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alicia72
2021-06-20
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alicia72
2021-06-21
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Troubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines<blockquote>陷入困境的公司借鉴AMC的剧本寻求股市生命线</blockquote>
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Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plan","content":"<p>The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.</p><p><blockquote>疯狂的股票购买活动可能使AMC院线控股公司免于破产，也为其他陷入困境的借款人打开了潜在的逃生通道。</blockquote></p><p> More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.</p><p><blockquote>越来越多面临严峻财务挑战的公司正在从股市寻求生命线，渴望利用非专业投资者对股票购买兴趣的激增。本月早些时候，煤矿公司皮博迪能源公司(Peabody Energy Corp.)、海上钻井承包商Transocean Ltd.和零售商Express Inc.都宣布了出售股票的计划，尽管债务负担沉重、近期亏损和行业逆风，但他们押注股市将为他们提供支持。</blockquote></p><p> Selling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.</p><p><blockquote>出售股票并不是陷入困境的公司抓住生命线的典型方式。更常见的是，他们被迫寻求救援贷款、出售资产或寻求合并，由于他们现有的债务，这可能很困难。</blockquote></p><p> But equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.</p><p><blockquote>但跟随这一趋势的银行家和投资者表示，股市现在对支持陷入困境的发行人更加开放，这在很大程度上是因为渴望风险的个人投资者渴望投机。</blockquote></p><p> The planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.</p><p><blockquote>计划中的股权出售如果成功，将标志着非专业投资者自去年开始展示其集体力量以来重塑金融市场的另一种方式，在此过程中为金融高管创造机会。</blockquote></p><p> “It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”</p><p><blockquote>资产管理公司Värde Partners合伙人兼企业和交易信贷联席主管斯科特·哈特曼(Scott Hartman)表示：“对于其中一些陷入困境的公司来说，这是一个新现象。”“如果我处在他们的位置，那么在可以的时候采取股权资本是很有意义的。”</blockquote></p><p> Peabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.</p><p><blockquote>Peabody、Transoceanand Express正在寻求以较小的规模复制AMC的融资成功，AMC是聚集在Reddit的WallStreetBets等在线投资论坛上的个人投资者最喜欢的选择。</blockquote></p><p> AMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.</p><p><blockquote>AMC在疫情期间通过多次股票销售筹集了22亿美元，主要面向日内交易者的热情追随者，尽管有人警告该公司面临破产风险。</blockquote></p><p> It is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.</p><p><blockquote>B.Riley Securities Inc.首席执行官安迪·摩尔(Andy Moore)表示，当一家高杠杆公司获得股权的机会“似乎是无限的”时，很难将其归类为陷入困境。他的公司担任皮博迪的销售代理，皮博迪本月早些时候开始通过“市场”发行出售多达1250万股股票。在此类发行中，公司以个人投资者和机构投资者都可以接受的方式以市场价格一点一点地出售股票。</blockquote></p><p> Since exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.</p><p><blockquote>自2017年退出破产以来，由于公用事业公司对煤炭的依赖减少，皮博迪面临着困难，并于2月份重组了债务以避免违约。该公司债券的交易价格较美元折价69至78美分，表明市场怀疑这些债券是否会得到全额偿还。由于煤炭行业持续疲软，该公司报告第一季度净亏损8000万美元。</blockquote></p><p> Express, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.</p><p><blockquote>服装零售商Express在一月份向私募股权公司Sycamore Partners借了钱，以储备现金以度过疫情。随后，该公司在本月早些时候启动了ATM股票销售，目标是出售多达1500万股新股，尽管该公司报告称，由于疫情及其对购物的影响，上一财年亏损了4.05亿美元。</blockquote></p><p> On Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.</p><p><blockquote>周二，海上钻探商Transocean加入了发行高达4亿美元的股票的行列，尽管其信用评级为垃圾级，债务超过70亿美元，并且去年的重组工作仍在进行债权人诉讼。</blockquote></p><p> Peabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.</p><p><blockquote>皮博迪和快报没有回应置评请求。Transocean将询问提交给其证券备案。</blockquote></p><p> Jamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.</p><p><blockquote>对冲基金管理公司Litespeed Management LLC创始人兼首席执行官Jamie Zimmerman表示，一些陷入困境的公司可能无法筹集新债务，出售股票可能是他们获得融资的唯一途径。</blockquote></p><p> “You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”</p><p><blockquote>资产管理公司Arena Investors LP创始人兼首席执行官Dan Zwirn表示：“除非你提出要求，否则你不会得到。”“如果我在结构性上资不抵债，无法为自己再融资来延长企业的寿命，我不妨打这一针。”</blockquote></p><p> “With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.</p><p><blockquote>“随着零售人员的注入，此类交易的交易对手数量增加，”兹沃恩先生补充道。