Posts Tagged ‘bankruptcy protection’
David Tepper Bought An 8.64% Stake In MF Global Right After They Filed For Bankruptcy
David Tepper’s Appaloosa Management, a hedge fund that specializes distressed debt, purchased an 8.64% stake in MF Global Holdings, Jacob Wolinsky at ValueWalk reports.
What’s interesting is Tepper increased his stake in MF Global two days after the beleaguered broker dealer filed for bankruptcy protection, according to the SEC filing.
From Jacob Wolinsky at ValueWalk:
Tepper prefers credit over equity. What the 13-F did not disclose was Tepper’s large purchase ( the source guessed that it was $20-$70million) of MF Global Bonds at 35 cents on the dollar.
Tepper’s 13F filing Monday showed the hedge fund titan dramatically pared back his stock portfolio.
He completely axed his positions in Bank of America, Wells Fargo, Alpha Natural Resources, Brunswick Corp, DR Horton, Fifth Third, Frontier Oil Corp, Medtronic, Merck, MetLife, Pfizer, Walter Energy and Yahoo.
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See Also:
- David Tepper Dumps All Of Bank Of America And Wells Fargo
- Ex-UBS Banker Deserves ‘Leniency" For Turning In Other Bankers, Sandy Weill Is Selling His Penthouse — Here’s Today’s Gossip
- Hedge Funders To High School Seniors: Stick To Technical School
JAL reports 177.9bn yen loss
Japan Airlines (JAL), which last month filed for bankruptcy protection, has today posted a net loss of 177.9 billion yen (£1.31 billion, $2 billion) for the nine months to December 2009.
The airline’s executive officer, Norikazu Saito, told reporters it suffered an operating loss of 120.8 billion yen on sales revenue of 1.14 trillion yen – [...]
Japan Airlines files for bankruptcy
As expected, Japan Airlines (JAL) has today filed for bankruptcy protection.
The airline, which is Asia’s biggest carrier, has been struggling amid the global economic downturn and has been grappling with a mountain of debts of around $16.5 billion (£10 billion).
The Japanese Government has said that flights will operate as normal and the airline will now [...]
Bankruptcy protection imminent for Japan Airlines
Japan Airlines (JAL) is expected to file for bankruptcy protection today in a move that will see the loss of 15,000 jobs at Asia’s largest carrier.
Shares in the troubled airline have been plummeting over recent days as a bankruptcy filing seemed unavoidable.
Yesterday, shares fell to a fresh low of 5 yen, having fallen as [...]