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Trapdoor (finance)
A trapdoor maneuver in financial restructuring refers to a technique that moves collateral into unrestricted subsidiaries and out of reach of existing creditors, particularly the movement of intellectual property. By transferring assets to a new subsidiary and licensing it back to the parent, new debt can be raised on the collateral stripped from the original creditors. The maneuver takes advantage of weak covenants in existing debt agreements. Companies first identify investment capacity in their existing covenants and then utilize this capacity to transfer collateral into a restricted, non-loan-party subsidiary. From there, the collateral is moved to an unrestricted subsidiary, making the collateral inaccessible to existing lenders. The trapdoor was pioneered by retailer J.Crew in its 2016 restructuring to move US$ 250 million of trademarks to the Cayman Islands, where it was beyond the legal reach of existing lenders. The new subsidiary was then used to raise US$300 million of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Restructuring
Restructuring or Reframing is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Other reasons for restructuring include a change of ownership or ownership structure, demerger, or a response to a crisis or major change in the business such as bankruptcy, repositioning, or buyout. Restructuring may also be described as corporate restructuring, debt restructuring and financial restructuring. Executives involved in restructuring often hire financial and legal advisors to assist in the transaction's details and negotiations. It may also be done by a newly-hired CEO specifically to make the difficult and controversial decisions, required to save or reposition the company. It generally involves financing debt, selling portions of the company to investors, and reorganizing or reducing operations. The basic nature of restr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intellectual Property
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, copyrights, trademarks, and trade secrets. The modern concept of intellectual property developed in England in the 17th and 18th centuries. The term "intellectual property" began to be used in the 19th century, though it was not until the late 20th century that intellectual property became commonplace in most of the world's List of national legal systems, legal systems."property as a common descriptor of the field probably traces to the foundation of the World Intellectual Property Organization (WIPO) by the United Nations." in Mark A. Lemley''Property, Intellectual Property, and Free Riding'', Texas Law Review, 2005, Vol. 83:1031, page 1033, footnote 4. Supporters of intellectual property laws often describe their main purpose as encouragin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Covenant
Credit risk is the chance that a borrower does not repay a loan or fulfill a loan obligation. For lenders the risk includes late or lost interest and principal payment, leading to disrupted cash flows and increased collection costs. The loss may be complete or partial. In an efficient market, higher levels of credit risk will be associated with higher borrowing costs. Because of this, measures of borrowing costs such as yield spreads can be used to infer credit risk levels based on assessments by market participants. Losses can arise in a number of circumstances, for example: * A consumer may fail to make a payment due on a mortgage loan, credit card, line of credit, or other loan. * A company is unable to repay asset-secured fixed or floating charge debt. * A business or consumer does not pay a trade invoice when due. * A business does not pay an employee's earned wages when due. * A business or government bond issuer does not make a payment on a coupon or principal paymen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish dollar, Spanish silver dollar, divided it into 100 cent (currency), cents, and authorized the Mint (facility), minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The U.S. dollar was originally defined under a bimetallism, bimetallic standard of (0.7734375 troy ounces) fine silver or, from Coinage Act of 1834, 1834, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed. The U.S. dollar became an important intern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cayman Islands
The Cayman Islands () is a self-governing British Overseas Territories, British Overseas Territory, and the largest by population. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located south of Cuba and north-east of Honduras, between Jamaica and Mexico's Yucatán Peninsula. The capital city is George Town, Cayman Islands, George Town on Grand Cayman, which is the most populous of the three islands. The Cayman Islands is considered to be part of the geographic Western Caribbean zone as well as the Greater Antilles. The territory is a major offshore financial centre for international businesses and High-net-worth individual, the rich mainly due to the state charging no tax on income earned or stored. With a GDP per capita of US$97,750 in 2023, the Cayman Islands has the highest standard of living in the Caribbean, and one of the highest in the world. Immigrants from over 140 countries and territories reside in the Cayman I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Blackstone Inc
Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than $1 trillion in total assets under management, making it the world's largest alternative investment firm. History Founding and early history Blackstone was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with (equivalent to $million in ) in seed capital. The founders derived their firm's name from their names: "Schwarz" is German for "bl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Travelport