</blockquote></p><p> Inflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.</p><p><blockquote>来自个人投资者的资金流入，其中一些人使用联邦刺激基金的资金开设交易账户，提振了更广泛的股市，推动道琼斯工业平均指数和纳斯达克综合指数今年迄今上涨了10%以上。</blockquote></p><p> Individual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.</p><p><blockquote>去年，个人投资者在美国股票交易量中的份额上升至十年前的大约两倍，并且还在继续增长。有时，他们对遭受重创的股票的押注击败了机构投资者。</blockquote></p><p> Howard Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.</p><p><blockquote>Moses&Singer LLP律师事务所的证券律师霍华德·费舍尔表示，潜在的经济健康状况现在似乎没有个人投资者肆无忌惮的热情重要，即使这种热情脱离了任何理性的经济分析。</blockquote></p><p></p><p> Hertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.</p><p><blockquote>赫兹全球控股公司(Hertz Global Holdings Inc.)去年在破产保护期间试图利用散户交易员的兴趣为自己融资，但最终在美国证券交易委员会的压力下放弃了这一努力。</blockquote></p><p> The bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.</p><p><blockquote>当赫兹发现买家同意支付高达每股8美元的价值时，在该公司申请第11章后不久押注该公司的看涨个人投资者被证明是正确的。</blockquote></p><p> Adi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.</p><p><blockquote>巴克莱银行(Barclays PLC)信贷交易部门主管阿迪·哈布(Adi Habbu)表示，股市的普遍看涨情绪超出了散户交易者的范围，而且受到经济复苏和疫情限制放松的推动。</blockquote></p><p> “It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”</p><p><blockquote>“现在当然不是尝试的好时机，”他说。“核心趋势是积极的重新开放情绪，这不仅是由零售业推动的，也是由机构参与者推动的。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTroubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines<blockquote>陷入困境的公司借鉴AMC的剧本寻求股市生命线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-06-21 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.</p><p><blockquote>疯狂的股票购买活动可能使AMC院线控股公司免于破产，也为其他陷入困境的借款人打开了潜在的逃生通道。</blockquote></p><p> More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.</p><p><blockquote>越来越多面临严峻财务挑战的公司正在从股市寻求生命线，渴望利用非专业投资者对股票购买兴趣的激增。本月早些时候，煤矿公司皮博迪能源公司(Peabody Energy Corp.)、海上钻井承包商Transocean Ltd.和零售商Express Inc.都宣布了出售股票的计划，尽管债务负担沉重、近期亏损和行业逆风，但他们押注股市将为他们提供支持。</blockquote></p><p> Selling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.</p><p><blockquote>出售股票并不是陷入困境的公司抓住生命线的典型方式。更常见的是，他们被迫寻求救援贷款、出售资产或寻求合并，由于他们现有的债务，这可能很困难。</blockquote></p><p> But equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.</p><p><blockquote>但跟随这一趋势的银行家和投资者表示，股市现在对支持陷入困境的发行人更加开放，这在很大程度上是因为渴望风险的个人投资者渴望投机。</blockquote></p><p> The planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.</p><p><blockquote>计划中的股权出售如果成功，将标志着非专业投资者自去年开始展示其集体力量以来重塑金融市场的另一种方式，在此过程中为金融高管创造机会。</blockquote></p><p> “It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”</p><p><blockquote>资产管理公司Värde Partners合伙人兼企业和交易信贷联席主管斯科特·哈特曼(Scott Hartman)表示：“对于其中一些陷入困境的公司来说，这是一个新现象。”“如果我处在他们的位置，那么在可以的时候采取股权资本是很有意义的。”</blockquote></p><p> Peabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.</p><p><blockquote>Peabody、Transoceanand Express正在寻求以较小的规模复制AMC的融资成功，AMC是聚集在Reddit的WallStreetBets等在线投资论坛上的个人投资者最喜欢的选择。</blockquote></p><p> AMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.</p><p><blockquote>AMC在疫情期间通过多次股票销售筹集了22亿美元，主要面向日内交易者的热情追随者，尽管有人警告该公司面临破产风险。</blockquote></p><p> It is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.</p><p><blockquote>B.Riley Securities Inc.首席执行官安迪·摩尔(Andy Moore)表示，当一家高杠杆公司获得股权的机会“似乎是无限的”时，很难将其归类为陷入困境。他的公司担任皮博迪的销售代理，皮博迪本月早些时候开始通过“市场”发行出售多达1250万股股票。在此类发行中，公司以个人投资者和机构投资者都可以接受的方式以市场价格一点一点地出售股票。</blockquote></p><p> Since exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.</p><p><blockquote>自2017年退出破产以来，由于公用事业公司对煤炭的依赖减少，皮博迪面临着困难，并于2月份重组了债务以避免违约。该公司债券的交易价格较美元折价69至78美分，表明市场怀疑这些债券是否会得到全额偿还。由于煤炭行业持续疲软，该公司报告第一季度净亏损8000万美元。</blockquote></p><p> Express, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.