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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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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":167948951,"tweetId":"167948951","gmtCreate":1624244264273,"gmtModify":1634008973342,"author":{"id":3574639021377790,"idStr":"3574639021377790","authorId":3574639021377790,"authorIdStr":"3574639021377790","name":"54c083a5","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>&nbsp;Anc</body></html>","htmlText":"<html><head></head><body>&nbsp;Anc</body></html>","text":"Anc","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/167948951","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":"The frenzied stock-buying activity that may have saved&nbsp;AMC Entertainment Holdings Inc.from bankruptcy is opening up a potential escape hatch for other troubled borrowers as well.<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一个潜在的逃生窗口。</blockquote> 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&nbsp;Peabody Energy Corp.,offshore drilling contractor&nbsp;Transocean Ltd.and retailer&nbsp;Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.<blockquote>越来越多面临严峻财务挑战的公司正在从股票市场寻求生命线，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，煤矿商皮博迪能源公司、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，押注股市将支持它们，尽管债务负担沉重、近期亏损和行业逆风。</blockquote> 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.<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。更多时候，他们被迫寻求救助贷款、出售资产或寻求合并，但由于他们现有的债务，这可能会很困难。</blockquote> 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.<blockquote>但跟随这一趋势的银行家和投资者表示，股市现在更愿意支持陷入困境的发行人，这在很大程度上是因为厌恶风险的个人投资者渴望投机。</blockquote> 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.<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他们的集体力量以来重塑金融市场的另一种方式，在此过程中为财务高管创造了机会。</blockquote> “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.”<blockquote>“资产管理公司 Värde Partners 的合伙人兼企业和贸易信贷联席主管斯科特-哈特曼（Scott Hartman）说：”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上，在他们有能力的时候接受股权资本是很有意义的”。</blockquote> 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.<blockquote>Peabody、Transocean 和 Express 正试图在较小的规模上复制 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的最爱。</blockquote> 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.<blockquote>AMC 在疫情期间通过多次股票出售筹集了 22 亿美元，主要是为了吸引热情的日内交易者，尽管有警告称该公司面临破产风险。</blockquote> 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.<blockquote>B. Riley Securities Inc. 首席执行官安迪-摩尔（Andy Moore）说，当一家高杠杆公司获得股权的机会 “看似无限 ”时，也很难将其归类为陷入困境的公司。他的公司是皮博迪公司的销售代理，皮博迪公司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参与的方式以市场价格一点一点地出售股票。</blockquote> 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.<blockquote>自 2017 年摆脱破产以来，皮博迪一直面临困难，因为公用事业公司对煤炭的依赖减少，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在 69 至 78 美分之间，这表明市场怀疑债券能否全额偿还。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> 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.<blockquote>服装零售商 Express 于 1 月份从私募股权公司 Sycamore Partners 借款，以储备现金以度过疫情。随后，该公司于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，尽管由于疫情及其对购物的影响，上一财年报告亏损 4.05 亿美元。</blockquote> 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.<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，并且债权人就其去年的重组工作提起诉讼。</blockquote> Peabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.<blockquote>Peabody 和 Express 没有回应置评请求。Transocean 将询问提交给其证券文件。</blockquote> 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.<blockquote>对冲基金管理公司Litespeed Management LLC创始人兼首席执行官杰米·齐默尔曼(Jamie Zimmerman)表示，一些陷入困境的公司可能无法筹集新债，出售股票可能是它们获得融资的唯一途径。</blockquote> “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.”<blockquote>“资产管理公司 Arena Investors LP 的创始人兼首席执行官丹-兹维恩（Dan Zwirn）说：”除非你问，否则你不会得到。“如果我在结构上资不抵债，无法为自己进行再融资以延长企业寿命，我还不如尝试一下。”</blockquote> “With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.<blockquote>“Zwirn 先生补充说：”随着零售人才的加入，此类交易的交易对手就更多了。</blockquote> 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.<blockquote>个人投资者的资本流入，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年初至今上涨超过 10%。</blockquote> 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.<blockquote>去年，个人投资者在美国股票交易总量中所占的份额上升至十年前的两倍左右，并且还在继续增长。有时，他们对遭受重创的股票的押注会击败机构投资者。</blockquote> Howard Fischer, a securities lawyer with Moses &amp; 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.<blockquote>Moses &amp; Singer LLP律师事务所的证券律师霍华德·费舍尔(Howard Fischer)表示，现在看来，潜在的经济健康状况不如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> 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.<blockquote>去年，赫兹全球控股公司（Hertz Global Holdings Inc.）在受到破产保护期间，试图利用零售商的兴趣为自己融资，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> 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.<blockquote>当赫兹发现买家同意支付每股价值高达 8 美元的价格时，在该公司申请破产法第 11 章后不久押注该公司的乐观个人投资者得到了证实。</blockquote> 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.