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Anonymous ID: 30aa3d March 11, 2020, 7:34 a.m. No.8376706   🗄️.is đź”—kun   >>6885 >>7017 >>7289 >>7373

R90104 R30016 PAT681 USMC C-560's Dobbins crew update. R90104 with some interdasting survelliance over Allendale just sout of Savannah River site.

 

_10-5700 USAF C-130J Hercules from Panama Tocumen Airport and due south. This landed about 25 minutes ago under SHARK call (number missing) and came from Norfolk NAS

Anonymous ID: 30aa3d March 11, 2020, 7:43 a.m. No.8376759   🗄️.is đź”—kun   >>7168

Boeing To Drawdown Full $13.8 Billion Revolver, Hinting At Bank Lending Freeze

 

Moments ago Boeing suggested that a similar moment is coming again: according to Bloomberg, the struggling aerospace giant which just a few weeks ago obtained an upsized revolver from various Wall Street sources to shore up its liquidity in the aftermath of the 737 MAX crisis, was planning to draw down the full amount of a $13.825 billion loan as early as Friday.

 

Why is Boeing taking this unprecedented step: after all, the cash is already committed and is far safer if held on bank balance sheets instead of Boeing's? According to Bloomberg, the full draw-down takes place as Boeing grapples with worldwide travel disruptions from the coronavirus, and "plans to draw the rest of the loan as a precaution due to market turmoil." That however doesn't explain why Boeing needs the cash on its balance sheet instead of its lender banks'. The answer - especially for those who recall what happened in 2008 all too well - is simple: Boeing is worried that banks will pull their committed funding, which in turn means that Boeing is either now worried that a 2008-style financial crisis is imminent, or that the company's own prospects are about to implode, forcing banks to breach their delayed draw credit facility document terms

 

As Bloomberg reminds us "Boeing obtained the loan from a group of banks last month to help it deal with cash burn while it prepares to return its 737 Max plane to the skies. It initially tapped about $7.5 billion of the debt, and is now expected to draw the rest." Ironically, while banks scrambled to lend to Boeing, they will now be ruing the day they expanded the revolver facility, because while Boeing may be worried about banks pulling funding, the banks will be just as worried about Boeing's soaring default probability as the company's CDS have exploded in recent days. Another reason why the banks may soon kiss the $14BN goodbye: the loan was made the Covid-19 coronavirus became a global crisis. As such, in addition to its 737 Max woes, the company now faces lost revenue amid falling demand for planes as passengers cancel flights and airlines pull back orders on new jets. Unfortuantely for the banks, they can't just turn around and withdraw their commitment. Or rather they can, it would be a scandal, but they can certainly do it. And that's precisely what Boeing is seeking to anticipate by transfering the cash from bank balance sheets to its own, even as it will be charged the full revolver usage fee (which thanks to the Fed is negligible).

 

In other words, now that Boeing - one of America's most valuable companies - has shown which was the wind blows, expect thousands of less creditworthy companies to follow suit as they scramble to cash in on every dollar in available revolver funding before the banks pull it.

https://www.zerohedge.com/markets/boeing-drawdown-full-138-billion-revolver-hinting-imminent-bank-lending-freeze

Anonymous ID: 30aa3d March 11, 2020, 8:26 a.m. No.8377074   🗄️.is đź”—kun   >>7124

>>8377018

 

Britain's biggest banks have announced mortgage "payment holidays" for homeowners affected by the coronavirus outbreak.

 

RBS, TSB and Nationwide said on Tuesday they would suspend mortgage payments for up to three months amid fears the virus could plunge the UK into recession.

 

The banks' announcement came ahead of Wednesday's Budget, which will include a package of measures to limit the economic impact of the epidemic.

 

On Tuesday, Treasury sources welcomed the plans to give homeowners mortgage payment holidays, which they said were the banks' initiative.

 

Number 11 officials have been holding talks with business groups about pausing business rates to provide relief to small companies affected by the virus, The Telegraph has learnt. The issue has been raised in meetings between the Treasury and the Confederation of British Industry (CBI), which have been taking place on a daily basis over the past 10 days….

>https://www.telegraph.co.uk/news/2020/03/10/banks-offer-mortgage-payment-holidays-amid-coronavirus-recession/

 

Budget 2020: Chancellor unveils ÂŁ30bn coronavirus package

 

Chancellor Rishi Sunak has unveiled a ÂŁ30bn package to help the economy get through the coronavirus outbreak.

 

He is suspending business rates for many firms in England, extending sick pay and boosting NHS funding.

 

He warned of a significant but temporary disruption to the UK economy but vowed: "We will get through this together."

 

The Bank of England announced an emergency cut in interest rates just ahead of the Budget on Wednesday.

 

Mr Sunak, who was promoted to chancellor just four weeks ago after Sajid Javid quit the government, has had to hastily re-write the government's financial plans to deal with coronavirus.

https://www.bbc.com/news/uk-politics-51835306