Live Stock Market Tracker During the Coronavirus Pandemic

May 05, 2020
Business

Catch up: Here’s what else is happening.

Hertz, the century-old car rental company, narrowly averted an impending crisis Monday after successfully negotiating with its lenders over a missed payment on the lease for its rental fleet, according to a securities filing. The company now has less than three weeks — until May 22 — to come up with a plan to pay them back and continue to meet its financial obligations.
Norwegian Cruise Line, one of the world’s largest cruise companies, said on Tuesday that there was “substantial doubt” about its ability to survive the coronavirus pandemic. Norwegian acknowledged the dire situation in a securities filing announcing that it was seeking $650 million in new financing.
NBCUniversal will cut salaries for higher-paid employees, its chief executive, Jeff Shell, announced in a companywide email Tuesday. The media giant will roll back merit increases, typically 3 percent, for those who make more than $100,000, starting in June. The management team, about 17 people, including Mr. Shell and Cesar Conde, the newly appointed head of news, will take a 20 percent pay cut. Employees at its theme parks division have already seen pay cuts. Company leaders haven’t decided how long the cuts will remain in place.
The British airline Virgin Atlantic on Tuesday became the latest carrier to announce cost cuts, saying it would lay off more than 3,000 workers, retire older jumbo jets and no longer fly from London’s Gatwick Airport. Virgin said in a statement that it could take three years for the airline industry to get back to where it was before the pandemic began.

Reporting was contributed by Davy Alba, Edmund Lee, David Yaffe-Bellany, Niraj Chokshi, Michael Corkery, Alan Rappeport, Jack Ewing, Erin Griffith, Jeanna Smialek, Ben Dooley, Knvul Sheikh, Mohammed Hadi, Sapna Maheshwari, Ivan Penn, Matt Richtel, Carlos Tejada, Daniel Victor, Katie Robertson and Kevin Granville.

Article source: https://www.nytimes.com/2020/05/05/business/stock-market-today-coronavirus.html