We noted last
month that the company lost $690 million in the first six months of the
year and is expected to generate a loss from operations approaching $3
billion as it burns through tens of millions in cash daily. Analyst
estimate that the company could run out of money by mid-2020.
And now Bloomberg is reporting that WeWork's cash crunch is even more acute:
今日のブルームバーグの報告によるとWeWorkの資金枯渇はもっと差し迫るという：
Analysts had previously estimated that the company would run out of money by the middle of next year.
WeWork had been counting on an initial public offering -- and a $6
billion loan contingent on a successful IPO -- to meet its cash needs,
but that plan unraveled amid questions about its future profitability...
...it needs new financing before the end of November to avoid running out of money, two people familiar with the matter said.
・・・資金枯渇を回避するには１１月末までに新たな資金提供元が必要だ、二人の情報通が言う。
FT sources are now indicating that a potential lifeline, otherwise known as a bailout, could be imminent. FTの情報源は現在潜在的な救済元だ、ほかでもない緊急援助、これが差し迫っている。
The bailout of WeWork could be led by JPMorgan Chase and other Wall
Street banks. If no cash infusion by late November, WeWork could enter
into bankruptcy in 1H20, or by next summer.
Global credit rating agency Fitch Ratings downgraded WeWork's credit
rating last week by two notches to "CCC+," putting the SoftBank funded
office-sharing company very deep into junk territory.
"In the absence of an IPO and associated senior secured debt
raise, WeWork does not have sufficient funding to meet its growth plan," Fitch wrote in a note.
Last month's decision to abandon the IPO deprived the company of $3
to $4 billion in funding and $6 billion in a loan package investment
banks promised if it went public.
Since the IPO was pulled and valuations collapsed, WeWork's WE 7.875 01-MAY-2025 junk
bond was last trading at about 82 cents on the dollar (as of Friday 6
am est., according to Tradeweb data, a massive discount to face value,
which indicates doubts the company can repay its debts.
IPOがなくなり、格付けも崩壊し、WoWorkの WE 7.875 01-MAY-2025ジャンクボンドは直近で８２セントで売買されている、額面１ドル（東部時間金曜６am、Tradewebのデータだ、額面から大幅に値引きされている、ということは当社が債務を返済できないだろうと見られている。
Without new cash, WeWork is unsustainable; the company could start
liquidating its CRE exposure as it begins the inevitable pre-bankruptcy
shrinking process -- if no cash infusion next month.
"WeWork has raised more than $12 billion to rent office space that it
renovates and then leases to companies. But that strategy has left it
in a precarious position. It has some $47 billion of future rent payments due. On
average it leases its buildings for 15 years. Yet its tenants are
committed to paying only $4 billion, and on average have leases for 15
months."
「WeWorkは＄１２B以上の資金を投じてオフィススペース改装を行い企業に貸し出す。しかし その戦略は心もとないものだ。将来の賃貸料収入は＄４７B程度だ。平均してビルを１５年貸し出す。しかしながら、テナントが約束する支払いはわずか＄４Bだ、そして平均貸し出しは１５ヶ月に過ぎない。
With the equity market window shut, and credit markets starting to crack, something that we noted on Thursday, the next question is if WeWork gets a bailout next month.
If not, the WeWork implosion of 2020 could be a spectacular mess and a massive headache for SoftBank/Vision Fund and Wall Street banks - as the company crashes from $47 billion valuation to insolvent in 2 months...
Amazonで買物をしてContrarianJを応援しよう Silver Outperforming Gold 2 Adam Hamilton July 26, 2019 3232 Words Silver has blasted higher in the last couple weeks, far outperforming gold. This is certainly noteworthy, as silver has stunk up the precious-metals joint for years. This deeply-out-of-favor metal may be embarking on a sea-change sentiment shift, finally returning to amplifying gold’s upside. Silver is not only radically undervalued relative to gold, but investors are aggressively buying. Silver’s upside potential is massive. ここ２週シルバーは急騰した、ゴールドを遥かに凌ぐものだ。これは注目すべきことだ、もう何年もシルバーはひどいものだった。この極端に嫌われた金属が大きく心理を買えている、とうとうゴールド上昇を増幅するに至った。シルバーは対ゴールドで極端に過小評価されているだけでなく、投資家は積極的に買い進んでいる。シルバーの潜在上昇力は巨大なものだ。 Silver’s performance in recent years has been brutally bad, repelling all but the most fanatical contrarians. Historically silver prices have been mostly ...
