Corona Capital: Citi’s embarrassing error, A silver lining for WeWork. Catch up with the latest insights on the pandemic’s corporate and financial fallout.
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.Citigroup repaid a nearly $900 million loan made to Covid-battered cosmetics outfit Revlon on Thursday, a day after lenders sued the company over its restructuring tactics, the Wall Street Journal
. Unfortunately for investors, the repayment was an error, and Citi quickly asked for the money back.spearheaded by UMB Bank, the current agent. And the timing couldn’t have been worse, with creditors fresh from alleging Revlon shifted intellectual property – collateral they thought was theirs – to subsidiaries outside their reach, accusations the company said were baseless.
If it turns out Citi’s fat-finger error had anything to do with the disruption of remote working, that’s another coronavirus-related risk for employers to examine. For a bank, keeping the money in the right place is, well, foundational. WeWork is doing surprisingly well. It’s a good thing it never went public. The shared-office provider said on Thursday revenue in the second quarter was $882 million, an increase of 9% compared with last year, and it had slashed its cash burn rate,.
WeWork’s results suggest people haven’t been ditching their homes away from home too quickly. Yet shares in WeWork’s closest competitor IWG, which owns similar business Regus, are off a third from last year. Real estate investment trust shares are down a similar amount. That suggests the future outlook for shared offices – or offices in general – is grim. WeWork’s investor community may be thankful they aren’t facing that music in public. . China’s Baidu has deeper ailments than Covid-19. The company’s $16 billion video-streaming arm iQiyi, has
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