Corona Capital latest: The parent company of springtime football league XFL has filed for bankruptcy. The NFL has better finances, but its fate also depends on coronavirus regulations.
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.American football fans have lost a rebooted post-Super Bowl springtime league almost as soon as it started. The parent company of the XFL filed for bankruptcy on Monday, a month after the coronavirus forced it to blow the whistle halfway through its first season.
Fortunately, Wells Fargo has some leeway: The cap is measured against six-month daily averages. And the Fed has given new boss Charlie Scharf some wiggle room. He can pitch in with the federal bailout of U.S. companies, so long as the bank gives away any fees. But it’s no wonder Scharf is itching to have the cap removed altogether. Standing by some Wells Fargo clients may mean leaving others to fend for themselves.
With all the doubt, Pioneer’s shares tumbled 56% on Tuesday. Pioneer reckons Carlyle is just using the pandemic to squeeze it. That wouldn’t be surprising, even considering Pioneer’s many troubles. As the financial crisis unfolded over a decade ago, several private equity firms tried to back out of deals. And in 2016 Carlyle itselfthe original $8 billion price tag for data storage firm Veritas after banks struggled to syndicate the buyout debt in a tough market.
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