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Equity.Guru live market news feed: Hertz Confirms Revised Reorganization for Chapter 11 Exit, Polaris Names Michael Speetzen as CEO

Tuesday, May 4, 2021 [7:36] CN Rail garners more stakeholder support for KCS deal Canadian National Railway Company has continued to receive support from customers, suppliers, elected officials and other stakeholders for its proposed combination with…

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Tuesday, May 4, 2021


[7:36] CN Rail garners more stakeholder support for KCS deal

Canadian National Railway Company has continued to receive support from customers, suppliers, elected officials and other stakeholders for its proposed combination with Kansas City Southern (KCS).

100 additional letters have been sent to CN and filed with the Surface Transportation Board (“STB”) in favor of CN’s proposed combination with KCS, bringing the total number of support letters CN has received to more than 700. Of note, 66 of the letters filed with the STB explicitly support CN’s proposed combination with KCS, and 34 of the letters specifically ask the Board to approve CN’s use of a voting trust. CN will continue to communicate and engage with its customers and various stakeholders as it works towards an agreed transaction with KCS.

[7:34] Tocvan Ventures recovers up to 92% Au at Pilar

“These results are an important first step as we move towards a bulk sample at Pilar,” commented vice-president of exploration, Brodie Sutherland. “The results align with analysis completed by past operators which displayed similar gold recoveries of 90 to 92 per cent. With our phase II drill program well under way, we will continue to evaluate the potential of Pilar with continued exploration and metallurgical studies leading towards a bulk sample later this year.”

[6:00]Medolife Rx Announces Historic Product Registration in Dominican Republic Enabling Escozine to Be Sold Throughout Latin America as Natural Alternative Cancer Medicine

“This registration not only validates Escozine® as a cancer therapeutic but creates an unbelievable revenue generation opportunity for our company in that the product can be off-label prescribed for treatment of COVID-19 patients as a supportive therapy where vaccination progression has been slow,” said Medolife CEO Dr. Arthur Mikaelian. “Through free trade agreements, we will be able to market Escozine to one of the largest populations in the world. Cancer remains one of the leading causes of death worldwide and estimates have shown between four and five percent of humans will develop cancer in their lifetime. It is our mission to reach these patients with our polarized drug Escozine and improve their quality of life while helping to fight the cancer itself, and we are now registered to do so.”

[5:58] Polaris Names Michael Speetzen as CEO and Bob Mack as CFO

“Mike is a proven and highly respected leader within Polaris and across the powersports industry. His strong vision and deep understanding of the business gives us great confidence in his ability to further build on Polaris’ legacy of innovation and growth,” said John Wiehoff, chair of Polaris’ Board of Directors. “In his six years with the Company and as interim CEO, Mike has consistently demonstrated his ability to inspire our team, build strong stakeholder relationships and drive strategic execution. We are excited about Polaris’ next chapter of success and value creation under Mike’s leadership.”

“Polaris is an incredible organization, and one that I have been privileged to be a part of for the last six years. I am honored and truly humbled to lead Polaris’ outstanding team,” Speetzen commented. “As our results over the past year show, Polaris has tremendous opportunities as the undisputed leader in the powersports industry. I look forward to the continued partnership with Polaris’ talented senior leadership team, including Bob in his role as CFO, as we continue building on our momentum and fully capitalizing on the booming interest in outdoor recreation.”

 

[5:00] Hertz Confirms Receipt Of Revised Reorganization Proposal For Its Chapter 11 Exit

Hertz Global Holdings Inc. confirmed today that it has received a revised proposal from affiliates of Knighthead Capital Management LLC, Certares Opportunities LLC, and Apollo Capital Management, LP to provide equity capital required to fund Hertz’s exit from Chapter 11. The revised proposal contemplates funding Hertz’s Plan of Reorganization through direct common stock investments aggregating $2.9 billion, direct preferred stock investments aggregating $1.5 billion and a rights offering to raise $1.36 billion. The revised proposal includes an amended Plan of Reorganization that contemplates payment in full of all secured and unsecured funded debt and provides holders of common stock with $0.50 per share in cash and either 10-year warrants for an aggregate of 10% of the reorganized company or, for eligible stockholders, the possibility of subscribing for shares of common stock in the rights offering. The revised proposal is subject to a number of conditions including approval by the Bankruptcy Court.

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