Tag: filing

Las Vegas Sands CEO sells over $5.2 million in company stock

March 19, 2024 / WIL BALDWIN

Image from Las Vegas Sands Corp.

Las Vegas Sands Corp. (NYSE: LVS) CEO and Chairman, Robert G. Goldstein, has sold 100,000 shares of the company’s common stock, according to a recent SEC filing. The transaction, which took place on March 15, 2024, amounted to over $5.2 million, with shares sold at a weighted average price of $52.06.

The sales were executed in multiple transactions with prices ranging between $52 and $52.26. Post-transaction, Goldstein still holds 172,801 shares indirectly through The Robert and Sheryl Goldstein Trust, signifying a continued stake in the company’s future.

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Las Vegas Sands CEO sells company stock

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Cash-Strapped El Al Israel Airlines Raises $148 Million

September 17, 2020 / WIL BALDWIN

TEL AVIV, Sept 16 (Reuters) – Cash-strapped El Al Israel Airlines raised $148 million in a government-mandated share offering on Wednesday that will enable it to receive a state bailout package.

In a regulatory filing in Tel Aviv, Israel’s flag carrier said it sold 753.35 million new shares at 0.671 shekels ($0.1963) each.

Its stock earlier had closed 5.6% higher at 0.774 shekel.

Demand reached 654 million shekels while El Al accepted 505 million shekels ($148 million) worth.

El Al did not give further details of the offering which took the total number of shares outstanding to above 1.2 million.

But Israeli media reported that Eli Rozenberg had obtained a controlling stake via the offering, with 44.9% of the airline’s shares. He is the son of American businessman Kenny Rozenberg, CEO of New York-based nursing home chain Centers Health Care.

Rozenberg in July had offered to funnel $75 million into the airline in return for a 44.99% stake.

An El Al spokesman said he could not immediately confirm the reports about Rozenberg’s bid.

Newspapers said the state’s overall stake would now be as much as 15.5%, while the current controlling shareholder – Knafaim Holdings – would see its stake fall to about 15%.

Israel’s Finance Ministry said it paid $34 million for its shares and that although it pledged a $150 million safety net, it was barely needed.

“The results of the offering express investors’ trust in the company’s business plan and in state aid,” it said in a statement.

El Al has been hit hard by the coronavirus outbreak and the government has for months offered to intervene to help it avoid bankruptcy.

That has included mandating a share offering and steep spending reductions to receive a $250 million loan that will be 75% backed by the government and used partly to pay back customers whose flights were cancelled.

The airline has reported losses for two years running, racked up debt to renew its fleet, and suspended flights when Israel closed its borders and furloughed most of its employees.

($1 = 3.4185 shekels) (Reporting by Rami Ayyub and Steven Scheer; Editing by Andrew Cawthorne)

Azul Airlines to Delay 59 Embraer Airplanes Until After 2024

May 14, 2020 / WIL BALDWIN

SAO PAULO, May 14 (Reuters) – Brazilian airline Azul SA said on Wednesday it had agreed with planemaker Embraer SA to delay the delivery of 59 E2 jets, with a list price of 24.5 billion reais ($4.16 billion), to 2024 or later.

The planes had been initially set for delivery from 2020 to 2023, according to an Azul securities filing.

Azul said the agreement was a step to shore up its business amid the COVID-19 pandemic, which also led it to reduce its April capacity by 90% in comparison to the same month in 2019.

($1 = 5.8852 reais)

(Reporting by Alberto Alergiri; Editing by Sandra Maler)

Airbus Sees Airlines Seeking to Defer or Cancel Orders

March 24, 2020 / WIL BALDWIN

PARIS (Reuters) – Airbus <EADSY> said in a stock market filing on Monday that customers could seek to cancel or postpone delivery of airliners and helicopters as the coronavirus crisis continues to escalate.

It issued the warning in an annual reference document ahead of its upcoming Amsterdam shareholder meeting, for which it urged participants to vote by proxy rather than attend in person due to widespread measures to slow the spread of the disease.

Airbus Chief Executive Guillaume Faury said earlier that several airlines had asked to defer deliveries, but that most were continuing to pay their deposits.

“Weaker market and economic conditions in China and their knock-on effects in other markets could result in requests by customers to postpone delivery or cancel existing orders for aircraft (including helicopters),” the filing said, though Faury said earlier there were some signs of recovery in China.

Airbus also detailed steps to improve compliance practices after paying a 3.6-billion-euro fine last month to settle a four-year multinational bribery probe.

