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Stockwinners Market Radar for May 24, 2020 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service |
| IQ | Hot Stocks16:10 EDT iQIYI launches S-diamond Membership package - iQIYI launched its S-diamond Membership package, "catering to users' desire for free control over how they view content on a wider range of devices and their growing diverse needs for content-related services," according to the company. The S-diamond Membership entitles members to a wide range of benefits and premium services, including early access to on-demand drama episodes and S-diamond Cinema's films at no extra cost; integrated content offerings of the existing Gold Membership, Galaxy QIYI Guo S-diamond Membership, FUN Membership, Literature Membership, VR Membership and Sports Membership-General programs; access through multiple devices including mobile devices, PC, Internet TV, tablets, and VR devices. iQIYI will also be launching an S-diamond Cinema for films, providing S-diamond members free access to top-rated paid domestic and international films at no extra cost. S-diamond members will also be able to "enjoy the entertainment experiences across smartphones, tablets, computers, Internet TV and VR devices, anywhere, anytime. Whether viewers choose to watch as a family on a large screen in the living room or privately during their commute, or become totally immersed in the VR world, iQIYI S-diamond members will enjoy highly engaging viewing experiences," the company added.
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| UNT | Hot Stocks16:04 EDT Unit Corp. files Chapter 11 bankruptcy to restructure balance sheet - Unit Corp. announced that it has filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to effectuate a pre-negotiated Chapter 11 plan of reorganization that will reduce the company's funded debt obligations by more than $650M and right-size the company's balance sheet for go-forward operations. The company expects to continue to operate in the ordinary course throughout the Chapter 11 process without material disruption to its vendors, customers, or partners. Importantly, the company's 50%-owned midstream affiliate, Superior Pipeline company and its subsidiaries, is not a debtor in the Chapter 11 cases and is unaffected by the company's Chapter 11 filing. Additionally, the company does not anticipate that payments to vendors and suppliers of its subsidiary Unit Drilling company will be impacted. The Chapter 11 petitions were filed in accordance with a Restructuring Support Agreement between the company, the holders of more than 70% of the company's 6.625% senior subordinated notes due 2021 and all of the lenders under the company's Senior Credit Agreement. The RSA sets forth the principal terms of the restructuring transaction that will be effectuated by the Plan, including an equitization of all of the outstanding Subordinated Notes and the replacement of the existing RBL facility and the DIP financing with a $180M exit financing facility. Consummation of the Plan will be subject to confirmation by the Court and other conditions in the Plan, the RSA and related transaction documents. With the filing, and subject to court approval, the company has received a commitment from the RBL Lenders that are parties to the RSA to provide up to $36M in debtor-in-possession financing. The company anticipates up to $18M will be available on an interim basis. This financing, combined with the company's usual operating cash flows, is expected to provide sufficient liquidity for the company to continue to operate in the ordinary course through the restructuring process. The company has filed several customary motions with the court seeking authorization to support its operations while this process is ongoing, including authority to continue payment of employee wages, salaries and benefits without interruption, and to continue paying all vendors and suppliers of Unit Drilling Company in the ordinary course of business. The company expects to receive court approval for these requests.
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| HTZ | Hot Stocks12:55 EDT Hertz files for bankruptcy after 'sudden and dramatic' COVID-19 impact - Hertz Global Holdings announced late Friday that it and certain of its U.S. and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. "The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity. However, uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action. The financial reorganization will provide Hertz a path toward a more robust financial structure that best positions the Company for the future as it navigates what could be a prolonged travel and overall global economic recovery," the company said in a statement. Hertz's principal international operating regions including Europe, Australia and New Zealand are not included in the U.S. Chapter 11 proceedings. In addition, Hertz's franchised locations, which are not owned by the company, also are not included in the Chapter 11 proceedings. All of Hertz's businesses globally, including its Hertz, Dollar, Thrifty, Firefly, Hertz Car Sales, and Donlen subsidiaries, are open and serving customers. All reservations, promotional offers, vouchers, and customer and loyalty programs, including rewards points, are expected to continue as usual. As of the filing date, Hertz had more than $1B in cash on hand to support its ongoing operations. "Depending upon the length of the COVID-19 induced crisis and its impact on revenue, the Company may seek access to additional cash, including through new borrowings, as the reorganization progresses," it added. Hertz said that while it negotiated short-term relief with such creditors, it was unable to secure longer-term agreements. The stock in after-hours trading decline 36%, or $1.02, to $1.82.
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