</p><p><blockquote>服装零售商Express在一月份向私募股权公司Sycamore Partners借了钱，以储备现金以度过疫情。随后，该公司在本月早些时候启动了ATM股票销售，目标是出售多达1500万股新股，尽管该公司报告称，由于疫情及其对购物的影响，上一财年亏损了4.05亿美元。</blockquote></p><p> On Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.</p><p><blockquote>周二，海上钻探商Transocean加入了发行高达4亿美元的股票的行列，尽管其信用评级为垃圾级，债务超过70亿美元，并且去年的重组工作仍在进行债权人诉讼。</blockquote></p><p> Peabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.</p><p><blockquote>皮博迪和快报没有回应置评请求。Transocean将询问提交给其证券备案。</blockquote></p><p> Jamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.</p><p><blockquote>对冲基金管理公司Litespeed Management LLC创始人兼首席执行官Jamie Zimmerman表示，一些陷入困境的公司可能无法筹集新债务，出售股票可能是他们获得融资的唯一途径。</blockquote></p><p> “You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”</p><p><blockquote>资产管理公司Arena Investors LP创始人兼首席执行官Dan Zwirn表示：“除非你提出要求，否则你不会得到。”“如果我在结构性上资不抵债，无法为自己再融资来延长企业的寿命，我不妨打这一针。”</blockquote></p><p> “With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.</p><p><blockquote>“随着零售人员的注入，此类交易的交易对手数量增加，”兹沃恩先生补充道。</blockquote></p><p> Inflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.</p><p><blockquote>来自个人投资者的资金流入，其中一些人使用联邦刺激基金的资金开设交易账户，提振了更广泛的股市，推动道琼斯工业平均指数和纳斯达克综合指数今年迄今上涨了10%以上。</blockquote></p><p> Individual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.</p><p><blockquote>去年，个人投资者在美国股票交易量中的份额上升至十年前的大约两倍，并且还在继续增长。有时，他们对遭受重创的股票的押注击败了机构投资者。</blockquote></p><p> Howard Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.</p><p><blockquote>Moses&Singer LLP律师事务所的证券律师霍华德·费舍尔表示，潜在的经济健康状况现在似乎没有个人投资者肆无忌惮的热情重要，即使这种热情脱离了任何理性的经济分析。</blockquote></p><p></p><p> Hertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.</p><p><blockquote>赫兹全球控股公司(Hertz Global Holdings Inc.)去年在破产保护期间试图利用散户交易员的兴趣为自己融资，但最终在美国证券交易委员会的压力下放弃了这一努力。</blockquote></p><p> The bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.</p><p><blockquote>当赫兹发现买家同意支付高达每股8美元的价值时，在该公司申请第11章后不久押注该公司的看涨个人投资者被证明是正确的。</blockquote></p><p> Adi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.</p><p><blockquote>巴克莱银行(Barclays PLC)信贷交易部门主管阿迪·哈布(Adi Habbu)表示，股市的普遍看涨情绪超出了散户交易者的范围，而且受到经济复苏和疫情限制放松的推动。</blockquote></p><p> “It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”</p><p><blockquote>“现在当然不是尝试的好时机，”他说。“核心趋势是积极的重新开放情绪，这不仅是由零售业推动的，也是由机构参与者推动的。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BTU":"Peabody","RIG":"Transocean Ltd.","EXPR":"Express, Inc.","AMC":"AMC院线"},"source_url":"https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135860567","content_text":"The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.\nMore companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.\nSelling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.\nBut equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.\nThe planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.\n“It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”\nPeabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.\nAMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.\nIt is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.\nSince exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.\nExpress, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.\nOn Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.\nPeabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.\nJamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.\n“You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”\n“With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.\nInflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.\nIndividual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.\nHoward Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.\nHertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.\nThe bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.\nAdi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.\n“It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”","news_type":1,"symbols_score_info":{"EXPR":0.9,"RIG":0.9,"AMC":0.9,"BTU":0.9}},"isVote":1,"tweetType":1,"viewCount":1376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164655628,"gmtCreate":1624203052664,"gmtModify":1634009520327,"author":{"id":"4087305246123970","authorId":"4087305246123970","name":"alicia72","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087305246123970","idStr":"4087305246123970"},"themes":[],"htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/164655628","repostId":"1183124175","repostType":4,"isVote":1,"tweetType":1,"viewCount":1755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":164655628,"gmtCreate":1624203052664,"gmtModify":1634009520327,"author":{"id":"4087305246123970","authorId":"4087305246123970","name":"alicia72","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087305246123970","idStr":"4087305246123970"},"themes":[],"htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/164655628","repostId":"1183124175","repostType":4,"isVote":1,"tweetType":1,"viewCount":1755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167112241,"gmtCreate":1624251786283,"gmtModify":1634008844114,"author":{"id":"4087305246123970","authorId":"4087305246123970","name":"alicia72","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087305246123970","idStr":"4087305246123970"},"themes":[],"htmlText":"insightful ","listText":"insightful ","text":"insightful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167112241","repostId":"1135860567","repostType":4,"repost":{"id":"1135860567","kind":"news","pubTimestamp":1624243350,"share":"https://www.laohu8.com/m/news/1135860567?lang=zh_CN&edition=full","pubTime":"2021-06-21 10:42","market":"us","language":"en","title":"Troubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines<blockquote>陷入困境的公司借鉴AMC的剧本寻求股市生命线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135860567","media":"WSJ","summary":"The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plan","content":"<p>The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.</p><p><blockquote>疯狂的股票购买活动可能使AMC院线控股公司免于破产，也为其他陷入困境的借款人打开了潜在的逃生通道。</blockquote></p><p> More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.</p><p><blockquote>越来越多面临严峻财务挑战的公司正在从股市寻求生命线，渴望利用非专业投资者对股票购买兴趣的激增。本月早些时候，煤矿公司皮博迪能源公司(Peabody Energy Corp.)、海上钻井承包商Transocean Ltd.和零售商Express Inc.都宣布了出售股票的计划，尽管债务负担沉重、近期亏损和行业逆风，但他们押注股市将为他们提供支持。</blockquote></p><p> Selling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.</p><p><blockquote>出售股票并不是陷入困境的公司抓住生命线的典型方式。更常见的是，他们被迫寻求救援贷款、出售资产或寻求合并，由于他们现有的债务，这可能很困难。</blockquote></p><p> But equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.</p><p><blockquote>但跟随这一趋势的银行家和投资者表示，股市现在对支持陷入困境的发行人更加开放，这在很大程度上是因为渴望风险的个人投资者渴望投机。</blockquote></p><p> The planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.</p><p><blockquote>计划中的股权出售如果成功，将标志着非专业投资者自去年开始展示其集体力量以来重塑金融市场的另一种方式，在此过程中为金融高管创造机会。</blockquote></p><p> “It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”</p><p><blockquote>资产管理公司Värde Partners合伙人兼企业和交易信贷联席主管斯科特·哈特曼(Scott Hartman)表示：“对于其中一些陷入困境的公司来说，这是一个新现象。”