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Thursday, November 26, 2020

Blackrock News

Bristow Files for Chapter 11 Bankruptcy

Offshore helicopter services provider Bristow Group filed for chapter 11 bankruptcy protection after reaching a deal with senior bondholders on a plan to slash its debt load.The struggling Houston-based helicopter operator for offshore oil and gas industry looks to cut debt after reaching deal with senior bondholders, as it attempts to restructure its crippling debt load.The Chapter 11 filing, dated 11 May, covers only six US- and two Cayman Islands-registered businesses, with…

Hyundai Merchant Marine, BlackRock in Investment Talks

South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) is in talks with BlackRock Inc about a potential investment but details have yet to be discussed, a HMM spokesman said on Monday. BlackRock is in talks with HMM to invest up to 1 trillion won ($880 million) in the nation's largest shipper, the Korea Economic Daily reported on Monday, citing unidentified investment banking and shipping industry sources. A BlackRock spokeswoman could not be immediately reached for comment. HMM shares were up 1.2 percent in morning trade, compared to a 0.2 percent fall for the wider market.

Pemex Appoints New Director for Commercial Arm

Mexico's state oil company Pemex said on Tuesday it had named Isaac Volin Bolok as head of its commercial arm, PMI Comercio Internacional.   Volin Bolok will replace Jorge Sanchez and start the post on June 27. He previously served as the director of BlackRock in Mexico and corporate commercial director of now bankrupt airline Mexicana, according to his LinkedIn profile. (Reporting by Ana Isabel Martinez and Joanna Zuckerman Bernstein; Editing by Bill Trott)

New High-Yield Bond ETF will Exclude Energy Companies

BlackRock Inc is planning to unveil a new U.S.-listed exchange-traded fund that will invest in all areas of the junk-bond market except the tattered energy sector, the asset manager said in a regulatory filing this week. The first-of-its kind fund, iShares iBoxx $ High Yield ex-Energy Corporate Bond ETF, will come after a sharp decline in oil prices that has routed higher-yield bonds. The ETF will track a Markit-brand index containing lower-rated corporate debt except those bonds issued by oil and gas producers, as well as suppliers of equipment and services to that industry.

Photo: CMA CGM

NOL Deal Cements CMA CGM's World Status

French container shipping giant CMA CGM is to buy Singapore's Neptune Orient Lines for $2.4 billion, making its biggest-ever acquisition to help it to ride out a severe market downturn. The takeover, which the companies expect to proceed in mid-2016 following anti-trust approvals, would cement family-owned CMA CGM's spot as the world's third-largest container shipping line by handing it market leadership on busy trans-Pacific routes. The acquisition of state-controlled Neptune crowns a recovery for CMA CGM and its founding Saade family…