But it warned that possible further investigations in other jurisdictions could trigger claims against it by shareholders, impact its ability to raise finance or limit its eligibility for public contracts, as well as harm future commercial sales.

Malaysian authorities last week cleared AirAsia Group <5099.KL> after Britain’s Serious Fraud Office faulted a sponsorship deal between former Airbus parent EADS and a motor racing team owned by the airline’s co-founders.

But the SFO probe, supported by Airbus’s own lawyers, caused a severe rift between AirAsia and its sole supplier, adding to doubts over whether long-haul unit AirAsiaX will take delivery of A330neo jets on order, three people close to the matter said.

AirAsia officials could not be reached for comment. Airbus declined comment.

Loss-making AirAsiaX has said only that it wants to defer delivery of A330neo jets due to the coronavirus crisis.

Deliveries of the wide-body aircraft have also been hit by the impact of U.S. tariffs on Airbus aircraft under a long-running trade dispute, as well as concerns about overcapacity.

Airbus trimmed A330 output in January from about four a month in 2019, Reuters reported earlier this month.

In Monday’s filing, Airbus said it would maintain production of the A330neo at 3.5 aircraft a month.

(Reporting by Tim Hepher; Editing by Mark Potter, William Maclean)

China Southern Air Holding Sets Up One Billion Yuan Cargo Company

December 26, 2019 / WIL BALDWIN

China Southern Airlines Airbus commercial passenger aircraft is pictured in Colomiers near Toulouse

BEIJING (Reuters) – China Southern Air Holding, the parent of China Southern Airlines <ZNH>, has set up a cargo company with registered capital of 1 billion yuan ($143 million), as it looks to consolidate its air cargo assets through state-led reforms.

The move from December 24 was disclosed by a filing approved on the National Enterprise Credit Information Publicity System and comes as China prioritizes implementing mixed ownership reforms to revamp its bloated, debt-ridden state sector.

China Southern is among 96 centrally owned companies supervised by the state assets regulator, the State-owned Assets Supervision and Administration Commission (SASAC).

As such, China Southern Airlines would offload its old freight unit to the newly registered company, according to a statement from SASAC in October. The cargo company would also take over other air cargo assets under the parent company such as belly cargo services, cargo terminals and international logistics.

The cargo business would be managed in a market-oriented way and would become a major source of profits, said the SASAC.

The air cargo market, an economic bellwether linked to global trade, saw its traffic decline by 3.3% in 2019, the International Air Transport Association (IATA) said, driven by a tariff war between the United States and China.

In 2017, China Eastern Air Holding <CEA> sold almost half of its freight unit to four firms, while Air China <AIRYY> last year offloaded a majority stake in its cargo arm in face of market uncertainties.

($1 = 7.0016 Chinese yuan renminbi)

(Reporting by Stella Qiu and Brenda Goh; Editing by Gareth Jones)

Italy Tax Authorities Say Fiat Underestimated Value of Chrysler by $5.6 Billion

December 4, 2019 / WIL BALDWIN

MILAN (Reuters) – Italian tax authorities believe that Fiat Chrysler Automobiles <FCAU> underestimated the value of its U.S. business by 5.1 billion euros following Fiat’s phased acquisition of Chrysler, according to a company filing and a source close to the matter.

The audit, which concerns transactions dating back to 2014, could result in FCA having to pay back taxes for $1.5 billion, the source added, confirming a report by Bloomberg.

FCA said in its third-quarter report that the tax authorities had issued to the company a final audit report in October this year “which, if confirmed in the final audit assessment, could result in a material proposed tax adjustment related to the October 12, 2014 merger of Fiat SpA into FCA NV.”

It said the issuance of a final audit report starts a 60-day negotiation period, which ends with the issuance of a final audit assessment expected to be received by the end of December 2019.

“The company believes that its tax position with respect to the merger is fully supported by both the facts and applicable tax law and will vigorously defend its position,” it said in the third-quarter report.

A spokesman for Italy’s tax agency declined to comment.

“At this time, we cannot predict whether any settlement may be reached or if no settlement is reached, the outcome of any litigation. As such, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss,” Fiat said.

News of the tax probe comes at a delicate time for Fiat Chrysler, which is finalizing talks with PSA, the maker of Peugeot and Citroen, over a planned $50 billion merger to create the world’s fourth-largest automaker.

(Reporting by Silvia Aloisi in Milan; Editing by Anil D’Silva)