“如果我处在他们的位置，那么在可以的时候采取股权资本是很有意义的。”</blockquote></p><p> Peabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.</p><p><blockquote>Peabody、Transoceanand Express正在寻求以较小的规模复制AMC的融资成功，AMC是聚集在Reddit的WallStreetBets等在线投资论坛上的个人投资者最喜欢的选择。</blockquote></p><p> AMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.</p><p><blockquote>AMC在疫情期间通过多次股票销售筹集了22亿美元，主要面向日内交易者的热情追随者，尽管有人警告该公司面临破产风险。</blockquote></p><p> It is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.</p><p><blockquote>B.Riley Securities Inc.首席执行官安迪·摩尔(Andy Moore)表示，当一家高杠杆公司获得股权的机会“似乎是无限的”时，很难将其归类为陷入困境。他的公司担任皮博迪的销售代理，皮博迪本月早些时候开始通过“市场”发行出售多达1250万股股票。在此类发行中，公司以个人投资者和机构投资者都可以接受的方式以市场价格一点一点地出售股票。</blockquote></p><p> Since exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.</p><p><blockquote>自2017年退出破产以来，由于公用事业公司对煤炭的依赖减少，皮博迪面临着困难，并于2月份重组了债务以避免违约。该公司债券的交易价格较美元折价69至78美分，表明市场怀疑这些债券是否会得到全额偿还。由于煤炭行业持续疲软，该公司报告第一季度净亏损8000万美元。</blockquote></p><p> Express, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.</p><p><blockquote>服装零售商Express在一月份向私募股权公司Sycamore Partners借了钱，以储备现金以度过疫情。随后，该公司在本月早些时候启动了ATM股票销售，目标是出售多达1500万股新股，尽管该公司报告称，由于疫情及其对购物的影响，上一财年亏损了4.05亿美元。</blockquote></p><p> On Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.</p><p><blockquote>周二，海上钻探商Transocean加入了发行高达4亿美元的股票的行列，尽管其信用评级为垃圾级，债务超过70亿美元，并且去年的重组工作仍在进行债权人诉讼。</blockquote></p><p> Peabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.</p><p><blockquote>皮博迪和快报没有回应置评请求。Transocean将询问提交给其证券备案。</blockquote></p><p> Jamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.</p><p><blockquote>对冲基金管理公司Litespeed Management LLC创始人兼首席执行官Jamie Zimmerman表示，一些陷入困境的公司可能无法筹集新债务，出售股票可能是他们获得融资的唯一途径。</blockquote></p><p> “You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”</p><p><blockquote>资产管理公司Arena Investors LP创始人兼首席执行官Dan Zwirn表示：“除非你提出要求，否则你不会得到。”“如果我在结构性上资不抵债，无法为自己再融资来延长企业的寿命，我不妨打这一针。”</blockquote></p><p> “With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.</p><p><blockquote>“随着零售人员的注入，此类交易的交易对手数量增加，”兹沃恩先生补充道。</blockquote></p><p> Inflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.</p><p><blockquote>来自个人投资者的资金流入，其中一些人使用联邦刺激基金的资金开设交易账户，提振了更广泛的股市，推动道琼斯工业平均指数和纳斯达克综合指数今年迄今上涨了10%以上。</blockquote></p><p> Individual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.</p><p><blockquote>去年，个人投资者在美国股票交易量中的份额上升至十年前的大约两倍，并且还在继续增长。有时，他们对遭受重创的股票的押注击败了机构投资者。</blockquote></p><p> Howard Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.</p><p><blockquote>Moses&Singer LLP律师事务所的证券律师霍华德·费舍尔表示，潜在的经济健康状况现在似乎没有个人投资者肆无忌惮的热情重要，即使这种热情脱离了任何理性的经济分析。</blockquote></p><p></p><p> Hertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.</p><p><blockquote>赫兹全球控股公司(Hertz Global Holdings Inc.)去年在破产保护期间试图利用散户交易员的兴趣为自己融资，但最终在美国证券交易委员会的压力下放弃了这一努力。</blockquote></p><p> The bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.</p><p><blockquote>当赫兹发现买家同意支付高达每股8美元的价值时，在该公司申请第11章后不久押注该公司的看涨个人投资者被证明是正确的。</blockquote></p><p> Adi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.</p><p><blockquote>巴克莱银行(Barclays PLC)信贷交易部门主管阿迪·哈布(Adi Habbu)表示，股市的普遍看涨情绪超出了散户交易者的范围，而且受到经济复苏和疫情限制放松的推动。</blockquote></p><p> “It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”</p><p><blockquote>“现在当然不是尝试的好时机，”他说。“核心趋势是积极的重新开放情绪，这不仅是由零售业推动的，也是由机构参与者推动的。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Troubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines<blockquote>陷入困境的公司借鉴AMC的剧本寻求股市生命线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTroubled Companies Take Page From AMC Playbook in Seeking Stock-Market Lifelines<blockquote>陷入困境的公司借鉴AMC的剧本寻求股市生命线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-06-21 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.