News Round Up 2020

CastAStone said:
For those of you who are worried about the company, Moody’s gave this month’s bonds the same A2 grade as they’ve given every Disney bond offering since at least 2014, meaning they don’t think Disney’s underlying credit risk (ability to pay its bills) has changed.
https://m.moodys.com/research-previ...5ld3NfTm9fVHJhbnNsYXRpb25z~20200327_PR_421457
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My guess is getting this done was the hold up on the announcement we got today. I assume that a chunk of this money is going to pay the cost of Disney paying their cast members until April 18.
 


The Pho said:
SeaWorld is the chain I’m most concerned with here.
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I just read through their 10-K. I found this statement fascinating:
AFE98651-F10D-4D4E-B00C-C6720DBD1A9A.jpeg
But anyway they have borrowed $187MM on their equity line since the 10-K filing.

If they strip down to the bare bones that should provide them with at least a few months of a lifeline. It looks like they probably will have ~$50 mil/month in expenses and debt service with the parks closed.

Beyond that, they in theory would have some equity left in their company, so they may find a bank willing to lend them another perhaps 4-8 weeks of cash, but if they can’t get operating by mid to late summer they will need to start taking draconian measures to remain solvent (or find a friendly lender willing to infuse cash, which IMO is actually quite possible).

This analysis is offered as a fan-boy reading of a 10-K (albeit a fan-boy with an MBA) and should not be treated as investment advice (after all my MBA is from Ohio State!)
 


PaintsWithAllTheColors said:
Hmm. This doesn’t necessarily imply they open April 19, right? Just that CMs will be paid through the 18th? Especially since they say closed until further notice?
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Is the 18th definitely the latest they will get paid, or is that just the date for right now? I know the union was fighting for the 30th. If they open the parks in May something the 18th would be ok, but if this goes on into June or July then i don't see how they retain enough CMs to open if they are furloughed for months. Although it's not like there are enough jobs in Orlando for CMs to go anywhere else. I'm just glad my other job is unaffected for now or I'd really be sweating right now. But for now it's very nice to be pulling a check for doing nothing.
 
wareagle57 said:
Is the 18th definitely the latest they will get paid, or is that just the date for right now? I know the union was fighting for the 30th. If they open the parks in May something the 18th would be ok, but if this goes on into June or July then i don't see how they retain enough CMs to open if they are furloughed for months. Although it's not like there are enough jobs in Orlando for CMs to go anywhere else. I'm just glad my other job is unaffected for now or I'd really be sweating right now. But for now it's very nice to be pulling a check for doing nothing.
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It didn’t say definitely one way or the other. This is what was posted by Disney so I feel it is open to interpretation.

C8CD08E9-3013-4EEE-BC11-227E6A461F3D.jpeg
 
wareagle57 said:
Is the 18th definitely the latest they will get paid, or is that just the date for right now? I know the union was fighting for the 30th. If they open the parks in May something the 18th would be ok, but if this goes on into June or July then i don't see how they retain enough CMs to open if they are furloughed for months. Although it's not like there are enough jobs in Orlando for CMs to go anywhere else. I'm just glad my other job is unaffected for now or I'd really be sweating right now. But for now it's very nice to be pulling a check for doing nothing.
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scrappinginontario said:
It didn’t say definitely one way or the other. This is what was posted by Disney so I feel it is open to interpretation.

View attachment 483822
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I think the 18th is just a date that gives them 3 more weeks to wait and see how things develop. No one knows how soon all these restrictions will be able to be relaxed and removed, least of all Disney. The number of known infections hasn’t peaked yet.
 
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