Travelport Worldwide Ltd. provides distribution, technology, and payment solutions for the travel and tourism industry. It is the smallest, by revenue, of the top three global distribution systems (GDS) after Amadeus IT Group and Sabre Corporation. The company also provides IT services to airlines, such as shopping, ticketing, and departure control. History The company was formed by Cendant in 2001 following its acquisitions of Galileo GDS for $2.9 billion and CheapTickets for $425 million. In 2004, the company acquired Orbitz for $1.25 billion and Flairview Travel for $88 million. In 2005, the company acquired eBookers for $350 million and Gullivers Travel Associates for $1.1 billion. In August 2006, Cendant sold Orbitz and Galileo to The Blackstone Group for $4.3 billion, forming Travelport. In August 2007, Travelport acquired Worldspan for $1.4 billion. In July 2007, the company completed the partial corporate spin-off of Orbitz via an initial public offering. In May 201 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revlon
Revlon, Inc. is an American multinational company dealing in cosmetics, skin care, perfume, and personal care. The headquarters of Revlon was established in New York City on March 1, 1932, where it remains. Revlon was founded by brothers Charles and Joseph Revson, and chemist Charles Lachman. Revlon products are sold in 150 countries and the company has many global locations including Mexico City, London, Paris, Hong Kong, Indonesia, Sydney, Singapore, and Tokyo. On June 16, 2022, Revlon filed for Chapter 11 bankruptcy. It was emerged from bankruptcy on May 2, 2023. History Founding and Charles Revson control (1932–1975) Revlon was founded in New York City on March 1, 1932, in the midst of the Great Depression, by Jewish American brothers Charles Revson and Joseph Revson along with a chemist, Charles Lachman, who contributed the "L" in the Revlon name. The three men started with one single product, a new type of nail enamel and pooled their resources to develop a unique man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neiman Marcus
Neiman Marcus is an American department store chain founded in 1907 in Dallas, Texas by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband Abraham Lincoln Neiman. It has been owned by Saks Global, a Corporate spin-off, spin-off of the Hudson's Bay Company, since 2024. History 1907–1949 Herbert Marcus Sr., a former buyer with Dallas' Sanger Brothers department store, had left his previous job to found a new business with his sister Carrie Marcus Neiman and her husband, Abraham Lincoln Neiman, then employees of Sanger Brothers competitor A. Harris and Co. In 1907, the trio had () from the successful sales-promotion firm they had built in Atlanta, Georgia, and two potential investments of funds. Rather than take a chance on an unknown "sugary soda pop business," the three entrepreneurs rejected the fledgling The Coca-Cola Company, Coca-Cola company and chose instead to return to Dallas to establish a retail business. For this reason, early company CE ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Party City
New AmScan PC LLC formerly, Party City Holdco Inc. is an American chain of party supply stores founded in 1986 by Steve Mandell in East Hanover, New Jersey. Party City's headquarters are in Woodcliff Lake, New Jersey. Party City was the largest retailer of party goods in Canada, Puerto Rico, and Mexico. Party City operates over 850 company-owned and franchise outlets in over 70 countries around the world under the Party City, Halloween City, Toy City, Factory Card and Party Outlet brands. In December 2024, Party City filed for Chapter 11 bankruptcy, laid off all administrative employees, and announced they would liquidate and close most remaining stores in the United States. As of 2025, stores not operated by Party City Holdco, such as those in Canada, Puerto Rico, and Hawaii, were unaffected and continue to operate. Retail History Party City was founded by Steve Mandell in 1986. Mandell recognized that the market for party goods was highly fragmented, with many small mom-and-pop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cirque Du Soleil
Cirque du Soleil (, ; ) is a Canadian entertainment company and the largest contemporary circus producer in the world. Located in the inner-city area of Saint-Michel, Montreal, Saint-Michel, Montreal, it was founded in Baie-Saint-Paul on 16 June 1984 by former street performers Guy Laliberté and Gilles Ste-Croix. Originating as a performing troupe called ''Les Échassiers'' (; "The Stilt Walkers"), they toured Quebec in various forms between 1979 and 1983. Their initial financial hardship was relieved in 1983 by a government grant from the Canada Council for the Arts to perform as part of the 450th anniversary celebrations of Jacques Cartier's voyage to Canada. Their first official production ''Le Grand Tour du Cirque du Soleil'' was a success in 1984, and after securing a second year of funding, Laliberté hired Guy Caron from the École nationale de cirque, National Circus School to recreate it as a "proper circus". Its theatrical, character-driven approach and the absence of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance
Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into Personal finance, personal, Corporate finance, corporate, and public finance. In these financial systems, assets are bought, sold, or traded as financial instruments, such as Currency, currencies, loans, Bond (finance), bonds, Share (finance), shares, stocks, Option (finance), options, Futures contract, futures, etc. Assets can also be banked, Investment, invested, and Insurance, insured to maximize value and minimize loss. In practice, Financial risk, risks are always present in any financial action and entities. Due ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
