addition, the Court authorized the Company to continue payment of employee wages, salaries and benefits, and to pay vendors, suppliers and other partners to its affected U.S. subsidiaries in full under normal terms for goods and services provided on or after the filing date of July 22, 2020. Global Eagle's non-U.S. subsidiaries are not included in the Chapter 11 proceedings, and suppliers to those entities will continue to be paid in the ordinary course, regardless of when goods or services were delivered.
Global Eagle reaches asset purchase agreement with senior loan investors » 07:0607/2207/22/20
ENT, APO, EV, BLK
Global Eagle (ENT) has…
Global Eagle (ENT) has agreed upon a definitive "stalking horse" asset purchase agreement under which substantially all of the company's assets will be acquired for total consideration of $675M by an entity established at the direction of holders of approximately 90% of the company's senior secured first-lien term loans, led by lenders managed by Apollo Global (APO), Eaton Vance (EV) Management, Arbour Lane Capital Management, Sound Point Capital, Mudrick Capital , or one or more of their respective affiliates, and certain funds and accounts under management by BlackRock (BLK). The proposed transaction will have no material impact on Global Eagle's global operations as the company continues to provide services to all of its customers in the ordinary course, before and after the transaction. The company will reduce its total debt by approximately $475M and obtain additional liquidity. CEO of Global Eagle Joshua Marks said, "While we made important progress last year managing our cash flow and reducing operating expenses, we have been particularly impacted by COVID-19-related travel restrictions and demand declines in both airline and cruise end-markets. We expect to emerge from this process with a stronger balance sheet, significantly reduced debt and substantial liquidity, well-positioned to continue supporting our global customers into the future. (...) We remain steadfast in our belief that our airline, cruise line and other customers will recover from COVID-19 and generate significant long-term demand for our services. (..)" To facilitate the sale process, Global Eagle and certain of its U.S. subsidiaries have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in Delaware. In connection with this in-court process, Global Eagle will be obtaining $80M in debtor-in-possession financing from the Investor Group. The acquisition is also expected to be financed by an additional investment in the business in the form of a $125M exit facility, which would include assumption or refinancing of the DIP financing. The company intends to pay vendors and partners to its affected U.S. subsidiaries in full under normal terms for goods and services provided on or after the filing date, and expects to receive approval for all of these requests.
Global Eagle downgraded to Market Perform on uncertainty at Northland » 08:1207/1307/13/20
Northland analyst Greg…
Northland analyst Greg Gibas downgraded Global Eagle Entertainment to Market Perform from Outperform without a price target. As alluded to in an SEC filing Friday, a dilutive equity deal is upcoming in an effort to reduce debt and increase liquidity until the company's end-markets recover, Gibas tells investors in a research note. The analyst sees "substantial uncertainty" related to Global Eagle's "likely upcoming need" for a restructuring. In order for Global Eagle's Media and Content business to recover, global leisure travel has to pick-up first, which will likely be followed by business travel, says Gibas.
Global Eagle downgraded to Market Perform from Outperform at Northland » 08:0507/1307/13/20
Northland analyst Greg…
Northland analyst Greg Gibas downgraded Global Eagle to Market Perform from Outperform.
|Over a month ago|
Global Eagle delays filing 10-Q, cites impacts of COVID-19 pandemic » 17:3606/3006/30/20
Global Eagle Entertainment is unable to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, originally due on May 15, due to impacts of the COVID-19 pandemic on the company. In reliance on the Order of the SEC dated March 25, pursuant to Section 36 of the Securities Exchange Act of 1934, as amended, the company has availed itself of an extension of the original deadline to file the Report, which rendered the report due on June 29. However, the continuing disruptions from the COVID-19 pandemic and their impact on the company have required additional time to complete the report and finalize the financial statements therein. The COVID-19 pandemic has disrupted, and continues to disrupt, the company's day-to-day activities, including limiting the company's access to facilities. In accordance with Rule 12b-25 and Rule 0-3 of the Exchange Act, the company expects to be able to file the report on or before the fifth calendar day following its prescribed due date or by July 6.
|Over a quarter ago|
Global Eagle announces 1-for-25 reverse stock split » 16:3104/1504/15/20
Global Eagle Entertainment announced that the company's board of directors has approved a reverse stock split of the company's common stock, at a ratio of 1-for-25, following the approval of the reverse stock split by the company's stockholders at the Special Meeting of Stockholders held on March 17, 2020. Beginning with the opening of trading on April 16, 2020, the company's common stock will trade on The Nasdaq Capital Market on a split-adjusted basis under a new CUSIP number, 37951D300. The company's trading symbol will continue to be "ENT."
Global Eagle explores possible debt restructuring, Reuters says » 15:5304/0104/01/20
Global Eagle is looking…
Global Eagle is looking into debt restructuring options as air travel suffers amid the COVID-19 pandemic, Reuters' Mike Spector and Jessica DiNapoli report, citing people familiar with the matter. The company, which carries about $1B in total liabilities, has tapped investment bankers and lawyers who specialize in renegotiating companies' debt obligations or reorganizing them in bankruptcy proceedings, the authors say. A bankruptcy filing for the provider of in-flight wireless internet and television is not imminent and the company is looking at other ways to address its strained finances, including seeking relief from lenders, the authors note. Shares of Global Eagle are 24.5% lower near the close. Reference Link
Global Eagle explores possible debt restructuring, Reuters says » 15:3904/0104/01/20
Global Eagle Entertainment is working with advisers to explore a potential debt restructuring, according to Reuters.
Global Eagle adopts shareholder rights plan » 17:1503/1903/19/20
Global Eagle has adopted…
Global Eagle has adopted a Stockholder Rights Plan, effective March 19, and declared a dividend distribution of one preferred share purchase right on each outstanding share of the company's common stock. The Rights Plan will expire on December 31. The Rights Plan is intended to ensure that no person or group can gain control of Global Eagle without paying a control premium and potentially disadvantaging the interest of all stockholders. The Rights Plan ensures that the Board has sufficient time to exercise its fiduciary duties to make informed judgments about the actions of third parties.The Rights Plan has not been adopted in response to any specific takeover bid or other proposal to acquire control of the company. The Rights will become exercisable if a person or group becomes the beneficial owner of 20% or more of the company's outstanding Common Stock. In the event that the Rights become exercisable due to the triggering ownership threshold being crossed, each Right will entitle its holder to purchase a number of shares of Common Stock or equivalent securities having a market value at that time of twice the Right's purchase price. Rights held by the triggering person or group will become void and will not be exercisable. The distribution of the rights will be made to stockholders of record as of March 30.