結局、中国は隣国日本で２０年前に起きたことを学んでいなかったということでしょう、というかどの国もどの政府も十分成熟するまでは「わかっちゃいるけどやめられない」ということでしょうね、きっと。 Spooked By Apple? Wait ‘Til China’s Bubble Bursts Written by Jesse Colombo | Jan, 3, 2019 Apple stock plunged nearly 10% on Thursday after the company cut its revenue forecast due to slowing iPhone sales in China. Apple’s woes dragged U.S. stock indices lower by more than 2% as fears of a more extensive China-driven slowdown spread. アップルの株価は火曜に約１０％下落した、同社が中国でのiPhone売上原則を予想したためだ。アップルの弱さが米国株式指数を２％以上押し下げた、中国主導でさらなる原則が広がるのではという懸念からだ。 From the New York Times : ニューヨークタイムスによると： For years, no matter what was happening elsewhere, global companies bet billions upon billions of dollars that China’s consumers would keep spending money. 長年、他国で何が起きようとも多国籍企業は中国消費は巨額を維持することに賭けてきた。 Now, just when the world economy could use their financial firepower, they are no longer so quick to open their wallets. 今や、世界経済が金融弾薬を用いてももはや彼らの財布を緩めることはできない。 The latest sign of a slowdown in...
多量のオピオイドを米国に送り込み、米国で深刻な麻薬中毒問題を引き起こしています。現代版「阿片戦争」です。あのトヨタ初の女性取締役もオピオイド中毒で逮捕解任されましたよね。 US Is Dependent On China For Almost 80% Of Its Medicine by Tyler Durden Fri, 05/31/2019 - 12:55 Experts are warning that the U.S. has become way too reliant on China for all our medicine , our pain killers, antibiotics, vitamins, aspirin and many cancer treatment medicine. 専門家はこう警告する、米国はすべての医薬品、痛み止め、抗生物質、ビタミン、アスピリン、各種抗がん剤で、中国依存度が高すぎる。 Fox Business reports that according to FDA estimates at least 80 percent of active ingredients found in all of America’s medicine come from abroad, primarily from China . And it’s not just the ingredients, China wants to become the world’s dominant generic drug maker. So far Chinese companies are making generic for everything from high blood pressure to chemotherapy drugs. 90 percent of America’s prescriptions a...
Barrick’s average quarterly production since Q4’16 plunged an astounding 8.6% YoY. The reason Barrick’s management blew $6.5b in stock buying Randgold is they desperately needed more production to mask the precipitous drop in their own. Barrick’s total 2018 production of 4525k ounces was 18.0% below the 5516k it mined only a couple years earlier in 2016. At best adding Randgold just regains those losses. Barrickの平均四半期生産は２０１６Q4以来なんとYoYで８．６％下落している。Barrickの取締役が＄６．５Bも投じてRandgoldの株式を購入した理由は、彼らはなんとしても急落する自らの生産量を隠すために生産量増加としたかったからだ。Barrickの２０１８全生産量は４５２５Kオンスで、わずか２年前の５５１６ｋオンスから１８．０％も少ない。Randgoldを買収したところでこの下落を補うに過ぎない。 And GOLD has been suffering the same production struggles as ABX. Over its past 4 reported quarters, Randgold’s gold mined has fallen an average of 7.4% YoY. Can bringing two rapidly-depleting major gold miners together magically make a stronger one? I doubt it. Barrick’s reported production will enjoy a big temporary boost...
S&P Surges To Key Technical Level - Now What? by Tyler Durden Tue, 02/12/2019 - 12:03 Having failed twice last week, the S&P 500 is once again testing its 200DMA as hopes of a border/shutdown deal, a lack of collusion, China trade dreams, and an easy Fed are prompting stocks to new post-Xmas dip highs... 先週二回失敗し、S&P500がまたもや２００日移動平均に挑戦している、国境の壁／政府閉鎖問題解決、ロシア疑惑解消、中国貿易改善そしてFEDのハト派姿勢、これらがクリスマス下落後の高値を推進している・・・ The S&P 500 is at its highest since Dec 4th... S&P500は１２月４日以来の高値だ・・・ What happens next? では次はどうなる？ Earnings recession? Meh, don't worry about it... 収益による景気後退？ 別に心配することではない・・・・ Oh and don't worry - Fed Chair Powell just told everyone that he "doe...