</p><p><blockquote>疯狂的股票购买活动可能使AMC院线控股公司免于破产，也为其他陷入困境的借款人打开了潜在的逃生通道。</blockquote></p><p> More companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.</p><p><blockquote>越来越多面临严峻财务挑战的公司正在从股市寻求生命线，渴望利用非专业投资者对股票购买兴趣的激增。本月早些时候，煤矿公司皮博迪能源公司(Peabody Energy Corp.)、海上钻井承包商Transocean Ltd.和零售商Express Inc.都宣布了出售股票的计划，尽管债务负担沉重、近期亏损和行业逆风，但他们押注股市将为他们提供支持。</blockquote></p><p> Selling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.</p><p><blockquote>出售股票并不是陷入困境的公司抓住生命线的典型方式。更常见的是，他们被迫寻求救援贷款、出售资产或寻求合并，由于他们现有的债务，这可能很困难。</blockquote></p><p> But equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.</p><p><blockquote>但跟随这一趋势的银行家和投资者表示，股市现在对支持陷入困境的发行人更加开放，这在很大程度上是因为渴望风险的个人投资者渴望投机。</blockquote></p><p> The planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.</p><p><blockquote>计划中的股权出售如果成功，将标志着非专业投资者自去年开始展示其集体力量以来重塑金融市场的另一种方式，在此过程中为金融高管创造机会。</blockquote></p><p> “It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”</p><p><blockquote>资产管理公司Värde Partners合伙人兼企业和交易信贷联席主管斯科特·哈特曼(Scott Hartman)表示：“对于其中一些陷入困境的公司来说，这是一个新现象。”“如果我处在他们的位置，那么在可以的时候采取股权资本是很有意义的。”</blockquote></p><p> Peabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.</p><p><blockquote>Peabody、Transoceanand Express正在寻求以较小的规模复制AMC的融资成功，AMC是聚集在Reddit的WallStreetBets等在线投资论坛上的个人投资者最喜欢的选择。</blockquote></p><p> AMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.</p><p><blockquote>AMC在疫情期间通过多次股票销售筹集了22亿美元，主要面向日内交易者的热情追随者，尽管有人警告该公司面临破产风险。</blockquote></p><p> It is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.</p><p><blockquote>B.Riley Securities Inc.首席执行官安迪·摩尔(Andy Moore)表示，当一家高杠杆公司获得股权的机会“似乎是无限的”时，很难将其归类为陷入困境。他的公司担任皮博迪的销售代理，皮博迪本月早些时候开始通过“市场”发行出售多达1250万股股票。在此类发行中，公司以个人投资者和机构投资者都可以接受的方式以市场价格一点一点地出售股票。</blockquote></p><p> Since exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.</p><p><blockquote>自2017年退出破产以来，由于公用事业公司对煤炭的依赖减少，皮博迪面临着困难，并于2月份重组了债务以避免违约。该公司债券的交易价格较美元折价69至78美分，表明市场怀疑这些债券是否会得到全额偿还。由于煤炭行业持续疲软，该公司报告第一季度净亏损8000万美元。</blockquote></p><p> Express, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.</p><p><blockquote>服装零售商Express在一月份向私募股权公司Sycamore Partners借了钱，以储备现金以度过疫情。随后，该公司在本月早些时候启动了ATM股票销售，目标是出售多达1500万股新股，尽管该公司报告称，由于疫情及其对购物的影响，上一财年亏损了4.05亿美元。</blockquote></p><p> On Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.</p><p><blockquote>周二，海上钻探商Transocean加入了发行高达4亿美元的股票的行列，尽管其信用评级为垃圾级，债务超过70亿美元，并且去年的重组工作仍在进行债权人诉讼。</blockquote></p><p> Peabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.</p><p><blockquote>皮博迪和快报没有回应置评请求。Transocean将询问提交给其证券备案。</blockquote></p><p> Jamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.</p><p><blockquote>对冲基金管理公司Litespeed Management LLC创始人兼首席执行官Jamie Zimmerman表示，一些陷入困境的公司可能无法筹集新债务，出售股票可能是他们获得融资的唯一途径。</blockquote></p><p> “You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”</p><p><blockquote>资产管理公司Arena Investors LP创始人兼首席执行官Dan Zwirn表示：“除非你提出要求，否则你不会得到。”“如果我在结构性上资不抵债，无法为自己再融资来延长企业的寿命，我不妨打这一针。”</blockquote></p><p> “With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.</p><p><blockquote>“随着零售人员的注入，此类交易的交易对手数量增加，”兹沃恩先生补充道。</blockquote></p><p> Inflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.</p><p><blockquote>来自个人投资者的资金流入，其中一些人使用联邦刺激基金的资金开设交易账户，提振了更广泛的股市，推动道琼斯工业平均指数和纳斯达克综合指数今年迄今上涨了10%以上。</blockquote></p><p> Individual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.