<blockquote>巴克莱银行信贷交易部主管阿迪·哈布表示，股市的普遍看涨情绪超出了散户交易者的范畴，经济复苏和疫情限制的放松也推动了股市的普遍看涨情绪。</blockquote> “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.”<blockquote>“他说：”现在当然不是一个尝试的坏时机。“核心趋势是，重新开放的积极情绪不仅受到零售业的推动，也受到机构参与者的推动”。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Earlier this month, coal miner&nbsp;Peabody Energy Corp.,offshore drilling contractor&nbsp;Transocean Ltd.and retailer&nbsp;Express Inc.,all announced plans to sell stock, betting equity markets will support them despite heavy debt loads, recent losses and industry headwinds.<blockquote>越来越多面临严峻财务挑战的公司正在从股票市场寻求生命线，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，煤矿商皮博迪能源公司、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，押注股市将支持它们，尽管债务负担沉重、近期亏损和行业逆风。</blockquote> 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.<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。更多时候，他们被迫寻求救助贷款、出售资产或寻求合并，但由于他们现有的债务，这可能会很困难。</blockquote> 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.<blockquote>但跟随这一趋势的银行家和投资者表示，股市现在更愿意支持陷入困境的发行人，这在很大程度上是因为厌恶风险的个人投资者渴望投机。</blockquote> 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.<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他们的集体力量以来重塑金融市场的另一种方式，在此过程中为财务高管创造了机会。</blockquote> “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.”<blockquote>“资产管理公司 Värde Partners 的合伙人兼企业和贸易信贷联席主管斯科特-哈特曼（Scott Hartman）说：”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上，在他们有能力的时候接受股权资本是很有意义的”。</blockquote> 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.<blockquote>Peabody、Transocean 和 Express 正试图在较小的规模上复制 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的最爱。</blockquote> 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.<blockquote>AMC 在疫情期间通过多次股票出售筹集了 22 亿美元，主要是为了吸引热情的日内交易者，尽管有警告称该公司面临破产风险。</blockquote> 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.<blockquote>B. Riley Securities Inc. 首席执行官安迪-摩尔（Andy Moore）说，当一家高杠杆公司获得股权的机会 “看似无限 ”时，也很难将其归类为陷入困境的公司。他的公司是皮博迪公司的销售代理，皮博迪公司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参与的方式以市场价格一点一点地出售股票。</blockquote> 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.<blockquote>自 2017 年摆脱破产以来，皮博迪一直面临困难，因为公用事业公司对煤炭的依赖减少，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在 69 至 78 美分之间，这表明市场怀疑债券能否全额偿还。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> 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.<blockquote>服装零售商 Express 于 1 月份从私募股权公司 Sycamore Partners 借款，以储备现金以度过疫情。随后，该公司于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，尽管由于疫情及其对购物的影响，上一财年报告亏损 4.05 亿美元。</blockquote> 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.<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，并且债权人就其去年的重组工作提起诉讼。</blockquote> Peabody and Express didn’t respond to requests for comment. Transocean referred inquiries to its securities filings.<blockquote>Peabody 和 Express 没有回应置评请求。Transocean 将询问提交给其证券文件。</blockquote> 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.<blockquote>对冲基金管理公司Litespeed Management LLC创始人兼首席执行官杰米·齐默尔曼(Jamie Zimmerman)表示，一些陷入困境的公司可能无法筹集新债，出售股票可能是它们获得融资的唯一途径。</blockquote> “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.”<blockquote>“资产管理公司 Arena Investors LP 的创始人兼首席执行官丹-兹维恩（Dan Zwirn）说：”除非你问，否则你不会得到。“如果我在结构上资不抵债，无法为自己进行再融资以延长企业寿命，我还不如尝试一下。”</blockquote> “With this infusion of retail people, there are more counterparties for such a transaction,” Mr. Zwirn added.<blockquote>“Zwirn 先生补充说：”随着零售人才的加入，此类交易的交易对手就更多了。</blockquote> 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.<blockquote>个人投资者的资本流入，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年初至今上涨超过 10%。</blockquote> 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.<blockquote>去年，个人投资者在美国股票交易总量中所占的份额上升至十年前的两倍左右，并且还在继续增长。有时，他们对遭受重创的股票的押注会击败机构投资者。</blockquote> Howard Fischer, a securities lawyer with Moses &amp; 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.<blockquote>Moses &amp; Singer LLP律师事务所的证券律师霍华德·费舍尔(Howard Fischer)表示，现在看来，潜在的经济健康状况不如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> 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.<blockquote>去年，赫兹全球控股公司（Hertz Global Holdings Inc.）在受到破产保护期间，试图利用零售商的兴趣为自己融资，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> 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.<blockquote>当赫兹发现买家同意支付每股价值高达 8 美元的价格时，在该公司申请破产法第 11 章后不久押注该公司的乐观个人投资者得到了证实。</blockquote> 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.<blockquote>巴克莱银行信贷交易部主管阿迪·哈布表示，股市的普遍看涨情绪超出了散户交易者的范畴，经济复苏和疫情限制的放松也推动了股市的普遍看涨情绪。</blockquote> “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.”<blockquote>“他说：”现在当然不是一个尝试的坏时机。“核心趋势是，重新开放的积极情绪不仅受到零售业的推动，也受到机构参与者的推动”。</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIG":"Transocean Ltd.","BTU":"Peabody","AMC":"AMC院线","EXPR":"Express, Inc."},"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":{"AMC":0.9,"RIG":0.9,"EXPR":0.9,"BTU":0.9}},"isVote":1,"tweetType":1,"viewCount":1033,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/167948951"}