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Scary Times for U.S. Companies Spell Boom for Restructuring Advisers

Scary Times for U.S. Companies Spell Boom for Restructuring Advisers Corporations are saving cash, cutting costs and refinancing debt to manage the economic fallout of the coronavirus. Restructuring and bankruptcy experts are already getting calls. Freedom Mortgage, one of the nation’s largest mortgage lenders, is looking for additional financing as millions of homeowners are expected to stop making mortgage payments. The Cheesecake Factory said this past week it wouldn’t be able to make rent payments on its leases because of lost business. And giant companies from Kraft Heinz to Ford have tapped billions of dollars in credit from banks in preparation for an uncertain future. These are scary times for American companies as they grapple with the hit to their businesses from the shutdown of major parts of the economy from the coronavirus. But for one group in the financial services industry — restructuring and bankruptcy advisers and lawyers — the emerging signs of pain for comp...
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The War on Coronavirus Comes to Trump Properties

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Health restrictions have led to cutbacks at hotels and golf courses. But the swimming pool remains open at a Florida resort, and a New York golf course offers “fresh air” without caddies. By  Ben Protess ,  Steve Eder  and  Eric Lipton Reeling from the global fallout of the coronavirus pandemic, President Trump’s family business has cut back hotel operations, closed some golf courses and restaurants and shed dozens of workers — all while pushing to keep other properties open and promote them on social media. In recent days, the Trump Organization cut staff from hotels in New York and Washington, halted new reservations at a hotel overlooking the Las Vegas Strip and closed golf courses  in Los Angeles  and the  Miami area , according to people with knowledge of the matter. It also closed the Mar-a-Lago club in Florida, which normally would be at a peak right now, with regular seasonal visits by Mr. Trump himself. T...
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Powell, Warning of a Possible Virus Fallout, Is Slammed Again by Trump

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Powell, Warning of a Possible Virus Fallout, Is Slammed Again by Trump The virus could affect the global economy, the Federal Reserve head told Congress. He also signaled comfort with leaving interest rates unchanged. WASHINGTON — Federal Reserve Chair Jerome H. Powell warned lawmakers on Tuesday that the coronavirus epidemic sweeping China could pose broader economic risks, even as he signaled that the central bank is comfortable holding interest rates steady for now. “We are closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy,” Mr. Powell told House Financial Services Committee members. The central bank chief is also set to testify before the Senate Banking Committee on Wednesday. The Fed is treading cautiously as the economy continues to add jobs but inflation remains low. An initial trade deal with China has eased one major source of economic uncerta...
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Amazon Powers Ahead With Robust Profit

Amazon Powers Ahead With Robust Profit The internet giant posted increases in revenue and profit after shoppers flocked to it during the holiday season. SAN FRANCISCO — Amazon sold a lot of things to a lot of people in the last three months of 2019, as speedy shipping shortened the time between “I want it” and “It’s here.” That was expected. What no one anticipated was that profits would also shoot up. On Thursday, Amazon said it had earned $6.47 a share in the quarter, up from $6.04 a year earlier. Analysts had forecast $4.04 a share, and some would not have been surprised if it had been less. Amazon went wide last year with one-day shipping for members of its Prime service, and “fast” is usually synonymous with “expensive.” Not this time. Amazon said more customers joined Prime in the fourth quarter than ever before, pushing worldwide membership to 150 million households. That total was also more than analysts expected. It was 100 million less than two years ago...
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Trump Just Signed the U.S.M.C.A. Here’s What’s in the New NAFTA

      Trump Just Signed the U.S.M.C.A. Here’s What’s in the New NAFTA     A trade agreement with Mexico and Canada revises Mexico’s labor laws and encourages more auto production in North America. WASHINGTON — President Trump signed the revised North American Free Trade Agreement into law on Wednesday, fulfilling a campaign promise to rewrite “one of the worst trade deals” in history. “Today we are finally ending the NAFTA nightmare,” Mr. Trump said during a White House signing ceremony, calling the new trade deal a “colossal victory” for farmers, factory workers, and other countries. Much of the new United States-Mexico-Canada Agreement simply updates the 25-year-old NAFTA, with new laws on intellectual property protection, the internet, investment, state-owned enterprises and currency. But the 2,082-page pact also includes significant changes in several key areas, including provisions designed to incentivize car production in N...
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