</p><p><blockquote>去年，个人投资者在美国股票交易量中的份额上升至十年前的大约两倍，并且还在继续增长。有时，他们对遭受重创的股票的押注击败了机构投资者。</blockquote></p><p> Howard Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.</p><p><blockquote>Moses&Singer LLP律师事务所的证券律师霍华德·费舍尔表示，潜在的经济健康状况现在似乎没有个人投资者肆无忌惮的热情重要，即使这种热情脱离了任何理性的经济分析。</blockquote></p><p></p><p> Hertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.</p><p><blockquote>赫兹全球控股公司(Hertz Global Holdings Inc.)去年在破产保护期间试图利用散户交易员的兴趣为自己融资，但最终在美国证券交易委员会的压力下放弃了这一努力。</blockquote></p><p> The bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.</p><p><blockquote>当赫兹发现买家同意支付高达每股8美元的价值时，在该公司申请第11章后不久押注该公司的看涨个人投资者被证明是正确的。</blockquote></p><p> Adi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.</p><p><blockquote>巴克莱银行(Barclays PLC)信贷交易部门主管阿迪·哈布(Adi Habbu)表示，股市的普遍看涨情绪超出了散户交易者的范围，而且受到经济复苏和疫情限制放松的推动。</blockquote></p><p> “It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”</p><p><blockquote>“现在当然不是尝试的好时机，”他说。“核心趋势是积极的重新开放情绪，这不仅是由零售业推动的，也是由机构参与者推动的。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BTU":"Peabody","RIG":"Transocean Ltd.","EXPR":"Express, Inc.","AMC":"AMC院线"},"source_url":"https://www.wsj.com/articles/troubled-companies-take-page-from-amc-playbook-in-seeking-stock-market-lifelines-11624190402?mod=markets_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135860567","content_text":"The frenzied stock-buying activity that may have saved AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.\nMore companies with steep financial challenges are seeking a lifeline from equity markets, eager to capitalize on thesurge of interest in stock buyingfrom nonprofessional investors. Earlier this month, coal miner Peabody Energy Corp.,offshore drilling contractor Transocean Ltd.and retailer Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.\nSelling stock isn’t the typical way for distressed companies to grab a lifeline. More often, they are forced to seek out rescue loans, sell off assets or pursue a merger, which can be difficult because of their existing debt.\nBut equity markets now are more open to supporting troubled issuers, in large part because of risk-hungry individual investors eager to speculate, according to bankers and investors following the trend.\nThe planned equity sales, if successful, mark another way nonprofessional investors have reshaped financial markets since they began to demonstrate their collective power last year,creating opportunitiesfor finance executives in the process.\n“It’s a new phenomenon for some of these distressed companies,” said Scott Hartman, partner and co-head of corporate and traded credit at asset manager Värde Partners. “If I were in their seat, it makes a lot of sense to take equity capital when they can.”\nPeabody,Transoceanand Express are seeking to replicate—on a smaller scale—the capital-raising success of AMC, a favorite pick of individual investors who gather in online investing forums such as Reddit’s WallStreetBets.\nAMC raised $2.2 billionthrough several stock salesduring the pandemic, largely to an enthusiastic following of day traders, despite warnings it was at risk of bankruptcy.\nIt is difficult to classify even a highly leveraged company as distressed when its access to equity is “seemingly infinite,” said Andy Moore, chief executive of B. Riley Securities Inc. His firm is acting as sales agent for Peabody, which earlier this month kicked off an effort to sell up to 12.5 million shares through an “at-the-market” offering. In such offerings, companies sell shares bit-by-bit at market prices in a manner that is accessible to individual investors as well as institutional ones.