Wednesday, April 1, 2009

Sonic Auto Warns Of Possible Bankruptcy

The Charlotte Business Journal reports that Sonic Automotive's days may be numbered. On late Tuesday, one of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 largest auto retailers in cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 country with 169 franchises and 34 collision-repair centers, in addition to announcing a whopping Q4 $17.10 loss per share, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company stated "it risks defaulting on its debt this year and may not be able to avoid a bankruptcy filing to reorganize its operations." The company, facing $1.5 billion in debt maturities between May 2009 and November 2010, has wisely followed in Idearc's footsteps and has retained Bill and Thane's Moelis Adventure "as financial adviser to assist it in evaluating alternatives to enhance liquidity and address its debt maturities."

The company already would be in default on at least a part of its debt, but it obtained a last-minute agreement Tuesday with Bank of America Corp. (NYSE:BAC).

Sonic has until May 4 to work out a more thorough agreement with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Charlotte-based bank. On May 9, it must pay $105.3 million for cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 first round of debt that comes due. But cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 current agreement with BofA would prohibit it from borrowing that money to refinance cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 debt.

The company is attempting to negotiate amendments to those agreements that would clear cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 way for a restructuring. But in its regulatory filing Tuesday, Sonic says, “We can give no assurances that we will be successful in our restructuring or refinancing activities.”
Seeing how cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 government will soon give $20k to every person who buys a car (financed with $30k in new Treasuries), it may just benefit cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 company's lenders to cut cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365m a little slack. Sphere: Related Content
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1 comments:

Randeg said...

The government is giving every person who buys a car $20,000? Who said that? That's just like giving a car away. Well, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 car will not be a luxury one but just cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 same it will be something that can take me from point A to B and that's good enough for me.

Evelyn Guzman
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