\nSince exiting bankruptcy in 2017, Peabody has faced difficulties as utilities rely less on coal, and it restructured debt in February to avert a default. The company’s bonds trade at discounts of between 69 and 78 cents on the dollar, indicating market doubts they will be fully repaid. It reported an $80 million net loss in the first quarter amid continued weak conditions for the coal industry.\nExpress, the apparel retailer, borrowed money from private-equity firm Sycamore Partners in January to stockpile cash for surviving the pandemic. Then the company launched an ATM stock sale earlier this month, aiming to sell up to 15 million new shares, despite reporting a loss of $405 million for the last fiscal year as a result of the pandemic and its impact on shopping.\nOn Tuesday, offshore drillerTransoceanjoined in with an offering of up to $400 million in shares despite a junk credit rating, more than $7 billion in debt, andongoing creditor litigationover its restructuring efforts last year.\nPeabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.\nJamie Zimmerman, founder and CEO of hedge-fund manager Litespeed Management LLC, said that some troubled companies may be unable to raise new debt, and selling stock may be their only path to obtain financing.\n“You don’t get unless you ask,” said Dan Zwirn, founder and chief executive of asset manager Arena Investors LP. “If I’m structurally insolvent and can’t refinance myself into extending the life of the enterprise, I might as well take this shot.”\n“With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.\nInflows of capital from individual investors, some using money from federal stimulus funds to open trading accounts, have buoyed the broader stock market, driving gains of more than10% year-to-datefor the Dow Jones Industrial Average and Nasdaq Composite Index.\nIndividual investors’ share of overall U.S. equities trading volume rose last year to roughly double what it was a decade before andcontinues to grow. At times, their bets on beaten-down stocks havebeat out institutional investors.\nHoward Fischer, a securities lawyer with Moses & Singer LLP, said that the underlying economic health now seems less important than the unbridled enthusiasm of individual investors, even if that enthusiasm is divorced from any rational economic analysis.\nHertz Global Holdings Inc.tried to ride a wave of interest from retail traders to finance itself last year while it was under bankruptcy protection, and ended up scrapping the effort under pressure from the Securities and Exchange Commission.\nThe bullish individual investors who bet on the business shortly after it filed for chapter 11 were vindicated when Hertz found buyers agreeing to pay up to $8 a share in value.\nAdi Habbu, a director on the credit trading desk atBarclays PLC,said widespread bullishness in equity markets goes beyond retail traders, and is fueled by the economic recovery and the easing of pandemic restrictions.\n“It’s certainly not a bad time to try,” he said. “The core trend is that there is positive reopening sentiment that is driven not just by retail but by institutional players as well.”","news_type":1,"symbols_score_info":{"EXPR":0.9,"RIG":0.9,"AMC":0.9,"BTU":0.9}},"isVote":1,"tweetType":1,"viewCount":1376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
